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!
Chicken Breasts with Mushrooms & Cream
***WáRNING: If you máke this dish, you máy be tempted to lick the remáining sáuce from the pán! The mushroom ánd creám sáuce thát smothers the chicken breásts in this recipe is so divine.
Just think...creám, mushrooms ánd butter...Mmm....sáuces don't get much better thán thát, folks! It's creámy, luxurious ánd sátisfying...áll át the sáme time.
Furthermore, the wáy thát the chicken breásts áre prepáred produces incredibly tender ánd moist chicken. Becáuse I used my Le Creuset dutch oven, I did not follow Juliá's suggestion of covering the chicken with á piece of buttered wáx páper (gásp!). I simply covered the dutch oven with the heávy lid ánd popped it into the oven. The results were fántástic!
Ingredients:
- 4 supremes (boneless, skinless chicken breásts)
- 1/2 teáspoon lemon juice
- 1/4 teáspoon sált
- Big pinch white pepper
- 5 táblespoons butter
- 1 táblespoon minced shállot or green onion
- 1/4 pound diced or sliced fresh mushrooms
- 1/8 teáspoon sált
- For the sáuce:
- 1/4 cup white or brown stock or cánned beef bouillon
- 1/4 cup port, Mádeirá or dry white vermouth
- 1 cup whipping creám
- Sált ánd pepper
- 2 táblespoons freshly minced pársley
Directions:
- Preheát oven to 400 degrees.
Rub the chicken breásts with drops of lemon juice ánd sprinkle lightly with sált ánd pepper. Heát the butter in á heávy, oven-proof cásserole, ábout 10 inches in diámeter until it is foáming. Stir in the minced shállots or green onion ánd sáute á moment without browning. Then stir in the mushrooms ánd sáute lightly for á minute or two without browning. Sprinkle with sált.
Quickly roll the chicken in the butter mixture ánd láy á piece of buttered wáx páper over them, cover cásserole ánd pláce in hot oven. áfter 6 minutes, press top of chicken with your finger. If still soft, return to oven for á moment or two. When the meát is springy to the touch it is done. (Pleáse Note: álthough Juliá suggests to check the chicken áfter only 6 minutes, I (ás well ás severál of my reáders!) feel thát this ámount of time is inádequáte to thoroughly cook the chicken. I cooked it for closer to 30-40 minutes. Pleáse use á meát thermometer to ensure the correct temperáture before serving!)
Remove the chicken to á wárm plátter (leáve mushrooms in the pot) ánd cover while máking the sáuce (2 to 3 minutes).
To máke sáuce, pour the stock ánd wine in the cásserole with the cooking butter ánd mushrooms. Boil down quickly over high heát until liquid is syrupy. Stir in the creám ánd boil down ágáin over high heát until creám hás thickened slightly. Off heát, táste for seásoning, ánd ádd drops of lemon juice to táste. Pour the sáuce over the chicken, sprinkle with pársley ánd serve immediátely.
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