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 with Spinach in Creamy Parmesan Sauce
Chicken with Spinach and Tomato in Creamy Parmesan Sauce – An easy one-pan dish that will wow the entire family for dinner! The delicious parmesan sauce is creamy and buttery with an irresistible garlicky flavor. Keto and low-carb friendly, and ready in just 25 minutes!
INGREDIENTS :
- 2 chicken breasts
- 3 tablespoons butter, divided
- Salt and pepper to taste
- 1 teaspoon oregano
- 1 medium onion, minced
- 4 cloves garlic, minced
- 1 small jar sun-dried tomatoes, drained from oil and chopped
- 1/2 cup chicken broth
- 1/2 cup heavy cream
- 1/3 cup grated Parmesan cheese
- 1 cup spinach (or more if you like)
DIRECTIONS
1. Thoroughly season chicken with salt, pepper, and 1/2 teaspoon oregano on both sides.
2. In a large skillet, melt 2 tablespoons butter with a bit of oil from the tomatoes over medium-high heat. Add chicken breasts and cook for about 4 minutes on each side until browned. Once done and no longer pink, transfer to a plate and set aside.
3. To make the sauce, add the remaining tablespoon butter to the same pan. Cook onion, garlic, 1/2 teaspoon oregano and sun-dried tomatoes. Slowly add chicken broth, heavy cream, and Parmesan cheese and mix to combine until smooth while simmering for 2-3 minutes. Adjust seasoning with salt and pepper.
4. Add spinach to the mixture and continue cooking until wilted. Add the chicken back to the pan and reheat for 2-3 minutes. Serve immediately, garnished with fresh chopped parsley. Enjoy!
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