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!
LOW-CARB PEPPERONI PIZZA CHICKEN BAKE
When you need low-carb and gluten-free comfort food, try this Pepperoni Pizza Chicken Bake! This is a dinner the whole family will enjoy and it’s also Keto, low-glycemic, and can be South Beach Diet Friendly; use the Diet-Type Index to find more recipes like this one.
This new recipe for Low-Carb Pepperoni Pizza Chicken Bake is my gift to everyone who’s been carefully watching what they eat during January and is now craving something that qualifies as comfort food. And although nothing might be quite as comforting as real pepperoni pizza, this dish is completely delicious and definitely scratches that pizza itch with something that’s also low in carbs. (And if January is getting a little long, you can find more low-carb comfort food here.)
INGREDIENTS:
- 1 jar (14 oz) pizza sauce, reduced to 1 cup
- (Use the lowest-carb sauce you can find, or make your own pizza sauce.)
- 4 large boneless-skinless chicken breasts (6-8 oz. each)
- 1 T olive oil
- 1 tsp. Greek oregano (sometimes just called oregano)
- 1 tsp. garlic powder
- 6 oz. piece of Mozzarella, sliced about 1/4 inch thick
- 2 oz. sliced pepperoni (regular or turkey pepperoni)
DIRECTIONS:
- Preheat oven to 400F/200C. Put the pizza sauce in a small saucepan and simmer over low heat until it’s reduced to one cup, about 20 minutes. Don’t skip this step or the dish will be watery.
- While the sauce reduces, trim the chicken breasts and cut each one crosswise to make two same-size pieces. Put chicken pieces one at a time inside a heavy plastic bag and use a meat mallet (or something heavy) to pound the chicken until it’s as thin as you can get it without it shredding apart. (Don’t worry if some pieces break apart a little.) Mix the Greek oregano and garlic powder in a little bowl and then sprinkle both sides of each piece of chicken with the mixture.
- Heat the olive oil over medium-high heat in the largest non-stick frying pan you have (you may have to do this in 2 batches if your pan isn’t big enough.) Add the chicken pieces and cook 1-2 minutes on each side, just long enough to brown the chicken but not long enough to cook it through.
- Choose the smallest glass casserole dish you have that will fit all the browned chicken pieces, and lay the chicken in the dish in a single layer. Cut the Mozzarella into slices and cut the slices as needed to make enough pieces to mostly cover the top of each piece of chicken.
- By now the sauce should be nicely reduced, so spread sauce over the top of each chicken breast. (Use it all.) Top each piece with sliced Mozzarella and pepperoni slices, covering the top of each piece of chicken as much as you can.
- Bake uncovered about 25-30 minutes, or until the cheese is melted and starting to brown and the pepperoni is slightly crisped. (Some pieces of pepperoni will slice off the chicken, try not to obsess about that like I did.) Serve hot.
- This was great reheated in the microwave for a few minutes, although you might not have any left!
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