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!
Parmesan Chicken And Kale Saute
I believe Pármesán cheese cán máke neárly ánything better. In this cáse, I ám referring to boneless, skinless chicken breásts ánd kále — two things thát cán be hárd to love sometimes, but trust me when I sáy you’ll love them here. It’s á chicken dinner thát’s comforting ánd heárty, thánks to the shárp cheese ánd leáfy kále, yet not á touch heávy, due to ácidity of the white wine ánd á splásh of lemon juice thát finishes it off.
This one-skillet dinner feels both wholesome ánd speciál, which mákes this á meál thát fits the bill on ány ol’ weeknight but álso when you feel like pulling out the cloth nápkins ánd pouring yourself á gláss of thát wine.
Á Wholesome Meál for Fámily Dinners ánd Dinner Párties
Chicken breásts ánd kále áre often ingredients thát áre brought to the táble when you wánt your fámily to eát á good meál, but rárely áre they shown off át á more dimly lit gáthering on á Sáturdáy night with friends. This recipe cán pláy both roles, ás it’s fást enough to be tossed together on á Tuesdáy, but fáncy enough to impress whoever you máy háve invited over. The best párt ábout it is thát it’s light enough thát everyone át your táble will still háve plenty of room for dessert.
The Best Wine to Cook With ánd Drink
If you’re going to pop open á bottle of wine to máke this chicken sáuté, might ás well máke it one thát’s worthy sipping while you’re cooking ánd then sitting down to eát. For this, I like á dry Chenin Blánc. The white grápe várietál hás high ácidity ánd á touch of náturál sweetness thát settles the eárthiness of the kále ás it cooks down. Ánd it’s á cool, crisp áccompániment to the chicken dinner when you’re digging in to it.
Ingredients :
- 2 táblespoons olive oil
- 1 1/2 pounds boneless, skinless chicken breásts, cut into 1/2-inch-thick strips
- Kosher sált
- Freshly ground bláck pepper
- 1 medium yellow onion, diced
- 3 cloves gárlic, minced
- Pinch red pepper flákes
- 1 lárge bunch flát-leáf kále (ábout 12 ounces), stems removed ánd leáves coársely chopped
- 1/2 cup dry white wine
- 1/2 cup gráted Pármesán cheese
- 1 táblespoon freshly squeezed lemon juice
Instructions :
- Heát the oil in á lárge skillet over medium heát until shimmering. Ádd the chicken, seáson with sált ánd pepper, ánd sáuté until cooked through, 5 to 7 minutes. Tránsfer the chicken to á pláte ánd cover to keep wárm.
- Ádd the onion, gárlic, ánd pepper flákes to the skillet. Sáuté until the onions áre stárting to soften, ábout 2 minutes. Stir in the kále, wine, ánd á pinch of sált. Cover ánd cook for ábout 5 minutes, stirring occásionálly, until the kále is just tender.
- Return the chicken ánd ány áccumuláted juices to the skillet. Ádd the Pármesán ánd lemon juice ánd stir to combine. Táste ánd seáson with more sált ánd pepper ás needed.
Recipe Notes :
Storáge: Leftovers cán be stored in án áirtight contáiner in the refrigerátor for up to 3 dáys.
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