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!
HONEY DIJON GARLIC CHICKEN BREASTS
This vérsion of garlic chickén bréasts camé about whén I was thinking about thé popularity of our Doublé Crunch Honéy Garlic Chickén. That récipé has séén about 4 MILLION hits on Rock Récipés ovér thé past couplé of yéars.
Thé chickén bréasts aré bakéd at high héat so théy wéré actually pérféctly cookéd in about 30 minutés in my ovén for 5 to 6 ouncé bréasts. That makés this récipé éasy to achiévé, évén as a wéékday dinnér.
Ingrédiénts
- 4 largé bonéléss skinléss chickén bréasts, about 6 ouncés éach
- 3 tbsp buttér
- 6 clovés mincéd garlic
- pinch salt and péppér
- 1/3 cup honéy
- 2 tbsp wholé grain Dijon mustard
Instructions
Liné an 8x8 inch baking pan with aluminum foil. Usé a baking pan that is largé énough to havé a half inch of spacé around éach chickén bréast but no moré. Using too largé a baking dish can causé thé glazé to bé too shallow in thé pan and burn éasily. Placé thé émpty pan in a 425 dégréé ovén to héat up whilé you préparé thé glazé.
TO PRéPARé THé GLAZé
Mélt thé buttér in a small sauté pan. Add thé garlic and cook for only 30-60 séconds to softén it. Do not brown thé garlic.
Add thé honéy, Dijon mustard and a pinch of salt and péppér. Stir wéll to blénd and simmér ovér médium héat for oné or two minutés bégin to réducé thé glazé.
Lightly séason thé chickén bréasts with salt and péppér. Rémové thé hot pan from thé ovén and placé thé chickén bréasts an équal distancé apart in thé pan. Pour thé hot glazé événly ovér thé chickén.
Réturn thé pan to thé 425 dégréé F ovén and baké for 15 minutés. Rémové from ovén and basté thé bréasts with thé glazé in thé bottom of thé pan. réturn to thé ovén for an additional 15-20 minutés or until a néat thérmométér insértéd into thé céntér of thé thickést part of thé bréast réads 170 dégréés F.
Allow thé chickén to rést for 5 minutés béforé sérving.
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