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 PASTA WITH BACON AND SPINACH IN CREAMY TOMATO SAUCE
This chicken pasta with spinach and bacon in creamy tomato sauce is simply amazing with Parmesan cheese! The DELICIOUS creamy sauce permeates every single bite of this chicken penne dish. It’s as though all the ingredients here were made for each other. Very flavorful and creamy!
Ingredients
- Main Ingredients:
- 2 tablespoons olive oil
- 1 pound boneless and skinless chicken (thick in size, such as chicken breasts)
- 6 bacon strips
- 5 medium tomatoes (chopped in cubes)
- 10 oz. package of fresh spinach
- 1 cup half and half
- 1 cup Parmesan cheese shredded (more for garnish)
- 5 garlic cloves minced
- Pasta:
- 8 oz. penne pasta
- Seasoning Mixture:
- 1 teaspoon paprika
- 1 teaspoon Italian seasoning (more, if desired)
- 1/4 teaspoon crushed red pepper flakes
- 1 teaspoon salt
Instructions
- BACON: Preheat oven to 400 F. Line a large baking sheet with aluminum foil or parchment paper. Arrange bacon strips and cook for 15 to 20 minutes, depending on how crispy you like your bacon. Transfer cooked bacon to a paper towel-lined platter that will absorb extra grease. Chop into 1 inch slices.
- CHICKEN: Paper towel dry the chicken and rub it in seasoning mixture, then set aside.
- Heat olive oil in a large deep skillet. Add chicken breasts and cook on each side on medium high heat for a total of 3-4 minutes until nicely browned. If chicken is still pink in the center, reduce heat to medium and cook covered for several minutes until no longer pink in the center. Add sliced garlic in the last minute of cooking chicken, cook for 1-2 minutes until browned and fragrant.
- REMOVE CHICKEN FROM PAN: Slice it in thick strips and return only half of it back to the skillet (we want to keep the other half intact for later). Also, make sure that all liquid, if any, is removed after cooking the chicken (it depends on the chicken you use), otherwise the dish will be too watery.
- TOMATOES and SPINACH: Add chopped tomatoes to the remaining chicken and cook for 3 minutes on high until tomatoes release their juices. Add fresh spinach in 4 consecutive batches until it wilts.
- CHEESY SAUCE: Add half and half (see note if half and half is not availabe) and bring the mixture to boil. Reduce to simmer and slowly add Parmesan cheese - until the cheese melts and makes the sauce creamy. Remove from heat.
- PASTA: In the meantime bring a large pot of water to boil, add pasta and cook it according to instructions. Drain the pasta, but do not rinse.
- ADDING BACON: Add pasta and bacon and stir until fully coated in sauce. Season with more salt if necessary.
- ADDING REMOVED 1/2 OF CHICKEN: Now it’s time to add the 1/2 of chicken that we removed earlier and slightly mix it in with the rest of the ingredients (I just pushed my chicken slightly into the skillet). Cover with a lid until ready to serve to keep warm.
- TO SERVE: Serve with additional shredded Parmesan and red pepper flakes, if desired.
Recipe Notes
If half and half is not available or is not sold in your area, use a combination of heavy cream and whole milk in place of half-n-half.
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