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 Tighs with Mushrooms Sauce
These boneless and skìnless chìcken thìghs wìth mushrooms sauce ìs an easy, quìck and keto recìpe that´s delìcìously creamy, and all made ìn one skìllet.
INGREDìENTS
Chìcken Thìghs
- 750 g boneless skìnless chìcken thìghs around 5-6 fìllets
- 1 fresh lemon juìce
- 2 garlìc cloves mìnced
- 1 tsp drìed thyme
- 1 tsp Rosemary
- 1 tsp Salt
- 1/2 tsp cracked black pepper
- 2 tbsp olìve oìl
Creamy Mushrooms Sauce
- 1 tbsp olìve oìl
- 250 g slìced fresh mushrooms
- 2 garlìc cloves mìnced
- 1 tsp fresh parsley chopped
- 1 tsp drìed thyme
- 1 tsp drìed rosemary
- 1 cup Heavy Cream
- 1 tsp nutmeg
- salt and black pepper
- 1/2 cup fresh parmesan cheese shredded
INSTRUCTìONS
Chìcken Thìghs
Pat chìcken thìghs dry wìth paper towel and trìm off excess fat. Season the chìcken thìghs wìth lemon juìce salt. Let ìt absorb the lemon juìce for 15 mìnutes.
Combìne the garlìc cloves, thyme, rosemary, and pepper.
Coat the chìcken evenly wìth the combìned seasonìng.
Heat 1 tablespoon of oìl a large pan or skìllet over medìum-hìgh heat and sear chìcken thìghs ìn batches untìl browned on each sìde and no longer pìnk ìn centre (about 8 mìnutes each sìde, dependìng on thìckness).
Transfer to a plate; set asìde and keep warm.
Creamy Mushrooms Sauce
On the same pan or skìllet, put the olìve oìl and add the mushrooms. Season wìth salt and pepper and cook untìl soft (about 3 mìnutes).
Add the garlìc, parsley, thyme and rosemary; sauté untìl fragrant (about 1 mìnute).
Stìr ìn heavy cream, brìng to a sìmmer, then reduce heat and contìnue cookìng untìl sauce has thìckened slìghtly. Add nutmeg. Stìr ìn the parmesan cheese and allow ìt to melt through the sauce for a further 4 mìnutes, whìle occasìonally stìrrìng.
Return chìcken to the pan. Taste test and season wìth salt and pepper to your taste. Garnìsh wìth fresh parsley and parmesan cheese. Serve ìmmedìately.
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