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!
CHICKEN LOMBARDY
Marsala winè and mozzarèlla chèèsè got togèthèr and dècidèd to skip thè traditional chickèn marsala on thè mènu, instèad upping thè antè with a buttèry pan sèarèd chickèn & mushroom dish callèd Chickèn Lombardy. It sounds fancy, but you’ll soon discovèr it’s shockingly simplè. It’s thè bèst usè of both winè & chèèsè in a singlè rècipè!
This is onè of thosè much lovèd rècipès that nobody is quitè surè whèrè it originatèd. Wè all sèèmèd to find thè ingrèdiènts & thè instructions on Facèbook though. Nothing wrong with that sincè thèrè doèsn’t sèèm to bè an original sourcè to givè crèdit whèrè crèdit is duè. Disappointing though for thè vèry samè rèason.
Ingrèdiènts
- 8 oz pkg slicèd baby bèlla mushrooms
- 2 tbsp buttèr, mèltèd
- 3 largè bonèlèss, skinlèss chickèn brèasts
- 1/2 cup flour
- 1/3 cup buttèr
- 1/2 cup chickèn broth
- 1/4 cup Marsala winè
- salt & pèppèr, to tastè
- 1/2 tbsp corn starch + 1 tbsp watèr
- 1/2 cup shrèddèd mozzarèlla chèèsè
- 1/2 cup shrèddèd Parmèsan chèèsè
- 2-3 grèèn onions, thinly slicèd
Instructions
Cut èach chickèn brèast èvènly in half, lèngthwisè. Onè at a timè, placè a piècè of chickèn in bètwèèn two shèèts of hèavy duty plastic wrap. Using thè flat sidè of a mèat mallèt, flattèn thè brèast out to a 1/4" thicknèss. Rèpèat for all thè piècès of chickèn.
Mèlt thè two tablèspoons of buttèr in a largè skillèt ovèr mèdium hèat. Add in thè mushrooms and sautè for 3-5 minutès, or until tèndèr. Rèmovè thè cookèd mushrooms to a waiting platè or bowl, and sèt asidè.
Add thè flour to a flat platè. Drèdgè èach piècè of chickèn in it, making surè thèrè's an èvèn coat.
In thè samè skillèt you cookèd thè mushrooms in, mèlt two tablèspoons of thè rèmaining buttèr. Add two piècès of chickèn, and up thè hèat to mèdium high. Lèt thè chickèn cook until nicèly brownèd on onè sidè, flip and rèpèat. Transfèr thè brownèd brèasts to a waiting platè.
Add anothèr tablèspoon of buttèr to thè skillèt, and brown anothèr two brèasts. Rèpèat thè stèps until all thè chickèn is brownèd, and all transfèrrèd to thè waiting platè.
Stir thè broth and winè into thè drippings in thè skillèt, whisking to dèglazè thè pan and gèt up all thosè yummy brownèd bits. Sèason with salt & pèppèr. Bring thè mixturè to a boil, thèn rèducè thè hèat and simmèr for 5 minutès, or until thickènèd slightly.
In a small bowl, whisk togèthèr thè corn starch and watèr to makè a slurry. Whisk this into thè skillèt saucè, and lèt it simmèr anothèr 1-2 minutès- until nicèly thickènèd. Rèmovè thè skillèt from hèat, and sèt asidè.
Transfèr thè chickèn brèasts to a lightly grèasèd 9x13 baking dish, ovèrlapping a bit if nècèssary to fit thèm all. Sprèad thè sautèèd mushrooms èvènly out ovèr top.
Pour thè saucè èvènly out ovèr top of thè chickèn. Thèn sprinklè thè chèèsès èvènly out ovèr top, followèd by thè slicèd grèèn onions.
Bakè thè prèparèd chickèn at 450 dègrèès for 15-20 minutès, or until thè chèèsè is mèltèd and slightly goldèn brown. Rèmovè thè dish from thè ovèn, and sèrvè immèdiatèly.
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