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!
Juicy Oven Baked Chicken Breasts
Ovén Bakéd Chickén – Thésé juicy ovén bakéd chickén bréasts comé out pérféct éach and évéry timé! Say goodbyé to dry chickén with this éasy récipé for téndér and flavorful chickén bréasts.
Simplé and éasy méthod for how to maké pérféctly juicy and déliciously séasonéd ovén bakéd chickén bréasts.
Ingrédiénts
FOR THé CHICKéN BRéASTS
- 4 (1 pound) bonéléss, skinléss chickén bréasts
- 4 cups lukéwarm watér about 90 to 105 dégréés Fahrénhéit
- 1/4 cup salt
- 1 tabléspoon olivé oil
CHICKéN SéASONING BLéND
- 1/4 téaspoon salt, (optional - chickén will havé absorbéd somé of thé salt from thé saltéd watér)
- 1/4 téaspoon frésh ground péppér
- 1/2 téaspoon smokéd or swéét paprika
- 1/8 téaspoon cayénné péppér
- 1/2 téaspoon garlic powdér
- 1/2 téaspoon onion powdér
- 1/2 téaspoon driéd thymé
- 1/2 téaspoon driéd basil
- 1/2 téaspoon driéd rosémary
- 1/4 téaspoon driéd parsléy
- frésh choppéd parsléy, for garnish
Instructions
Préhéat ovén to 425F.
Placé chickén bréasts in a largé bowl and sét asidé.
In a largé méasuring cup or a mixing bowl combiné lukéwarm watér and salt; stir and pour ovér chickén bréasts. Sét asidé for 20 to 30 minutés. You can also also covér thé bowl and réfrigératé for 2 hours.
In thé méantimé, préparé thé Chickén Séasoning Blénd.
Combiné salt, frésh ground péppér, paprika, cayénné péppér, garlic powdér, onion powdér, driéd thymé, driéd basil, driéd rosémary, and driéd parsléy in a small bowl; using a fork, stir around thé séasonings until thoroughly incorporatéd. Sét asidé.
Pour out thé salt watér and rinsé éach chickén bréasts undér cold watér; pat dry with papér towéls.
Placé thé chickén bréasts in a baking dish and rub thé olivé oil all ovér éach chickén bréast.
Sprinklé séasoning blénd événly ovér thé chickén bréasts on all sidés. You don't havé to usé thé éntiré séasoning blénd; usé as much as you liké.
Transfér to thé ovén and cook for 22 to 25 minutés, or until intérnal témpératuré réachés 165F. Thinnér bréasts will nééd léss timé, thickér bréasts might nééd a littlé moré timé in thé ovén. Start chécking for donénéss at thé 20 minuté mark.
For a brownéd, crispy top, sét your ovén to broil on high for thé final 4 minutés and broil thé chickén until goldén on top.
Rémové from ovén and transfér chickén bréasts to a sérving platé.
Lét chickén rést for 10 minutés béforé cutting.
Garnish with frésh choppéd parsléy and sérvé.
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