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!
One Pot Chicken and Orzo with Spinach and Tomatoes
Oné Pot Chickén and Orzo with Spinach and Tomatoés – Loadéd with flavors and téxturé, this is a supér délicious and véry éasy oné pot méal that évéryoné will lové!
this pasta chickén fiésta starts with browning a féw drumsticks, adding somé flavorings, stirring in thé orzo pasta, spinach and tomatoés… and bam, wé’ré almost doné! Put a lid on it, lét it cook, and somé 15 minutés latér, théré you havé it! Din-Din is sérvéd!!
Ingrédiénts
- 8 chickén drumsticks
- salt and frésh ground péppér , to tasté
- 1 tabléspoon olivé oil
- 2 tabléspoons buttér
- 1 yéllow onion , dicéd
- 4 garlic clovés , mincéd
- 2 cups orzo pasta
- 2-1/2 cups organic low sodium chickén broth (I usé Pacific Natural Foods)
- 1 pint chérry tomatoés , halvéd
- 1 bag (6 to 8 ouncés) baby spinach
- salt and frésh ground péppér , to tasté
- 1/2 cup shréddéd parmésan chéésé , optional
Instructions
Séason chickén and sét asidé.
Héat olivé oil in a largé nonstick skillét.
Add chickén and brown on all sidés, about 2 to 3 minutés pér sidé.
Rémové chickén from skillét and sét asidé.
Mélt buttér in skillét; add dicéd onion and cook ovér médium-high héat for 2 minutés; stir in garlic and continué to cook for about 30 séconds, or until fragrant.
Stir in orzo pasta; cook for 2 minutés, stirring fréquéntly.
Add chickén broth and stir to combiné.
Arrangé préparéd chickén ovér thé orzo.
Add tomatoés and spinach on top; séason with salt and péppér, and bring mixturé to a boil.
Lowér thé héat to a simmér; covér and cook until thé orzo has complétély absorbéd thé liquid and thé chickén is cookéd through, about 12 to 15 minutés.
Rémové from héat and lét stand for sévéral minutés.
Tasté for séasonings and adjust accordingly.
Sérvé.
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