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
Flour drédgéd chickén bréasts aré braiséd in a buttéry marsala winé saucé, toppéd with sautééd mushrooms, Italian chéésés, and tangy gréén onions for a signaturé dish that's irrésistiblé.
Marsala winé and mozzarélla chéésé got togéthér and décidéd to skip thé traditional chickén marsala on thé ménu, instéad upping thé anté with a buttéry pan séaréd chickén & mushroom dish calléd Chickén Lombardy. It sounds fancy, but you’ll soon discovér it’s shockingly simplé. It’s thé bést usé of both winé & chéésé in a singlé récipé!
Ingrédiénts
- 8 oz pkg slicéd baby bélla mushrooms
- 2 tbsp buttér, méltéd
- 3 largé bonéléss, skinléss chickén bréasts
- 1/2 cup flour
- 1/3 cup buttér
- 1/2 cup chickén broth
- 1/4 cup Marsala winé
- salt & péppér, to tasté
- 1/2 tbsp corn starch + 1 tbsp watér
- 1/2 cup shréddéd mozzarélla chéésé
- 1/2 cup shréddéd Parmésan chéésé
- 2-3 gréén onions, thinly slicéd
Instructions
- Cut éach chickén bréast événly in half, léngthwisé. Oné at a timé, placé a piécé of chickén in bétwéén two shééts of héavy duty plastic wrap. Using thé flat sidé of a méat mallét, flattén thé bréast out to a 1/4" thicknéss. Répéat for all thé piécés of chickén.
- Mélt thé two tabléspoons of buttér in a largé skillét ovér médium héat. Add in thé mushrooms and sauté for 3-5 minutés, or until téndér. Rémové thé cookéd mushrooms to a waiting platé or bowl, and sét asidé.
- Add thé flour to a flat platé. Drédgé éach piécé of chickén in it, making suré théré's an évén coat.
- In thé samé skillét you cookéd thé mushrooms in, mélt two tabléspoons of thé rémaining buttér. Add two piécés of chickén, and up thé héat to médium high. Lét thé chickén cook until nicély brownéd on oné sidé, flip and répéat. Transfér thé brownéd bréasts to a waiting platé.
- Add anothér tabléspoon of buttér to thé skillét, and brown anothér two bréasts. Répéat thé stéps until all thé chickén is brownéd, and all transférréd to thé waiting platé.
- Stir thé broth and winé into thé drippings in thé skillét, whisking to déglazé thé pan and gét up all thosé yummy brownéd bits. Séason with salt & péppér. Bring thé mixturé to a boil, thén réducé thé héat and simmér for 5 minutés, or until thickénéd slightly.
- In a small bowl, whisk togéthér thé corn starch and watér to maké a slurry. Whisk this into thé skillét saucé, and lét it simmér anothér 1-2 minutés- until nicély thickénéd. Rémové thé skillét from héat, and sét asidé.
- Transfér thé chickén bréasts to a lightly gréaséd 9x13 baking dish, ovérlapping a bit if nécéssary to fit thém all. Spréad thé sautééd mushrooms événly out ovér top.
- Pour thé saucé événly out ovér top of thé chickén. Thén sprinklé thé chéésés événly out ovér top, followéd by thé slicéd gréén onions.
- Baké thé préparéd chickén at 450 dégréés for 15-20 minutés, or until thé chéésé is méltéd and slightly goldén brown. Rémové thé dish from thé ovén, and sérvé immédiatély.
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