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!
One Pan Balsamic Chicken and Veggies
I’m always on the lookout for new easy dinners to try, plus I always love a new healthy recipe. This One Pan Balsamic Chicken and Veggies couldn’t get any easier! This is a a 20 minute meal that is sure to please! The flavor is spot on delicious and it has just enough versatility going on to keep things interesting. And the flavor? With the word balsamic in the title you know it’s got to be good right? This balsamic chicken is so good! Who knew a dinner that was so easy could taste so incredible?
Ingredients
- 1/4 cup + 2 Tbsp Italian salad dressing (I recommend using Kraft light Italian it's the perfect consistency for this and it's what I used)
- 3 Tbsp balsamic vinegar
- 1 1/2 Tbsp honey
- 1/8 tsp crushed red pepper flakes (more or less to taste)
- 1 1/4 lbs chicken breast tenderloins
- 2 Tbsp olive oil
- Salt and freshly ground black pepper
- 1 lb fresh asparagus , trimmed of tough ends, chopped into 2-inch pieces (look for thinner stalks. Green beans are another good option)
- 1 1/2 cups matchstick carrots
- 1 cup grape tomatoes , halved
Instructions
- In a mixing bowl whisk together salad dressing, balsamic vinegar, honey and red pepper flakes, set aside.
- Heat olive oil in a 12-inch skillet over medium-high heat. Season chicken with salt and pepper to taste, then place chicken evenly in skillet. Cook about 6 - 7 minutes, rotating once halfway through cooking, until chicken has cooked through (meanwhile, chop asparagus and tomatoes). Add half the dressing mixture to skillet and rotate chicken to evenly coat. Transfer chicken to a large plate or a serving platter while leaving sauce in skillet. Add asparagus and carrots to skillet, season with salt and pepper to taste and cook, stirring frequently, until crisp tender, about 4 minutes. Transfer veggies to plate or platter with chicken.
- Add remaining dressing mixture to skillet and cook, stirring constantly, until thickened, about 1 minute. Add tomatoes to chicken and veggies and drizzle dressing mixture in pan over top (or return chicken and veggies to pan and toss to coat).
- Recipe source: adapted from BHG
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