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!
AIR FRYER RECIPES: CHICKEN PARMESAN
New Recipe!! This super easy Air Fryer Chicken Parmesan Recipe is a healthier way to make that classic Italian comfort food meal. 😍 Crispy and juicy seasoned chicken breasts topped with marinara sauce and melty mozzarella cheese! 👍
Air Fryer Chicken Parm is an ideal healthy weeknight dinner. The juicy chicken has a crispy panko coating then smothered with melty cheese and a simple tomato sauce.
Air Fryer Chicken Parmesan is another recipe for your air fryer that I know you will love. I’d had such success with the air fryer chicken wings I thought I’d better try fried chicken and it kind of morphed into chicken parmesan.
We were having company and it seemed a little fancier (but don’t worry– fancier but not a lot of work at all!)
If you’re new to air fryer cooking let me give you the rundown on all of the reasons why I love mine and why I know you will love cooking with an air fryer!
INGREDIENTS :
- 4 slices Mozzarella Cheese
- olive oil spray for basket
- Phillips Air Fryer
- 4 8 ounce Chicken Breast boneless, skinless
- 2/3 CUP Panko Bread Crumbs
- 2 tablespoons Parmesan Cheese
- 1 cup Marinara Sauce
INTRUCTIONS :
- Preheat air fryer to 370°
- Cut or pound the chicken breasts to be about 1/2″ thick.
- Create a dipping station with one bowl with the panko bread crumbs and parmesan cheese in it, a second bowl with 1/4 cup of marinara sauce in it and a plate of chicken breasts.
- Using a brush, brush a small amount of marinara sauce onto all sides of the chicken breast, then drudge it so that all sides are covered in the panko mixture.
- Continue until all breasts are coated.
- Spray the rack with olive oil to prevent sticking. Place 2-3 chicken breasts onto rack. Once air fryer is hot, place rack into the air fryer and cook for 10-12 minutes.
- While chicken is cooking make a foil tray to fit the size of the rack.
- Open air fryer, remove chicken from rack and place on foil tray. Place one slice of cheese on top of each breast. Then place foil tray back into the air fryer and cook for 3-4 minutes. Then add marinara sauce and cook an additional 2-3 minutes.
- If your chicken breasts are thicker, they will take longer to cook. I always cut into mine to make sure they are cooked through!
- Repeat the cooking until all breasts are done.
- Serve.
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