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!
CHICKEN PARMESAN PASTA
THIS CHICKEN PARMESAN PASTA IS SAUTEED CHICKEN AND PENNE PASTA TOSSED IN MARINARA SAUCE AND COVERED WITH CHEESE, THEN BAKED TO GOOEY PERFECTION. AN EASY DINNER OPTION THAT’S A TOTAL CROWD PLEASER!
If you love classic chicken parmesan, you’ll adore this simple yet satisfying baked pasta dish. This versatile recipe can be made in advance and is easy to double or triple to feed a crowd.
This chicken parmesan pasta can be assembled up to 8 hours before you plan to serve it, then baked right before it’s time to eat. If I know I’m going to have a really busy day, I often prepare my pasta in the morning, stick it in the fridge, then pull it out at dinner time for a no fuss meal.
This chicken parmesan pasta is sauteed chicken and penne pasta tossed in marinara sauce and covered with cheese, then baked to gooey perfection. An easy dinner option that's a total crowd pleaser!
Ingredients
- 1 tablespoon olive oil
- 1/2 cup finely chopped onion
- 1 lb boneless skinless chicken breasts cut into 1 inch pieces
- 2 teaspoons Italian seasoning
- salt and pepper to taste
- 1 jar marinara sauce
- 1/4 cup chopped fresh basil
- 12 ounces dry penne pasta
- 2 cups shredded mozzarella cheese
- 3/4 cup grated parmesan cheese
- cooking spray
Instructions
- Preheat the oven to 400 degrees F. Coat a 9"x13" pan with cooking spray.
- Bring a large pot of salted water to a boil, and cook the penne pasta according to package directions.
- Heat the olive oil in a pan over medium high heat. Add the onion and cook for 3-4 minutes or until softened.
- Add the chicken, Italian seasoning, salt and pepper to the pan. Cook for 4-6 minutes, stirring occasionally, or until chicken is cooked through.
- Pour the marinara sauce and chopped basil into the pan and stir to combine.
- Drain the pasta and add it to the 9"x13" dish. Pour the chicken and sauce mixture over the pasta and stir to combine.
- Sprinkle the mozzarella cheese and parmesan cheese over the pasta mixture.
- Bake for 10-15 minutes or until cheese is melted, then serve.
Recipe Notes
Make ahead instructions: Place the assembled pasta dish covered in the refrigerator for up to 8 hours. Uncover, then bake until pasta is warm and cheese is melted. It will take an additional 10-15 minutes past the bake time in the recipe.
Nutrition Facts
Chicken Parmesan Pasta
Amount Per Serving
Calories 301Calories from Fat 144
% Daily Value*
Total Fat 16g25%
Saturated Fat 7g35%
Cholesterol 88mg29%
Sodium 606mg25%
Potassium 707mg20%
Total Carbohydrates 7g2%
Dietary Fiber 1g4%
Sugars 5g
Protein 30g60%
Vitamin A17.7%
Vitamin C10.7%
Calcium35.6%
Iron10.9%
* Percent Daily Values are based on a 2000 calorie diet.
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