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 Cordon Bleu
It’s strange to think about all the frozen dinners I ate because many were dishes that are so, so, so, simple to put together.
Chicken cordon bleu is one of those simple recipes.
But regardless, how could you not take pleasure in rolling up a piece of chicken with ham and cheese, and rolling it in breadcrumbs?
Start out with some chicken cutlets. These are super thin slices of chicken breast that you can buy from the store.
Lay each chicken cutlet out and season with salt and pepper (and don’t mind the avocado on my cutting board…)
Bake for a half hour until the chicken is cooked through and the cheese is gooey!
PS This is a good make-ahead dish. You can roll up the chicken breasts and secure a day in advance, then roll in the flour/egg/breadcrumbs right before baking and pop it into the oven.
Ingredients
- 1 lb chicken cutlets (I had 5)
- 1/4 cup flour
- 1 egg, whisked
- 1 cup panko breadcrumbs
- 1/2 tsp garlic powder
- 1/2 tsp onion powder
- 1/2 tsp paprika
- 1/4 tsp dried thyme
- 1/4 tsp salt
- salt and pepper
- about 2 tbsp olive oil, for drizzling
- 1/3 lb thinly sliced black forest ham
- 1/3 lb thinly sliced Swiss or Gruyere cheese (or you can do grated cheese instead)
Instructions
- Preheat the oven to 350 degrees F. Set a wire rack on top of a baking sheet.
- Set up your breading stations by placing the flour in the first bowl, the egg in the second, and the panko in the third. Season the panko by adding the garlic powder, onion powder, paprika, dried thyme, and salt.
- Lay out your chicken cutlets on a cutting board and gather up some toothpicks, about 2 or 3 per cutlet (or you can tie it up with kitchen twine if you prefer that). Season both sides of the chicken cutlets with salt and pepper, and drizzle on a little bit of olive oil. Place a single layer of both ham and cheese on each cutlet, and roll it up tightly. Secure with the toothpicks or tie it up with twine to keep it closed up.
- Dip the rolled chicken slices first in the flour, then in the egg, then in the panko breadcrumbs, shaking off the excess coating every step of the way (if you don’t do this, your breading will want to fall off later). Place on the wire rack.
- Baking time will vary depending on how big your chicken cutlets are, but 30-35 minutes should be about right. I bake the chicken until it’s about 152 degrees F inside (rises to about 155-157 during resting), to make sure it doesn’t overcook. Let the chicken rest for about 5-10 minutes out of the oven so the juices don’t run out, and remove the toothpicks or kitchen twine before serving. Enjoy!
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