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!
PARMESAN CRUSTED CHICKEN
This Parmesan Crusted Chicken is a simple and delicious recipe to add to your chicken repertoire! In this easy chicken recipe, thin chicken breasts are are coated in Parmesan, egg, and bread crumbs, and pan fried until crispy! Kids love it and so do the adults.
These Parmesan crusted chicken breasts are pan fried on the stove top, but can they be baked? Yes. Simply bake at 350 for 35-40 minutes on a baking sheet or in a baking dish.
This Parmesan Crusted Chicken is a simple and delicious recipe to add to your chicken repertoire! Thin chicken breasts are are coated in Parmesan, egg, and bread crumbs, and pan fried until crispy! Kids love it and so do the adults.
Ingredients
- ½ cup Parmesan cheese (grated or shredded)
- 1 cup bread crumbs
- 1/3 cup flour
- 2 eggs
- ½ tsp salt
- 2 tsp Italian Seasoning
- 1.5 lb chicken breasts thin (4 to 5 pieces)
- 2 tbsp olive oil for cooking chicken
Instructions
- TO MAKE BREADING MIXTURE: In a shallow dish mix ½ cup Parmesan cheese, 1 cup bread crumbs, 1/3 cup flour, ½ tsp salt and 2 tsp Italian Seasoning and set aside. Add 2 eggs into another dish or a bowl and whisk them until mixed.
- MAKE SURE TO USE THIN CHICKEN BREASTS: If your chicken breasts are not thin, butterfly them, or flatten them by pounding with a meat tenderizer. The thinner the chicken breasts the better.
- DIPPING CHICKEN INTO THE BATTER: Take a chicken and dip in breading mixture first, then into the egg bowl, then back into the breading mixture. Shake off the excess each time to prevent the breading from falling off later. I went from one bowl to the other until I liked how much stuff I had on the chicken. Repeat with each chicken breast and set them aside on a plate.
- PAN FRYING CHICKEN: Heat olive oil on medium high in the stainless steel skillet and cook on medium high for 3 to 4 minutes on each side (total of 6-8 minutes) – just set the timer and flip when it beeps. Check to make sure the chicken is fully cooked an not pink. If not, lower the heat and cook for a couple more minutes.
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