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!
BAKED FRIED CHICKEN
THIS RECIPE FOR BAKED FRIED CHICKEN IS ULTRA CRISPY CHICKEN THAT’S BEEN BAKED IN THE OVEN FOR A LIGHTER TAKE ON THE CLASSIC. THIS OVEN FRIED CHICKEN WILL QUICKLY BECOME A FAMILY FAVORITE!
As the weather starts to cool down, my cooking style tends to change. In the summer I’m all about grilling and salads full of seasonal produce; as we head into the fall and winter months it’s comfort food all the way. My family loves comfort food, who doesn’t?! But many comfort food dishes tend to be heavier in nature, which I’m not a fan of. This baked fried chicken is a lighter take on the classic – it’s got the same crispy coating and tender juicy chicken, but without the deep frying!
This recipe for baked fried chicken is ultra crispy chicken that's been baked in the oven for a lighter take on the classic. This oven fried chicken will quickly become a family favorite!
Ingredients
- 1 pound chicken tenders
- 1 cup buttermilk
- 3/4 cup flour
- 1/4 cup cornmeal
- 1 cup panko breadcrumbs
- 1 teaspoon kosher salt
- 1 teaspoon black pepper
- 1/2 teaspoon onion powder
- 1/2 teaspoon garlic powder
- 1 teaspoon smoked paprika
- 4 tablespoons butter
- Optional garnish: chopped parsley
Instructions
- Place the chicken tenders in the buttermilk and marinate for at least 30 minutes or up to 8 hours.
- Preheat the oven to 425 degrees. Place an empty sheet pan in the oven for 10 minutes.
- On a large plate, mix together the flour, cornmeal, panko breadcrumbs, salt, pepper, onion powder, garlic powder and smoked paprika.
- Take each chicken tender out of the buttermilk mixture and place on the plate with the flour mixture; turn evenly to coat. Repeat with remaining chicken.
- Remove the sheet pan from the oven and place the butter on it. Wait 2-3 minutes until butter is melted. Swirl the butter around the pan until the bottom is evenly coated.
- Place the chicken in a single layer on the melted butter. Bake for 10 minutes then flip. Bake for 8 minutes more. Broil for 2-3 minutes or until tops are crispy. Serve immediately, sprinkled with parsley if desired.
Nutrition Facts
Baked Fried Chicken
Amount Per Serving
Calories 297Calories from Fat 63
% Daily Value*
Total Fat 7g11%
Saturated Fat 1g5%
Cholesterol 157mg52%
Sodium 365mg15%
Total Carbohydrates 28g9%
Dietary Fiber 1g4%
Sugars 4g
Protein 30g60%
* Percent Daily Values are based on a 2000 calorie diet.
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