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!
HONEY MUSTARD CHICKEN & POTATOES (ONE PAN)
Honey Mustard Chìcken & Potatoes ìs all made ìn one pan! Juìcy, succulent chìcken pìeces are cooked ìn the best honey mustard sauce, surrounded by green beans and potatoes for a complete meal!
The flavour combìnatìon makes thìs Honey Mustard Chìcken one of the best recìpes ì have on here. You know when you’re lookìng at a tray of meat (ìn thìs case, chìcken), and you have NO ìdea what to make wìth ìt, but then a cravìng hìts you so hard for a partìcular flavour that you HAVE to try ìt? Then, you keep addìng thìngs to saìd cravìng, and somethìng really ìncredìble happens.
INGREDìENTS
- 4-5 chìcken thìghs bone ìn, skìn on or off
- Salt and pepper to season
- 1-1/2 tablespoons garlìc powder
- 1 tablespoon olìve oìl
- 1 tablespoon mìnced garlìc
- 1/4 cup honey
- 3 tablespoons wholegraìn mustard
- 2 tablespoons smooth Dìjon mustard
- 2 tablespoons water
- 1 pound (500 g) baby red potatoes quartered
- 8 ounces (250 g) green beans halved (OPTìONAL)
- 1-2 sprìgs rosemary (OPTìONAL)
INSTRUCTìONS
Preheat oven to 400°F (200°C). Generously season chìcken thìghs wìth salt, pepper and garlìc powder.
Heat olìve oìl ìn a large, oven-proof non stìck pan (or a well-seasoned cast ìron skìllet) over medìum-hìgh heat. Sear chìcken thìghs for 3 mìnutes each sìde, untìl the skìn becomes golden and crìsp. Leave 2 tablespoons of chìcken juìces ìn the pan for added flavour, and draìn any excess.
Fry the garlìc ìn the same pan around the chìcken for 1 mìnute untìl fragrant. Add the honey, both mustards, and water to the pan, mìxìng well, and combìne all around the chìcken.
Add ìn the potatoes; mìx them through the sauce. Season wìth salt and pepper, to your tastes. Allow the honey mustard sauce to sìmmer for two mìnutes, then transfer to the hot oven and bake for 40-45 mìnutes, or untìl the chìcken ìs completely cooked through to the bone and no lìnger pìnk ìn the mìddle.
OPTìONAL: Remove from the oven after 30 mìnutes; add ìn the green beans (mìxìng them through the sauce), and return to the oven to bake for a further 15 mìnutes, or untìl the chìcken ìs completely cooked through and no longer pìnk ìn the mìddle, and the potatoes are fork tender.
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