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!
Spinach Stuffed Chicken Breasts
Now that fall is officially here, it means it’s time to bring on ALL the comfort food. Right?! But comfort food doesn’t have to be deep fried and smothered in cheese! (Don’t get me wrong- that’s always delish.) ⠀
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You can have a lower carb, easy to make and lower calorie dish instead! This Spinach Stuffed Chicken is perfect for dinner. Made with just a handful of ingredients and ready in only 20ish minutes, you’ll love this easy recipe!
If you're looking for the best stuffed chicken breast recipe or even how to make stuffed chicken breasts, you have come to the right place! This Spinach Stuffed Chicken is the MOST popular recipe on my website and I'm sure your entire family will love it.
Boneless, skinless chicken breasts stuffed with the tangy flavor of feta and the vegetable goodness of almost a pound of spinach!
INGREDIENTS :
- 1 clove garlic diced
- 1/4 teaspoon salt divided
- 1/8 teaspoon pepper
- 1 tablespoon olive oil
- 3 chicken breasts
- 8 oz chopped frozen spinach cooked according to package directions and squeezed dry.
- 3 oz feta crumbled ( about 1/2 cup )
- 4 oz cream cheese
INTRUCTIONS :
- Preheat oven to 450 degrees fahrenheit.
- Mix the chopped frozen spinach, feta, cream cheese, garlic and half of the salt in a medium sized bowl.
- Cut a pocket into each chicken breast. If you are unsure of how to cut a pocket into the chicken without also cutting a pocket into your hand, try this: One at a time, place the chicken flat on a cutting board, and press a large spatula ( or something else that cannot be stabbed, i.e. DO NOT USE YOUR HAND) flat on top of the breast. Make sure that you are pressing the spatula down hard enough to hold the chicken in place. You may need to actually dig the edge of the spatula into the meat just a little bit to accomplish this. Insert the knife 2/3 of the way into the side of the thickest part of the chicken, and slice down to the thinnest part, stopping before you cut through; you want a pocket not a flap.
- Separate the spinach and cheese mixture into three parts, and roll into thick logs. Stuff each log into the pocket you made in the chicken breasts. Season with remaining salt and pepper.
- Heat the olive oil in an ovenproof pan set over medium high heat, then add the stuffed chicken, "top" side down. Cook for 5 minutes, then flip the chicken over.
- Place the pan into the oven, and bake for 10 minutes. If your chicken breasts are extraordinarily thick, cook for 2 to 5 minutes longer, or until juices run clear when you poke the chicken with a fork.
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