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!
Pan Fried Spinach & Cream Cheese Stuffed Chicken
Oh hey, my new Pan Fried Spinach & Cream Cheese Stuffed Chicken. Aren’t you a lovely, healthy chicken dish that is fast and simple to prepare. What was that? You can also use low-fat cream cheese and Parmesan and you have a healthy dinner full of protein and veggies?
This Pan Fried Spinach Cream Cheese Stuffed Chicken is one of the best skillet dinners I have made in a while!
INGREDIENTS
- 4 chicken breasts
- (1) 10-ounce package frozen chopped spinach, thawed and squeezed dry
- 1/2 cup cream cheese at room temp
- 1/4 cup of Parmesan cheese
- 1 tbsp minced garlic
- 1-2 tbsp minced chives or green onions
- 1/4 tsp pepper
- salt to taste
INSTRUCTIONS
- Place plastic wrap on top of each chicken breast and using a meat mallet, pound them slightly thinner. ( they will fry up faster if you do this step.)
- To butterfly your chicken breasts, lay them flat on sturdy surface. Place one hand on top to hold it in place and then slice 3/4 of the way through the chicken breast. Do not slice all the way through!
- Heat up the olive oil in a large skillet.
- Fry the chicken breast in the frying pan on medium heat, approximately 7 minutes a side, until they start to get golden brown and crispy on the outside and reach a temperature of 165°F. You want the mto be cooked before you stuff them!
- Combine the spinach, cream cheese, Parmesan cheese, chives and garlic in a bowl and microwave to take the chill off. Make sure it’s nice and warm. ( this is such an easy cheat! I was so excited!)
- Carefully spoon a quarter of cheese mixture into the middle of the cooked chicken breasts.
- Turn the heat to low and put a lid on the frying pan. Heat for another 5-7 minutes, until the cream cheese mixture has heated through.
- Remove and plate. Enjoy!
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