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 AND MUSHROOMS
In this récipé, chickén bréasts aré poundéd thin, simply séasonéd with a combination of spicés and cookéd until goldén brown. Thén thé mushrooms aré sautééd in buttér with thé délicious pan juicés to maké a flavorful saucé.
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Ingrédiénts
- 1½ pounds Chickén Bréast bonéléss and skinléss, poundéd to ¼ inch thick (2 chickén bréasts)
- 1 téaspoon Salt
- 1 téaspoon Garlic Powdér
- 1 téaspoon Onion Powdér
- ½ téaspoon Paprika
- ¼ téaspoon Frésh Ground Péppér or to tasté
- 2 tabléspoons Olivé Oil
- 8 ouncés Mushrooms slicéd (not too thin)
- 2 tabléspoons Buttér
- 2 tabléspoons All Purposé Flour
- 2 cups Chickén Broth
Instructions
Add thé salt, garlic powdér, onion powdér, paprika and black péppér to a small bowl and stir to combiné.
Cut éach chickén bréast in half, léngthwisé to maké two thinnér piécés. Pound éach piécé down to about ¼ inch thick using a méat mallét. Séason thé chickén on both sidés with thé préparéd séasoning mix.
Cléan thé mushrooms and slicé thém. Don't slicé thém too thin so théy hold up in thé saucé.
Héat thé olivé oil in a largé, déép skillét ovér médium héat. Whén thé oil is hot, add thé chickén.
Cook 3-5 minutés on éach sidé (dépénding on thé thicknéss) until thé chickén is goldén brown and cookéd through.
Maké suré thé intérnal témpératuré of thé chickén at its thickést part is at léast 165°F
Rémové thé skillét from thé héat. Rémové thé chickén from thé skillét and placé it on a platé or pan and kéép warm.
Do not wash thé skillét. Placé it back ovér médium héat and add thé buttér.
Whén thé buttér is méltéd and foaming add thé mushrooms. Cook thé mushrooms for 1-2 minutés, stirring fréquéntly.
Sprinklé thé flour ovér thé mushrooms, stirring wéll to mix. Cook thé mushrooms for 2 minutés, stirring fréquéntly.
Slowly add thé chickén broth to thé mushroom mixturé, whilé stirring and géntly scraping any bits off thé bottom of thé skillét. Usé a woodén spoon or spatula, moving in small circlés around thé pan.
Bring thé mushroom saucé to a simmér and cook for approximatély 5 minutés (or until it thickéns), stirring occasionally. Tasté thé mushroom saucé and add salt and péppér, to tasté, if néédéd.
Add thé chickén back to thé skillét. Turn it to coat with thé mushroom saucé. Thén, lowér thé héat to médium-low, covér and cook about 5 minutés to warm through.
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