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 PASTA WITH SUN-DRIED TOMATOES AND MOZZARELLA SAUCE
Creamy Chicken Pasta with Sun-Dried Tomato and Mozzarella Sauce – comfort food dinner with the best homemade creamy pasta sauce!
This easy Creamy Chicken Pasta will become of your favorite dinners! Made with sun-dried tomatoes and Mozzarella creamy pasta sauce, this recipe is pure comfort food!
Ingredients
- 3 garlic cloves , minced
- 4 oz sun-dried tomatoes
- 1 lb chicken breast tenderloins
- 1/4 teaspoon salt
- 1/4 teaspoon paprika
- 1 cup half and half
- 1 cup mozzarella cheese , shredded
- 8 oz penne pasta (for gluten free, use gluten free brown rice pasta)
- 1 tablespoon basil
- 1/4 teaspoon red pepper flakes
- 1/2 cup reserved cooked pasta water or more
- 1/4 teaspoon salt to taste
Instructions
- Note: if using sun-dried tomatoes in oil (in a jar), make sure to drain sun-dried tomatoes from oil, before using them. Reserve 2 tablespoons of this drained oil for sauteing as described below:
- In a large pan, on high heat, sautee garlic and sun-dried tomatoes (drained from oil) in 2 tablespoons of oil (reserved from the sun-dried tomatoes jar - see note above) for 1 minute until garlic is fragrant. Remove sun-dried tomatoes from the pan, leaving the oil, and add chicken tenders, salted and lightly covered in paprika (for color) and cook on high heat for 1 minute on each side. Remove from heat.
- Cook pasta according to package instructions. Reserve some cooked pasta water. Drain and rinse the pasta with cold water (to stop cooking).
- Slice sun-dried tomatoes into smaller bits and add them back to the skillet with chicken. To make creamy pasta sauce, add half and half and cheese to the skillet, too, and bring to a gentle boil. Immediately reduce to simmer and cook, constantly stirring, until all cheese melts and creamy sauce forms. If the sauce is too thick - don't worry - you'll be adding some cooked pasta water soon. Add cooked pasta to the skillet with the cream sauce, and stir to combine. Add 1 tablespoon of basil, and at least 1/4 teaspoon of red pepper flakes. Stir to combine.
- Add about 1/2 cup reserved cooked pasta water because the cream sauce will be too thick (do not add all water at once - you might need less or more of it). This will water down the thickness of the cheese sauce and make it creamier. Immediately, season this creamy chicken pasta with salt and more red pepper flakes, to taste, if needed. Let it simmer for a couple of minutes for flavors to combine.
- Note: Make sure to salt the dish just enough to bring out of the flavors of basil and sun-dried tomatoes.
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