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!
HONEY DIJON GARLIC CHICKEN BREASTS
Honey Dijon Garlic Chicken Breasts. Boneless skinless chicken breasts quickly baked in an intensely flavoured honey, garlic and Dijon mustard glaze.
This version of garlic chicken breasts came about when I was thinking about the popularity of our Double Crunch Honey Garlic Chicken, which has seen about 4 MILLION hits on Rock Recipes over the past couple of years. People really like the intensity of flavour in that recipe, which I think is why it has been so successful.
I was thinking of creating another high intensity flavour recipe but without a crunchy coating. I’d seen a photo on my Facebook timeline of a simple brown sugar glazed glazed garlic chicken breasts recipe and I first mistook the garlic in the glaze for whole grain Dijon mustard.
Boneless skinless chicken Breasts quickly baked in an intensely flavoured honey, garlic and Dijon mustard glaze.
Ingredients
- 4 large boneless skinless chicken breasts about 6 ounces each
- 3 tbsp butter
- 6 cloves minced garlic
- pinch salt and pepper
- 1/3 cup honey
- 2 tbsp whole grain Dijon mustard
Instructions
- Line an 8x8 inch baking pan with aluminum foil. Use a baking pan that is large enough to have a half inch of space around each chicken breast but no more. Using too large a baking dish can cause the glaze to be too shallow in the pan and burn easily. Place the empty pan in a 425 degree oven to heat up while you prepare the glaze.
- To prepare the glaze
- Melt the butter in a small saute pan. Add the garlic and cook for only 30-60 seconds to soften it. Do not brown the garlic.
- Add the honey, Dijon mustard and a pinch of salt and pepper. Stir well to blend and simmer over medium heat for one or two minutes begin to reduce the glaze.
- Lightly season the chicken breasts with salt and pepper. Remove the hot pan from the oven and place the chicken breasts an equal distance apart in the pan. Pour the hot glaze evenly over the chicken.
- Return the pan to the 425 degree F oven and bake for 15 minutes. Remove from oven and baste the breasts with the glaze in the bottom of the pan. return to the oven for an additional 15-20 minutes or until a neat thermometer inserted into the center of the thickest part of the breast reads 170 degrees F.
- Allow the chicken to rest for 5 minutes before serving.
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