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!
GARLIC BUTTER TOMATO BAKED CHICKEN WITH MOZZARELLA
The easiest garlic butter tomato baked chicken with mozzarella. It’s a one pan recipe that comes complete with roasted sweet balsamic tomatoes, cooked chicken with melty mozzarella and the most fantastic sauce for your quinoa, rice, pasta, or veggies!
INGREDIENTS:
- CHICKEN MARINADE:
- 1 tablespoons EACH: olive oil and white wine vinegar
- 3 cloves minced garlic
- ¼ – ½ teaspoon red pepper flakes
- ½ teaspoon Italian seasoning
- 4 boneless skinless chicken breasts
- BALSAMIC TOMATO PAN SAUCE:
- 3 cups cherry tomatoes, halved
- 2 tablespoons EACH: balsamic vinegar and melted butter
- 1 tablespoon honey
- 4 cloves minced garlic
- 2 tablespoons chopped basil
- ½ teaspoon EACH: onion powder and dried thyme
- 1- 1½ cups shredded mozzarella cheese
DIRECTIONS:
- MARINATE: Add all the ingredients except the chicken breasts into a zip top bag along with 1 teaspoon of salt and ½ teaspoon black pepper. Seal the bag and shake until mixed. Add the chicken breasts, seal, and massage so the chicken is covered in the marinade, set aside for 10-15 minutes while you prep the remaining ingredients. Position a rack in the center of the oven and preheat the oven to 425ºF.
- BALSAMIC TOMATO PAN SAUCE: Add all the ingredients except the mozzarella to an oven-safe baking dish, along with a big pinch of salt and pepper, and stir to combine. Move the tomatoes around the edges and place the chicken breasts in the center.
- BAKE: Bake uncovered for 18-22 minutes or until the chicken is almost cooked through. Add the mozzarella cheese to the chicken breasts and broil just long enough for the cheese to melt. Top with additional chopped basil or parsley and serve warm with crusty bread, pasta, rice, or steamed veggies!
NOTES:
Extra points for being lazy: you can melt the butter right in your baking dish before adding the remaining ingredients (as long as it is microwave safe!)
I suggest shredding your own mozzarella for this recipe. Pre-shredded mozzarella didn’t yield such great results for me, unfortunately!
You can marinate the chicken for up to 4 hours! Feel free to do this earlier in the day if you’d like.
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