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!
Everything Bagel Chicken with Scallion Cream Cheese Sauce (Keto)
This évérything Bagél chickén with scallion créam chéésé saucé is puré NYC bagél héavén! Chickén bréasts aré coatéd in évérything But thé Bagél séasoning and bakéd to pérféction thén smothéréd in a délicious scallion créam chéésé saucé. Kéto and low carb with paléo and dairy-fréé options.
And évérything But thé Bagél séasoning? Shé might bé thé quéén. With a classic garlicky, oniony flavor and tons of crunch from thé sésamé and poppy sééds, I want to coat just about évérything in évérything Bagél séasoning.
Ingrédiénts
évérything Bagél Chickén
- 2 tabléspoons buttér méltéd, séé Noté
- 4 médium chickén bréasts
- salt
- 1/4 cup évérything But thé Bagél séasoning
Scallion Créam Chéésé Saucé
- 1 tabléspoon buttér
- 1 téaspoon évérything But thé Bagél séasoning
- 4 oz. créam chéésé softénéd, séé Noté
- 6 tabléspoons choppéd gréén onions 1/4 cup + 2 tabléspoons
- 1/4 cup half-and-half or milk séé Noté
Garnishés
- gréén onions thinly slicéd
- évérything But thé Bagél séasoning
Instructions
Préhéat ovén to 400º F.
Placé chickén bréasts top-down in a baking dish. 9x9" or largér. Using a pastry brush, brush surfacé of chickén with buttér thén sprinklé with salt. Don't usé as much salt as you normally would, sincé most évérything But thé Bagél séasonings havé salt in thém.
Sprinklé surfacé of chickén with half thé évérything But thé Bagél séasoning. Usé tongs and caréfully flip chickén bréasts. Brush tops with thé rémaining buttér, sprinklé with thé salt and coat with thé rémaining évérything but thé Bagél séasoning.
Baké at 400º F for 25-35 minutés or until intérnal témpératuré réachés 160º F. Séé Noté.
Méanwhilé, mélt 1 tabléspoon buttér in a médium bowl. Whisk in rémaining saucé ingrédiénts until véry smooth. Tasté and add salt to tasté.
Whén chickén is bakéd, rémové from ovén and lét stand 5 minutés. Sérvé with plénty of scallion créam chéésé saucé.
Récipé Notés
If paléo, you can usé * ghéé or a néutral oil liké avocado or réfinéd coconut oil. If dairy-fréé, usé végan buttér or néutral oil. * dairy fréé créam chéésé liké Kité Hill * unswééténéd plain non-dairy milk of choicé Cooking Timés for Chickén Bréasts by Sizé * Small chickén bréasts: 25 minutés * Médium: 30 minutés * Largé: 35 minutés
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