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!
Rustic Chicken With Garlic Gravy
In the mood for chicken with gravy? This delicious, one-pan, Rustic Chicken with Garlic Gravy fits the bill perfectly and is a garlic lover’s dream dinner! You’ll want to bust out the mashed potatoes to soak up every bit of this fabulous gravy!
This one-pan, chicken with gravy dinner is so delicious, you’re sure to make it a regular in your household! The chicken is moist and browned and the gravy is rich and full of garlic. Twenty cloves worth! But you’d never know it, because the garlic too gets browned and softened and changes into sweet bits of flavour, much like the beautiful mellow flavour of roasted garlic.
If you’re like me, the thought of separating and peeling the 20 cloves of garlic for this recipe isn’t super appealing. I picked up a bag of the pre-separated and peeled cloves at the grocery store for about $1. Money well spent, if you ask me :) And again, don’t worry that you won’t be able to leave the house for days after eating this. Like roasted garlic, this garlic becomes very mellow. You’ll know it’s there, but it won’t knock you (or anyone else) over.
Ingredients
- 2 Tbsp cooking oil vegetable, canola etc
- 6 pieces skin-on/bone-in chicken thighs (could use any skin-on chicken, such as breasts or drumsticks )
- Salt and freshly-ground black pepper
- 20 cloves garlic separated and peeled (2 full heads)
- 2 Tbsp all-purpose flour
- 3/4 cup dry white wine anything you would drink
- 1 cup chicken broth
- 1 1/4 tsp fresh thyme leaves (or about 3/4 tsp. dried thyme leaves)
- 2 Tbsp butter
Instructions
- Heat the oven to 400° F (205C) with rack in center of oven.
- In a oven-safe Dutch oven or oven-safe skillet with a lid, heat the oil over medium high heat. Dry the chicken pieces well by patting them with a paper towel. Sprinkle the chicken pieces with a bit of salt and the pepper. Cook the chicken until well browned, turning regularly, for about 8 minutes in all then remove chicken to a plate. You can remove some of the fat in the pan if you have lots, but do leave enough to cook the garlic in the next step.
- Reduce the heat to medium, add the garlic, and cook, stirring regularly, until it is starting to brown, about 3 minutes. Sprinkle the flour over the garlic and stir until combined. Return the chicken to the pot, cover, and bake for 15 minutes in the pre-heated 400° oven. (If you pot or skillet doesn't have a lid, you can tightly cover the top with tin-foil instead.)
- Remove the pot from the oven and put it on a burner. Be careful not to touch the hot pot! Remove the chicken pieces from the pot to a clean plate. Over medium-high heat, whisk in the wine and simmer for 1 minute. Whisk in the broth, thyme and a bit more salt and pepper, then reduce heat and simmer, stirring regularly, until sauce thickens. Turn the heat off and stir in the butter. Taste sauce and add more salt and pepper, if it needs it. Add the chicken back to the pot to re-warm with the sauce. Serve spooned over mashed potatoes, rice or pasta.
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