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 Parmesan Casserole
Chicken Parmesan Casserole served with pasta is quick, HEALTHY and EASY WEEKNIGHT DINNER for whole family. It’s SIMPLE, FREEZER FRIENDLY RECIPE and great idea how to use up leftover chicken. Cheesy, baked parmesan chicken casserole with marinara sauce and bread crumbs is delicious comfort food but healthy meal for your family, too. Also check this delicious Chicken Alfredo Bake , Easy Crockpot Teriyaki Chicken and Crispy Baked Parmesan Chicken!
Chicken Parmesan Casserole served with pasta is quick, HEALTHY and EASY WEEKNIGHT DINNER for whole family.
Ingredients
- 1.5 lb. cooked chicken- diced (if you don’t have cooked chicken simply grill almost 2 lb. thawed boneless chicken breast in the pan, season with salt and pepper to taste)
- 1 jar (28 ounces) of marinara sauce
- 1 ¾ cup shredded mozzarella cheese
- ½ cup grated Parmesan cheese
- 1 ½ -2 tablespoons olive oil
- 1 cup Panko bread crumbs (if use finer bread crumbs, not flacked kind like Panco, I suggest you to use just ¾ cup or the top will be too sandy)
- Italian seasoned salt-to taste
- 1 ½ -2 tablespoons freshly chopped parsley for serving
Instructions
- Preheat oven to 350 F and grease 8 ½ x 8 ½ inch casserole with olive oil or spray with cooking spray.
- Place chopped cooked chicken in baking dish and pour marinara sauce over the chicken, stir to combine.
- Spread shredded mozzarella cheese on top to cover the chicken. Sprinkle with grated parmesan.
- In a bowl stir together bread crumbs and Italian seasoned salt. Add 1 tablespoon of olive oil and stir well. If it seems to dry and the crumbs are not evenly moistened add more olive oil and stir to combine. It depends on the texture of bread crumbs you us. Finer crumbs will seem to dry and need more oil, flacked crumbs like Panko need less oil.
- Sprinkle bread crumb mixture over the cheese and bake 20-25 minutes until bread crumbs get nice golden color.
- Sprinkle freshly chopped parsley before serving if desired.
- If you want to make this ahead and freeze for later DO NOT BAKE, just cover the casserole and place in the freezer. Thaw completely before baking.
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