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!
Drunken Chicken Marsala With Tomatoes
This is just a winning savory little number right here. It’s simple. It’s quick. It tastes like heaven. It’s adaptable, except for the part with the butter and garlic. Don’t touch it.
And this is 99% weird of me, but, um, it’s Christmas colors. You saw it, too? i know you were like that.
Now. Here’s some for you, and some for you, and some for you…!!!
Drunken Chicken Marsala With Tomatoes RecipeA simple Chicken Marsala recipe featuring fresh tomatoes, pan-fried chicken breasts, sauteed mushrooms, and a Marsala wine sauce.
INGREDIENTS- 16 ounces fresh crimini mushrooms, sliced
- 3 tablespoons butter, divided
- 2 cloves garlic, minced
- 1 cup dry Marsala wine
- 1 teaspoon cornstarch dissolved in 1 tablespoon cold water
- 2 tablespoons heavy cream
- 1/2 teaspoon salt (more to taste)
- 1 1/2 – 2 lbs. boneless skinless chicken breasts
- 1 tablespoon olive oil
- 1/3 cup flour
- 1 teaspoon all purpose seasoning + a pinch of salt and pepper
- 1-2 cups cherry tomatoes
- fresh parsley
INSTRUCTIONS- Heat 1 tablespoon butter in a medium or large saucepan over medium heat. Add the mushrooms and saute for 8-10 minutes, until golden brown.
- Add the garlic and wine – let the mixture simmer gently to reduce the wine, stirring occasionally. After 15-20 minutes, add the cornstarch, cream, and salt to the marsala mixture – it should start to thicken slightly.
- Pound the chicken breasts until they are about 1 inch thick to help with even cooking. Cut them into smaller, single-serving pieces if necessary.
- Combine the flour, seasoning, and salt and pepper in a shallow bowl. Toss the chicken in the flour mixture until coated. Shake off excess.
- Heat the remaining 2 tablespoons butter and oil in a large skillet over medium high heat. Pan-fry the coated chicken for a few minutes on each side, until golden brown and cooked through.
- Add sauce and mushrooms to the skillet with the chicken. Top with tomatoes and simmer until the tomatoes have softened. Serve with fresh parsley.
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