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!
ROMANO CHICKEN WITH LEMON GARLIC PASTA
Romano Chicken with Lemon Garlic Pasta – crispy parmesan panko breaded chicken with pasta in fresh lemon garlic cream sauce! Tasty meal in 30 minutes time!
When I made my own Homemade Panko Bread Crumbs, I naturally had to use them in some nice recipe. Breaded chicken is the first thing that comes to mind, so I made Romano Chicken with Lemon Garlic Pasta.
Chicken cutlets are dipped in Parmesan cheese, egg and Panko breadcrumbs. Then they are fried (or baked, to reduce fat content) until golden. They are served over pasta tossed with lemon butter garlic sauce. It is all simple to make and doesn’t take much time.
Ingredients
ROMANO CHICKEN:
- 1/2 lb chicken breasts, butterflied or thinly cut into cutlets
- salt and pepper
- 1/2 cup finely grated parmesan cheese
- 1 egg
- dry parsley
- 1/2 cup panko bread crumbs, homemade or store-bought
- oil for frying - I used combination of olive oil and sunflower oil
LEMON GARLIC PASTA:
- 1/2 lb linguine or spaghetti or other pasta
- juice from 1 lemon, or to taste
- 3 cloves garlic, minced
- zest from 1/4 lemon
- 2 Tbsp butter, cold
- 2-3 Tbsp whipping cream, or to taste
- salt, pepper
Instructions
- ROMANO CHICKEN:
- Place parmesan cheese in a shallow dish. In another dish, put beaten egg with dry parsley; in third dish put panko bread crumbs.
- Season chicken cutlets with salt and pepper; dredge with parmesan cheese, dip into beaten egg; press the chicken in panko bread crumbs to coat on both sides; shake off the excess.
- Heat olive oil in a pan; add chicken cutlets and cook on low heat until golden and cooked through.
- LEMON GARLIC PASTA:
- Cook pasta according to package direction; drain (reserve about 1/2 cup pasta water).
- Add lemon juice to a pan; add garlic, lemon zest, a pinch of salt and pepper, and cook until liquid is reduced to about half.
- Add 1 Tbsp butter and slowly melt into your sauce, while swirling the pan; add another 1 Tbsp butter and repeat; stir in whipping cream and about 2 Tbsp pasta water.
- Add cooked pasta and toss to combine. Serve romano chicken over lemon garlic pasta.
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