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!
Baked Garlic Paprika Chicken Legs
Resist the temptation of cooking the same thing over and over and make this Baked Garlic Paprika Chicken Legs dish instead, roasted with vegetables .
You know why? Because it is packed with tons of flavor, the whole family would enjoy it and it comes together quickly. If chicken is on your mind this week, put this one pot low carb meal on menu. All you need is a few pantry staple spices, coupled with herbs on hand. For an added bonus you can throw in some vegetables in the roasting pan and have a delicious one-pot meal ready in less than no time. How easy is that? You would have a complete meal that looks as impressive as it tastes.
If you want a really crisp skin use a paper towel to wipe the chicken dry. Looking for carbs to pair this with? Then try pair it with this aromatic yellow rice. If using fresh vegetables be sure to blanch before adding so you can have really tender vegetables.
Resist the temptation of cooking the same thing over and over and make this Baked Garlic Paprika Chicken Legs dish instead, roasted with vegetables.
Ingredients
- 3 -3 ½ pound chicken drumsticks
- 1 ¼ teaspoons salt
- 1 teaspoon white pepper
- 1 teaspoon bouillon powder (you may replace with salt)
- 1/4 cup canola oil
- 4-6 garlic cloves minced
- 2 Tablespoons onion powder
- 1 Tablespoon smoked paprika
- ½ teaspoon cayenne pepper (optional)
- 3-4 Tablespoons fresh herbs (thyme, parsley, oregano)
- 1 pound or more green beans and carrots or any vegetables
Instructions
- Wash chicken legs dry, rub with salt , white pepper and bouillon powder and set aside
- In a small pan set over medium low heat, combine canola oil, minced garlic, fresh herbs, smoked paprika and cayenne pepper . Stir for about 30 seconds or 1 minute. Let this mixture sit for a little bit about 5 minutes.
- When ready to bake, preheat oven to 425°.
- Place the chicken in a large bowl, toss with garlic paprika spice mix, then sprinkle with the onion powder.
- Line a baking pan with foil; Add vegetables at the bottom, top with a wire rack. Arrange chicken legs out in a single layer.
- Bake chicken legs until cooked through and skin is crispy, about 45-50 minutes
- If desired rotate chicken halfway through-roughly 25 minutes.
- Remove chicken and vegetables. For a carb option serve with rice
Nutrition Facts
Baked Garlic Paprika Chicken
Amount Per Serving
Calories 277Calories from Fat 162
% Daily Value*
Total Fat 18g28%
Saturated Fat 2g10%
Cholesterol 79mg26%
Sodium 218mg9%
Potassium 443mg13%
Total Carbohydrates 10g3%
Dietary Fiber 3g12%
Sugars 3g
Protein 17g34%
Vitamin A190.6%
Vitamin C3.8%
Calcium5.9%
Iron11.5%
* Percent Daily Values are based on a 2000 calorie diet.
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