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!
CREAMY PARMESAN ORZO WITH CHICKEN AND ASPARAGUS
Quick and delicious Creamy Parmesan Orzo with Chicken and Asparagus that can be on your dinner table in only 30 minutes! Cheesy, creamy, delicious goodness!
This creamy, cheesy, Parmesan orzo is my kind of dish and the kind of dish I could have every single night for lunch or dinner. What’s not to like? You’ve got your proteins, your veggies, and my favorite part, the Parmesan orzo.
This dish is everything. This is all I need to be a happy girl.
Quick and delicious Creamy Parmesan Orzo with Chicken and Asparagus that can be on your dinner table in only 30 minutes! Cheesy, creamy, delicious goodness!
Ingredients
- 1 lb chicken breast boneless and skinless (about 3)
- 1/2 tsp salt or to taste
- 1/2 tsp pepper or to taste
- 1 tbsp paprika
- 2 tbsp olive oil
- 1 cup asparagus chopped
- 1 large onion chopped
- 4 cloves garlic minced
- 2 cups orzo uncooked
- 2 cups half and half
- 3 cups chicken broth low sodium, or water
- 1 1/2 cups Parmesan cheese grated
- 2 tbsp parsley chopped, for garnish
Instructions
- Season the chicken breasts with salt, pepper and paprika on both sides.
- In a large skillet heat the 2 tbsp of olive oil over medium-high heat. Sear the chicken for about 5 minutes per side, or until golden brown and cooked through. Depending on the thickness of your chicken you might need longer time. Transfer the chicken to a warm plate; set aside.
- In the same skillet add the asparagus and saute for about 3 minutes, just until it starts to soften and starts to brown a bit. Transfer to a plate; set aside.
- In the same skillet add the onion and garlic and saute for about 3 minutes until the onion is translucent and the garlic becomes aromatic. Add more olive oil if needed.
- Add the orzo to the skillet and saute for just one minute, to get it a little toasted, this will give it a nutty flavor. Add the half and half, chicken broth and stir.
- Bring to a boil, then turn the heat down to a medium-low, cover with lid and let it cook for 10 minutes.
- Remove the lid and stir in the Parmesan cheese. Taste for seasoning and adjust with salt and pepper.
- Add the asparagus back and stir it in. Slice the chicken into thin slices. You can either add it to the skillet and stir it in, or as seen in the photos, arrange over the orzo.
- Garnish with more Parmesan cheese if preferred, and parsley. Serve warm.
Recipe Notes
Half and half is equal parts whole milk and light cream and it usually averages 10 to 12% fat, which is usually less than light cream.
This dish is quite versatile. Add more nutrition to it by adding in more veggies such as spinach, broccoli, mushrooms or peas.
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