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!
Parmesan-Crusted Chicken Tenders with Buttermilk Ranch Dressing
Flavorful, easy to make crispy parmesan Chicken Tenders coated with panko bread crumbs and parmesan cheese, served with a side of homemade Buttermilk Ranch Dressing. A delicious meal for the whole family!
The recipes are real, everyday food, and they are a realistic way to eat good even when something calls for a bit of buttah.
Ingredients
FOR THE PARMESAN-CRUSTED CHICKEN TENDERS
- 1 pound chicken breast tenderloins
- 1/2- cup panko bread crumbs
- 1/2 teaspoon garlic powder
- 1/2 teaspoon onion powder
- 1/4 teaspoon salt
- 1/4 teaspoon fresh ground pepper
- 1/4- cup grated Parmesan cheese
- 4 egg whites
- 4 teaspoons extra virgin olive oil
FOR THE BUTTERMILK RANCH DRESSING
- 2 tablespoons mayonnaise
- 2 tablespoons sour cream
- 1/4- cup low fat buttermilk
- 1 tablespoon finely chopped fresh dill
- 1-1/2 teaspoons white wine vinegar
- 1/2 teaspoon garlic powder
- 1/4 teaspoon salt
- 1/4 teaspoon fresh ground pepper
Instructions
- Preheat oven to 400F.
- Set a wire rack over a large rimmed baking sheet and spray the rack with nonstick cooking spray; set aside.
- In a small shallow bowl, combine bread crumbs, garlic powder, onion powder, salt, pepper, and Parmesan; mix to combine.
- In a separate bowl, beat the egg whites.
- Dredge each tender first in the egg whites, then in the bread crumbs, pressing to coat.
- Put the coated tenders on a plate as you go, repeating the process until all the tenders are coated.
- In a 12-inch nonstick skillet, heat 2 teaspoons of the oil over medium-high heat.
- Add half the tenders and cook until golden brown on all sides; about 3 minutes per side.
- Transfer chicken tenders to previously prepared wire rack.
- Add the remaining 2 teaspoons of oil to the skillet, and repeat the cooking process with the remaining tenders.
- Transfer the remaining chicken tenders to the prepared wire rack.
- Bake for 8 to 10 minutes, or until tenders are golden brown and cooked through.
- In the meantime, prepare the Buttermilk Ranch Dressing.
- In a small bowl, whisk together the mayonnaise, sour cream, buttermilk, dill, vinegar, garlic powder, salt, and pepper.
- Cover and refrigerate until ready to use. You can keep it in the fridge for up to 5 days.
- Serve chicken tenders immediately with a side of the prepared ranch dressing.
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