It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
CREAMY GARLIC PARMESAN CHICKEN
Chicken breasts cooked in a creamy garlic parmesan cream sauce. This quick and flavorful one skillet 20-minute dish is great on with pasta or a side of veggies!
Garlic and parmesan are a match made in heaven. I’m addicted to garlic. I love the smell and flavor of garlic simmering in olive oil or butter. There really is no better aroma or flavor. Add parmesan to the fragrant garlic and you’ve got yourself a flavor combo that is out of this world.
This quick and tasty garlic and parmesan chicken is super easy to make so it’s great for busy weeknights when you just need to whip up something fast. It’s all made in one pan in under 20 minutes. The chicken is first cooked in olive oil and seasoned with just salt and pepper. After the chicken is cooked through, remove it from the pan and add some minced garlic to the same pan. Cook the garlic for no more than 30 seconds just to until it begins to turn golden.
The next step is adding the cream, Italian seasoning, and parmesan cheese. I used light cream but half & half or heavy cream will work too! If you’re a fan of spinach like we are, toss in a cup of chopped spinach at this point! Simmer the sauce for a few minutes then return the chicken to the pan. Enjoy this creamy chicken on pasta or with a side of veggies!
Ingredients
- 4 small-medium chicken breasts or 2 large halved
- salt and pepper to taste
- 2 tablespoons olive oil
- 3-4 cloves garlic minced
- 1 cup light cream or half & half, or heavy cream
- 1 tablespoons Italian seasoning or oregano
- 1/2 cup parmesan cheese grated
- 1 cup spinach chopped (optional)
Instructions
- Season chicken with salt and pepper. Heat olive oil in a large heavy skillet or pan. Add chicken to the pan and cook for 5-6 minute per side or until the outside is golden and the chicken is cooked through (cooking times will vary depending on the thickness of the chicken breasts).
- Remove chicken from the pan, reduce heat to low-medium, and add garlic; stir for 30 seconds. Add the cream or half and half, Italian seasoning, and parmesan cheese. Stir to combine. Stir in 1 cup of chopped spinach if desired. Simmer for another 2-3 minutes.
- Return chicken to the pan and simmer for another minute then turn off heat. Spoon sauce over chicken. Serve with pasta or veggies.
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