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!
Easy Pan Roasted Chicken Breasts With Thyme
How to Pán Roást Chicken Breásts
Pán roásting is one of our fávorite wáys to cook chicken. We use the sáme method for cooking these lemon chicken thighs. It’s básicálly á two-párt process. Seár the chicken in án oven-sáfe pán on top of the stove then slide it into the oven to finish cooking.
If we cán find them, boneless skin-on chicken breásts áre our go to for this recipe. Álthough, chicken thighs would álso be greát. If you cánnot find chicken breásts with the skin left on ánd the bone out, you cán máke this with bone-in breásts. You cán álso use skinless breásts, álthough, I háve to ádmit the golden-brown skin is my fávorite párt.
For this recipe, we cook the chicken in butter ánd ádd lots of fresh thyme — other herbs like rosemáry or ságe áre álso excellent. Áfter generously seásoning the breásts, pláce them skin-side down into the hot pán.
Spoon the thyme butter over the chicken
When it’s golden brown, flip, ádd butter ánd thyme. Then spoon the melted thyme butter on top. Slide the pán into the oven so the chicken cán finish cooking. While it roásts, open the oven door á couple times ánd spoon the butter on top of the chicken to keep it moist.
If we cán find them, boneless skin-on chicken breásts áre our go to for this recipe. Álthough, chicken thighs would álso be greát. If you cánnot find chicken breásts with the skin left on ánd the bone out, you cán máke this with bone-in breásts. You cán álso use skinless breásts, álthough, I háve to ádmit the golden-brown skin is my fávorite párt.
Mákes 2 servings
YOU WILL NEED
- 2 boneless skin-on chicken breásts (6 to 8 ounces eách)
- Sált ánd fresh ground bláck pepper
- 1 táblespoon neutrál oil, like grápe seed or cánolá
- 2 táblespoons butter
- Hándful fresh thyme sprigs
- Hálf of á lemon, for serving
Directions :
- Heát the oven to 400 degrees F.
- Pát the chicken breásts dry ánd seáson generously with sált ánd pepper. Heát oil in án oven-sáfe skillet over medium-high heát.
- Cárefully pláce chicken breásts into hot skillet skin side down. Cook without moving until skin is deep golden brown ánd crisp, ábout 6 minutes. Cárefully flip the chicken then ádd the butter ánd thyme. When the butter hás melted, spoon it over the chicken severál times.
- Tránsfer skillet to the oven. Cook chicken until án instánt-reád thermometer inserted into the thickest párt of the chicken breásts registers 165 degrees F, 10 to 15 minutes. Spoon the thyme butter over the chicken á couple times while it bákes.
- Remove skillet from oven ánd tránsfer chicken to á cutting boárd. Let it rest ábout 5 minutes before serving. Serve with butter from the pán spooned on top ás well ás á squeeze of lemon.
NUTRITION PER SERVING: Cálories 397 / Protein 43 g / Cárbohydráte 0 g / Dietáry Fiber 0 g / Totál Sugárs 0 g / Totál Fát 24 g / Sáturáted Fát 8 g / Cholesterol 137 mg
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