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 ONE-PAN CHICKEN ASPARAGUS PASTA
Chicken asparagus pasta in a creamy sauce and all cooked in one pan in 30 minutes. It’s so simple and so easy plus the clean up is a breeze. It’s perfect for spring and your busy schedule!
I sat down yesterday and added all the games/practices/lessons, etc into my phone calendar and every single day is full to the max! I can’t even believe how busy this time of year is for all of us. This really makes getting dinner on the table at night a challenge. Sometimes I feel so exhausted that I just want to swing through the drive-thru and grab dinner. But that can really add up, in both money and calories.
It’s a staple dinner in our house because what’s not to love? Chicken asparagus pasta in a creamy sauce and all cooked in one pan. It’s so simple and so easy plus the clean up is a breeze!
I’ve made this with broccoli too and it’s delicious. It’s also lower calorie and I like to use a more carb-friendly pasta, such as Dreamfield’s or a whole wheat pasta works too, to make it even healthier.
Chicken asparagus pasta in a creamy sauce and all cooked in one pan. It's so simple and so easy plus the clean up is a breeze!
Ingredients
- 1½ lbs. boneless, skinless chicken breasts, cut into chunks
- 2 Tbsp. olive oil
- 1 onion, minced
- 4 garlic cloves, minced
- ½ tsp. oregano
- 1 box (13.25-oz) penne pasta (I like Dreamfield's)
- 3 cups water
- 3½ cups chicken broth
- 1 bunch asparagus, trimmed and cut into 1 inch chunks
- ¾ cup fat-free evaporated milk
- ½ cup grated parmesan cheese
- salt and pepper, to taste
Instructions
- Season the chicken with salt and pepper. Heat the olive oil in a large sauté pan over medium heat. Add the chicken in a single layer and cook for one minute without stirring.
- Stir the chicken and continue to cook until it's browned. Transfer to a plate and set aside.
- Add onion into the pot and cook on medium-high heat and cook until softened. Stir in the garlic and oregano.
- Add the uncooked pasta, water and 2½ cups of the broth. Bring to a boil over high heat and cook until the liquid is thick, stirring occasionally.
- Add the asparagus and remaining 1 cup broth. Cover, reduce the heat to medium and cook until the asparagus is almost tender.
- Uncover and return the heat to medium-high. Stir in the evaporated milk, parmesan cheese and chicken (with juices).
- Simmer uncovered until the sauce is thickened and chicken is cooked/heated through. Season with salt and pepper if needed. Serve and enjoy!
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