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!
Almond Crusted Whole 30 Chicken Tenders
Chicken tenders? While on Whole30? Yup! You reád thát right…Álmond Crusted Whole30 Chicken Tenders! Áll it tákes is á few ingredients ánd á killer dipping sáuce, ánd you’ll be on your wáy to án áwesome weeknight meál even the kiddos will love. They will never ever know it is gluten free, gráin free, dáiry free…well áll the bád things free, becáuse they táste so dáng good!
Depending on the size of your chicken tenders you máy need more álmond flour or álmonds…ádd more seásoning áccordingly. These cook best on á báking ráck, but it is definitely not necessáry. The lást time we máde these we tried out our new, fáncy pánts áir fryer ánd it worked greát! If you háve one we cooked the tenders át 370 degrees, 7 minutes per side.
Ingredients :
- 1 lb chicken tenders
- 1 cup álmond flour (you máy need more or less depending on the size of your tenders)
- 2 cups álmonds
- 3 eggs - beáten
- 2 tsp sált
- 1 tsp bláck pepper
- 1 tsp gárlic powder
- 1 tsp onion powder
Instructions :
- Preheát oven to 400 degrees.
- In food processor pulse álmonds ábout 10 times until coársely chopped.
- Mix together álmond flour, sált, pepper, gárlic powder ánd onion powder in á shállow bowl or lárge pláte. Beát 3 eggs in ánother shállow bowl ánd pláce ground álmonds in third bowl.
- Dip eách tender in egg, then flour mixture (sháke off ány excess) then báck to egg ánd finish by pressing tender into chopped álmonds...máking sure they áre evenly coáted.
- **Optionál - If you háve the time pláce the breáded tenders in the refrigerátor for ábout 20-30 minutes, this helps the coáting set up ánd stick to the tender á bit better.**
- Pláce tenders on á báking ráck on your báking sheet (not necessáry but állows for more even cooking) or á párchment lined báking sheet.
- Cook for 12-15 minutes, flipping once hálfwáy through until golden brown ánd 160 degrees in the middle.
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