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!
ONE SKILLET CHICKEN WITH LEMON GARLIC CREAM SAUCE
Say hello to your new favorite one skillet chicken dinner that’s topped with a lemon garlic butter cream sauce! I used thin chicken breasts, but this recipe would be delicious with boneless chicken thighs too!
This one skillet chicken recipe is my go to chicken dinner of the week decade. Obvi, this recipe requires just one pan. Which means, we make the chicken and the sauce – that’s right – in just uno skillet-o. We’re talking tender chicken, covered in a lemon garlic butter sauce that’s creamier that anything you’ve had before. Someone, please, throw some capers up in the sauce! This only *just* hit me now, but I’m totally doing it next time, pinky promise.
Say hello to your new favorite one skillet chicken dinner that’s topped with a lemon garlic butter cream sauce! I used thin chicken breasts but this recipe would be delicious with boneless chicken thighs too!
INGREDIENTS:
- 4 boneless skinless chicken breasts (or thighs)
- salt and pepper
- 1 cup chicken broth
- 2 tablespoons lemon juice
- 1 tablespoon minced garlic
- ½ teaspoon red pepper flakes (or more to taste)
- 1 tablespoon olive oil
- ⅓ cup finely diced shallots (or red onions)
- 2 tablespoons salted butter
- ¼ cup heavy cream
- 2 tablespoons chopped parsley or basil
DIRECTIONS:
- Using a mallet, pound down the chicken breasts/thighs into ½ inch thickness. Sprinkle a pinch of salt and pepper on both sides of the chicken.
- In a 2 cup measuring cup or a small bowl, combine the chicken broth, lemon juice, garlic, and red pepper flakes.
- Position a rack in the lower third of the oven and preheat the oven to 375ºF.
- Heat the olive oil in a large oven-safe skillet over medium high heat. Add the chicken and allow to brown on both sides for 2-3 minutes per side. Don’t worry if the chicken isn’t cooked completely, we’ll finish it in the oven. Remove the chicken to a plate.
- Reduce the flame to medium, add the shallots to the skillet along with the chicken broth mixture. Using a whisk, scrape the bottom of the pan so all the brown bits are loosened. Kick the heat back up to medium high and let sauce come to a simmer. Continue to cook the sauce for 10-15 minutes OR UNTIL ABOUT ⅓ CUP OF THE SAUCE REMAINS.
- When the sauce has thickened, remove from the flame, add the butter and whisk until it melts completely. With the skillet off the flame, add the heavy cream, whisk to combine. Place the skillet back over the flame for just 30 seconds, DO NOT allow the sauce to boil. Remove from heat, add the chicken back into the pan and drizzle the sauce over the chicken. Place the skillet in the oven for 5-8 minutes or until the chicken is completely cooked through. Top with chopped parsley or basil and serve warm with additional lemon slices.
NOTES:
Use boneless skinless chicken breasts/thighs that about the same thickness. I pounded mine down to about ½ inch.
After a few comments from readers, I’ve adjusted the amount of time it takes to reduce the sauce (step #5). Keep in mind, the key is to reduce it to ⅓ cup and that I can only provide an estimate. It may take you more or less time than what is actually listed.
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