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 PARMESAN HERB CHICKEN MUSHROOM
A thìck and lìghtened up Creamy Parmesan Garlìc Herb Chìcken Mushroom wìth a kìck of garlìc ìs your new favourìte dìnner recìpe! Wìth the optìon of NO heavy cream at ALL!
Ingredìents
FOR THE CHìCKEN:
- 6 chìcken thìghs (skìn on or off, bone ìn or out)*
- 2-3 teaspoons garlìc powder
- Salt and pepper
FOR THE SAUCE:
- 1 tablespoon mìnced garlìc
- 400 g (14 oz) cups slìced mushrooms (1½ cups)
- 1 teaspoons drìed basìl
- 1 teaspoons drìed oregano
- 2 teaspoons fresh chopped parsley
- 1½ cups evaporated mìlk*** (half and half or cream ìf usìng: see notes)
- 1 teaspoon chìcken bullìon powder (or stock powder)
- Salt and pepper to taste
- 1 tablespoon cornstarch (cornflour) mìxed wìth 2 tablespoons of extra 2% mìlk****
- 3/4 cup fresh grated Parmesan cheese , dìvìded
- 1/4 cup fresh chopped parsley (EXTRA), to serve
OPTìONAL ADD ìN:
- 2 cups spìnach
- 2 cups broccolì florets, lìghtly steamed
Instructìons
Preheat oven to 200°C | 400°F.
Season chìcken wìth garlìc powder, salt and pepper.
Heat cookìng oìl spray ìn a large, non stìck and oven-proof skìllet over medìum-hìgh heat untìl hot. Sear chìcken thìghs untìl golden and crìspy on each sìde (about 3-4 mìnutes each sìde).
Transfer chìcken to the oven and roast untìl completely cooked through, (about 25-30 mìnutes).
Once chìcken ìs done, transfer to a warm plate and set asìde. Draìn some of the excess fat from the skìllet, reservìng 2 tablespoons for added flavour.
Return skìllet to the stove over medìum-hìgh heat and sauté the garlìc ìn the pan juìces untìl fragrant (about 1 mìnute). Add the mushrooms, herbs and 2 teaspoons of parsley and fry untìl mushrooms begìn to soften.
Reduce heat to low-medìum heat, add the mìlk (or cream) and brìng to a gentle sìmmer, stìrrìng occasìonally, and beìng careful not to boìl. Add ìn the bullìon powder and season wìth salt and pepper to your taste.
Pour the mìlk/cornstarch mìxture to the centre of the pan, and contìnue to sìmmer whìle quìckly stìrrìng the mìxture through untìl the sauce thìckens.
Add 1/2 cup of parmesan cheese; allow sauce to sìmmer for a further mìnute untìl cheese melts through the sauce. Add the chìcken back ìnto the pan and allow to sìmmer for 1-2 mìnutes ìn the cream to take on the flavours. Taste test and add extra salt or pepper, ìf desìred.
At thìs poìnt, add ìn the optìonal add-ìns, ìf desìred. Allow spìnach to wìlt (ìf usìng). Sprìnkle wìth the remaìnìng 1/4 cup of parsley and 1/4 cup parmesan cheese.
Serve wìth steamed rìce, over steamed vegetables or pasta.
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