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!
BUTTERMILK RANCH OVEN FRIED CHICKEN
This Buttermilk Ranch Oven Fried Chicken is bound to become a new family favorite! This recipe is perfect for a quick and easy dinner any night of the week! The chicken comes out so juicy and moist on the inside and crunchy on the outside – just the way we like it!
The chicken is marinated in buttermilk and ranch seasoning all day (or at least an hour!). That’s the hard part. It’s done in the morning so you can maybe get in a shower before the kids start freaking out that it’s finally Halloween!
This Buttermilk Ranch Oven-Fried Chicken is bound to become a new family favorite! This recipe is perfect for a quick and easy dinner any night of the week! The chicken comes out so juicy and moist on the inside and crunchy on the outside - just the way we like it!
Ingredients
- 3 - 4 lbs cut-up fryer
- 1 1oz envelope ranch salad dressing and seasoning mix
- 2 cups buttermilk
- 1 8.5 oz box corn muffin mix
- 1 tsp salt
- 1 tsp pepper
- 1 tsp paprika
- ¼ tsp cayenne
Instructions
- Combine chicken, ranch seasoning, and buttermilk in a large ziploc bag.
- Turn the bag over several times to ensure the chicken is coated with the ranch and buttermilk and place in the refrigerator. Refrigerate for the entire day or at least one hour.
- Preheat the oven to 425F.
- Spay a large baking sheet with cooking spray and set aside.
- Combine corn muffin mix and seasonings in a shallow bowl.
- Remove the chicken pieces one at a time an shake off the excess buttermilk.
- Dip the chicken in the breading, turning to evenly coat. Shake off excess and place chicken, bone side down, on the prepared baking sheet.
- Repeat for remaining chicken pieces.
- Lightly spray the top of each piece of chicken with cooking spray.
- Bake for 35 to 40 minutes or until chicken is cooked through and juices run clear. Check the chicken at about 30 minutes and if the coating is turning too brown, just place a piece of foil lightly over the top of the chicken to prevent further browning.
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