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!
Lemon Butter Chicken
This Lemon Butter Chicken is a must try recipe! I’m all about lemon chicken so when you add a butter pan sauce to the mix you know it’s going to be unbelievably tasty. And not only that this chicken is so easy to make and it will come together in no time, making it the perfect dish to serve any day of the week.
One of my go-to side dishes for chicken like so is steamed or roasted asparagus or broccoli, then I also like to serve it with orzo. Cauliflower rice would also be a good healthier alternative to the orzo. I love how that bit of extra sauce goes with the orzo, perfect match. Plus orzo is so lazy and easy.
Ingredients
- 4 (5 oz) chicken breasts*, pounded to an even 1/3-inch thickness
- Salt and freshly ground black pepper
- 1/3 cup all-purpose flour
- 1 Tbsp olive oil
- 4 Tbsp unsalted butter, sliced into 1 Tbsp pieces, divided
- 1 1/2 tsp minced garlic
- 1/2 cup low-sodium chicken broth
- 3 Tbsp fresh lemon juice
- 1/2 tsp fresh lemon zest
- 1 1/2 Tbsp minced fresh parsley (optional)
Instructions
- Season both sides of chicken with salt and pepper.
- Place flour in a shallow dish then dredge both sides of chicken breasts in flour, one at a time.
- Heat 12-inch skillet over medium-high heat.
- Add olive oil and 1 Tbsp butter, let butter melt, then add in chicken breasts in a single layer.
- Sear until golden brown on bottom, about 4 - 5 minutes then flip and continue to cook until chicken registers 165 degrees in center, about 4 - 5 minutes longer.
- Transfer chicken to a plate while leaving any little bit of excess oil in pan.
- Reduce to medium heat, add garlic and saute 20 seconds, or until just lightly golden brown, then pour in chicken broth while scraping browned bits up.
- Pour in lemon juice then bring mixture to a simmer, reduce heat slightly and let simmer until liquid has reduced by about half, about 2 minutes.
- Add in remaining 3 Tbsp butter and lemon zest, stir to melt butter.
- Return chicken to skillet, spoon sauce over chicken and garnish with parsley. Serve warm.
- Recipe source: inspired by my Lemon Butter Salmon
Recipe Notes
*2 (10 oz.) chicken breasts may be used instead. Then simply butterfly and halve the breasts (cut through the thickness of the 2 large breasts), to create 4.
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