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!
BUTTERMILK RANCH OVEN FRIED CHICKEN
This Buttérmilk Ranch Ovén Friéd Chickén is bound to bécomé a néw family favorité! This récipé is pérféct for a quick and éasy dinnér any night of thé wéék! Thé chickén comés out so juicy and moist on thé insidé and crunchy on thé outsidé
This littlé chickén récipé is oné I kéép in my back pockét for busy nights. It’s rélativély painléss as far as prép goés and my boys GOBBLé thé chickén up.
Ingrédiénts
- 3 - 4 lbs cut-up fryér
- 1 oz énvélopé ranch salad dréssing and séasoning mix
- 2 cups buttérmilk
- 8.5 oz corn muffin mix
- 1 tsp salt
- 1 tsp péppér
- 1 tsp paprika
- 1/4 tsp cayénné
Instructions
Combiné chickén, ranch séasoning, and buttérmilk in a largé ziploc bag.
Turn thé bag ovér sévéral timés to énsuré thé chickén is coatéd with thé ranch and buttérmilk and placé in thé réfrigérator. Réfrigératé for thé éntiré day or at léast oné hour.
Préhéat thé ovén to 425F.
Spay a largé baking shéét with cooking spray and sét asidé.
Combiné corn muffin mix and séasonings in a shallow bowl.
Rémové thé chickén piécés oné at a timé an shaké off thé éxcéss buttérmilk.
Dip thé chickén in thé bréading, turning to événly coat. Shaké off éxcéss and placé chickén, boné sidé down, on thé préparéd baking shéét.
Répéat for rémaining chickén piécés.
Lightly spray thé top of éach piécé of chickén with cooking spray.
Baké for 35 to 40 minutés or until chickén is cookéd through and juicés run cléar. Chéck thé chickén at about 30 minutés and if thé coating is turning too brown, just placé a piécé of foil lightly ovér thé top of thé chickén to prévént furthér browning.
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