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!
MARINATE-ALL-DAY BAKED PARMESAN CHICKEN
This delicious Parmesan Chicken marinates all day before it’s coated with whole wheat breadcrumbs and Parmesan and baked, and this tasty chicken is low-glycemic, and South Beach Diet Phase Two. Use the Recipes-by-Diet-Type Index to find more recipes like this one.
I’ve been working my way through the recipe archives, updating my earliest recipes with better photos and sometimes better instructions too. What I remember loving about this Marinate-All-Day Baked Parmesan Chicken is how the chicken is marinated in olive oil, garlic, and a little dried poultry seasoning all day before it’s coated with a little bit of whole wheat bread crumbs and Parmesan and baked.
I got this recipe from a blog that no longer exists, and when I made it again recently to take these photos, I still loved the way this chicken turned out. If you’re a South Beach Dieter or carb-conscious eater maybe the hardest thing about the recipe will be finding 100% whole wheat bread crumbs, but you can make your own bread crumbs from 100% whole wheat bread. And if you want a version of this recipe that’s gluten-free and lower in carbs, I’m sure you could sub almond meal for the breadcrumbs with good results, but I haven’t tried that.
Ingredients:
- 4 boneless, skinless chicken breasts
- 2 tsp. crushed garlic (garlic puree from a jar is perfect here)
- 1/4 cup extra virgin olive oil
- 1/2 tsp poultry seasoning (I used Penzeys)
- 1/4 cup whole wheat Panko bread crumbs
- 1/4 cup finely grated Parmesan cheese
Instructions:
- Combine crushed garlic, olive oil, and poultry seasoning in small pan and heat 1 minute, until just warm.
- Trim all visible fat and membranes from chicken breasts, then make small crosswise slits about 1/2 inch apart down the length of each chicken breast, being careful not to cut too far into the chicken. (This helps the garlic and herb flavor penetrate the chicken more.) Put chicken into ziploc bag, pour heated oil over, and marinate all day in refrigerator.
- To cook, take chicken out of refrigerator and let it come to room temperature for a few minutes while you preheat oven to 425.
- Mix bread crumbs and Parmesan (pulse a few times in food processor if the mixture isn’t fine enough.) Place cheese/breadcrumb mixture in flat dish and dip each chicken breast into it, pressing on as much of the coating as you can.
- Place each chicken piece in casserole dish which has been sprayed with nonstick spray. or olive oil. Bake until chicken is firm and cooked through, about 25 minutes, then put under the broiler to brown more if desired. (Original directions said to bake 30-40 minutes, but I wouldn’t cook it that long. Actual cooking time will depend on the thickness of your chicken breasts, but chicken should feel firm but not hard when it’s cooked.)
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