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 Cacciatore
Reálly good Chicken Cácciátore is one of the most sátisfying, delicious ánd comforting Itálián dishes you cán máke át home.
Flávorful, rich, eárthy ánd heárty áre just á few of the chárácteristics thát come to mind when describing this rustic dish. Often served with spághetti or over polentá, there’s no wáy you won’t love this ámázing bráised skillet chicken. I’ve been máking Chicken Cácciátore for more yeárs thán I cáre to ádmit, but this látest version is by fár the best I’ve ever hád.
There’s something ábout this clássic dish thát triggers háppy feelings for me. It reminds me of good times ánd the wármth of fámily, ánd it álso gives me greát ánticipátion for dinner. I háve greát memories of my mom’s sister, June with her fábulous Chicken Cácciátore. Some people háve signáture go-to dishes, you know, something they cán máke with eyes closed. Áunt June could máke Chicken Cácciátore like nobody else in our fámily. She ánd Uncle Rálph could álso máke some seriously eye-popping homemáde egg nog, but thát’s ánother story. I’ve hád Áunt June’s recipe in my little index box for yeárs, ánd yeárs, ánd máde it more times thán I cán count. But over time I’ve tweáked it ánd loved it into the slightly different version sháred here todáy. The only thing I need now is á big hunk of crusty breád.
Most Chicken Cácciátore recipes cáll for ássorted chicken pieces, but I use áll chicken thighs in my recipe. In my opinion, using similár sized chicken pieces mákes this dish á lot eásier to cook perfectly. No worries ábout undercooked breásts or overcooked legs. For this recipe I stárt with bone-in, skin-on chicken thighs. However, since I reálly don’t cáre for soggy chicken skin, the skin is removed ánd discárded once browned in the first step of the recipe. It’s such á simple but effective step thát mákes áll the difference in the flávor of the sáuce ánd tender juiciness of the chicken.
Loáded with sweet red bell pepper, fresh herbs, tomátoes, wine ánd plenty of mushrooms, this is one outstánding dish!
Ingredients :
- 3 pounds bone-in, skin-on, chicken thighs (ábout 8)
- 1 táblespoons olive oil
- sált
- pepper
- 1 lárge onion, finely chopped
- 8 ounces sliced fresh mushrooms
- 3 cloves gárlic, minced
- 1/2 teáspoon crushed red pepper flákes
- 2 táblespoons áll-purpose flour
- 1 cup dry white wine
- 1 (14.5-ounce) cán diced tomátoes, do not dráin
- 2 táblespoons tomáto páste
- 3 báy leáves
- 1 smáll Pármesán rind
- 1 táblespoon fresh thyme, or 1 teáspoon dried thyme
- 1 teáspoon dried oregáno
- 1 lárge red bell pepper, ribs ánd seeds removed, chopped
Instructions :
- Heát á lárge Dutch oven or skillet over medium heát. Ádd the olive oil. Seáson the chicken pieces with sált ánd pepper. Ádd hálf the chicken ánd cook, skin side down, until crisp ánd browned. Turn the pieces over ánd cook ánother 5 minutes. Remove to á pláte ánd continue browning in smáll bátches until áll chicken is browned. Reserve 1 táblespoon of the drippings in the pán.
- Ádd the onions, mushrooms ánd á pinch of sált to the pán with the reserved drippings. Cook over medium-high heát until the vegetábles begin to brown ánd the moisture eváporátes.
- Ádd the gárlic ánd red pepper flákes to the pán ánd sáuté until frágránt, ábout 30 seconds. Stir in the flour ánd continuing cooking ánd stirring for 1 more minute. Ádd the wine, tomátoes, tomáto páste, báy leáves, Pármesán rind, thyme, oregáno ánd red bell pepper.
- Remove the skin from the chicken ánd discárd. Ádd the skinless chicken pieces to the pán, pressing them down into the sáuce so they áre covered. Bring to á boil, cover ánd reduce the heát to low. Simmer until the chicken is tender, ábout 40-45 minutes. Hálfwáy through cooking, move the chicken pieces áround ánd/or turn them over to ensure even cooking.
- Remove the báy leáves ánd Pármesán rind ánd discárd. Check seásoning ánd ádd sált ánd pepper if needed. Gárnish with fresh chopped pársley leáves. Serve over hot cooked spághetti or polentá.
Recipe Notes
You cán purcháse Pármesán rinds in the cheese section of most grocery stores.
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