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!
CREAMY CHICKEN MARSALA
A creamy and delicious classic italian dish that is ready in under 30 minutes! The creamy sauce is full of flavor and mushrooms and will be one of the best things that you make!
I had plans to share another recipe with you today but this was so amazing that I could not wait to share! Do you ever make something and think, DANG! I just made that? This Creamy Chicken Marsala became an instant favorite with the very first bite. It was a 5 star restaurant quality meal that I made right in my kitchen!
This recipe could not be easier to make. Which gave it another reason why I loved it so much. You pan fry the chicken and then create the delicious sauce. The sauce only requires a few ingredients and thickens up and coats the chicken so well.
A creamy and delicious classic italian dish that is ready in under 30 minutes! The creamy sauce is full of flavor and mushrooms and will be one of the best things that you make!
INGREDIENTS- 4 boneless skinless chicken breasts, thinly sliced*
- salt and pepper
- 2 tablespoons olive oil
- 1½ cups sliced mushrooms
- ½ cup Marsala wine** see note
- ½ cup chicken broth
- 1 cup heavy whipping cream
- 1 teaspoon ground mustard
- 1 teaspoon garlic powder
- Fresh Chopped Parsley for garnish
INSTRUCTIONS
- In a large skillet over medium heat add 1 tablespoon olive oil to the pan. Add the chicken and lightly salt and pepper. Cook until lightly brown and cooked throughout. Remove chicken and set aside on plate.
- Add 1 Tablespoon olive oil and sauté the mushrooms for 1-2 minutes. Add marsala wine and bring to a boil over medium high heat for 1-2 minutes. This allows the alcohol to burn out. Add the chicken broth, heavy whipping cream, ground mustard, and garlic powder. Bring to a boil and reduce heat and simmer for about 10 minutes or until it starts to thicken. Place chicken back in the sauce and continue to simmer for about 1-2 minutes.
NOTES
*I like to slice my chicken breasts in half or buy them thinly sliced so that they cook quickly and easily.
** The alcohol in the marsala wine burns off during the cooking process. If you are worried about cooking with wine, they say this recipe makes a good substitute.
1/4 cup of white grape juice
1 tablespoon vanilla extract
2 tablespoons of sherry vinegar
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