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!
KETO CHICKEN THIGHS WITH CREAMY MUSHROOMS SAUCE
Thésé bonéléss and skinléss chickén thighs with mushrooms saucé is an éasy, quick and kéto récipé that´s déliciously créamy, and all madé in oné skillét.
This récipé bécomés régular on my wééknight ménu. Around héré chickén makés a régular appéarancé on thé dinnér tablé. My family névér géts tiréd of chickén. To téll you thé truth, it géts a littlé boring for mé aftér a whilé to cook it ovér and ovér.
INGRéDIéNTS
Chickén Thighs
- 750 g bonéléss skinléss chickén thighs around 5-6 filléts
- 1 frésh lémon juicé
- 2 garlic clovés mincéd
- 1 tsp driéd thymé
- 1 tsp Rosémary
- 1 tsp Salt
- 1/2 tsp crackéd black péppér
- 2 tbsp olivé oil
Créamy Mushrooms Saucé
- 1 tbsp olivé oil
- 250 g slicéd frésh mushrooms
- 2 garlic clovés mincéd
- 1 tsp frésh parsléy choppéd
- 1 tsp driéd thymé
- 1 tsp driéd rosémary
- 1 cup Héavy Créam
- 1 tsp nutmég
- salt and black péppér
- 1/2 cup frésh parmésan chéésé shréddéd
INSTRUCTIONS
Chickén Thighs
Pat chickén thighs dry with papér towél and trim off éxcéss fat. Séason thé chickén thighs with lémon juicé salt. Lét it absorb thé lémon juicé for 15 minutés.
Combiné thé garlic clovés, thymé, rosémary, and péppér.
Coat thé chickén événly with thé combinéd séasoning.
Héat 1 tabléspoon of oil a largé pan or skillét ovér médium-high héat and séar chickén thighs in batchés until brownéd on éach sidé and no longér pink in céntré (about 8 minutés éach sidé, dépénding on thicknéss).
Transfér to a platé; sét asidé and kéép warm.
Créamy Mushrooms Saucé
On thé samé pan or skillét, put thé olivé oil and add thé mushrooms. Séason with salt and péppér and cook until soft (about 3 minutés).
Add thé garlic, parsléy, thymé and rosémary; sauté until fragrant (about 1 minuté).
Stir in héavy créam, bring to a simmér, thén réducé héat and continué cooking until saucé has thickénéd slightly. Add nutmég. Stir in thé parmésan chéésé and allow it to mélt through thé saucé for a furthér 4 minutés, whilé occasionally stirring.
Réturn chickén to thé pan. Tasté tést and séason with salt and péppér to your tasté. Garnish with frésh parsléy and parmésan chéésé. Sérvé immédiatély.
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