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!
ITALIAN SKILLET CHICKEN WITH TOMATOES AND MUSHROOMS
Italian-inspired skillet chicken. Simple chicken breast recipe cooked in white wine with tomatoes and mushrooms! Ready in 30 mins or less!
Boneless, skinless chicken breasts are a staple item in most households. When prepared into thinner, 1/4-inch cutlets, they are even easier to cook.
The ways that you can dress up chicken breasts are endless. Today’s is a light Italian-style skillet chicken recipe with tomatoes and mushrooms.
My main goal with this skillet chicken recipe was to keep the chicken cutlets from drying out. First, I browned the chicken quickly in a little olive oil. Then, to finish cooking, I added the chicken back into the skillet with a white wine-based sauce and sauteed mushrooms, tomatoes, and garlic! At the very end, I tossed in a handful of baby spinach.
INGREDIENTS
- 4 large chicken cutlets (boneless skinless chicken breasts cut into 1/4-inch thin cutlets)
- 1 tbsp dried oregano, divided
- 1 tsp salt, divided
- 1 tsp black pepper, divided
- 1/2 cup all-purpose flour, more for later
- Private Reserve Extra Virgin Olive Oil (buy here)
- 8 oz Baby Bella mushrooms, cleaned, trimmed, and sliced
- 14 oz grape tomatoes, halved
- 2 tbsp chopped fresh garlic
- 1/2 cup white wine
- 1 tbsp freshly squeezed lemon juice (juice of 1/2 lemon)
- 3/4 cup chicken broth
- Handful baby spinach (optional)
INSTRUCTIONS
- Pat chicken cutlets dry. Season on both sides with 1/2 tbsp dried oregano, 1/2 tsp salt and 1/2 tsp black pepper. Coat the chicken cutlets with the flour; dust off excess. Set aside briefly.
- Heat 2 tbsp olive oil in a large cast iron skillet with a lid like this one. Brown the chicken cutlets on both sides (3 minutes or so). Transfer the chicken cutlets to a plate for now.
- In the same skillet, add more olive oil if needed. Add the mushrooms and saute briefly on medium-high (about 1 minute or so). Then add the tomatoes, garlic, the remaining 1/2 tbsp oregano, 1/2 tsp salt, and 1/2 tsp pepper, and 2 tsp flour. Cook for another 3 minutes or so, stirring regularly.
- Now add the white wine, cook briefly to reduce just a little; then add the lemon juice and chicken broth.
- Bring the liquid to a boil, then add the chicken back in the skillet. Cook over high heat for 3-4 minutes, then reduce the heat to medium-low. Cover and cook for another 8 minutes or until the chicken is fully cooked and its internal heat registers a minimum of 165 degrees F.
- If you like, stir in a handful of baby spinach just before serving. Enjoy hot with your favorite small pasta like orzo and a crusty Italian bread!
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