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!
PESTO CHICKEN TORTELLINI AND VEGGIES
Pesto Chicken Tortellini and Veggies – healthy, easy Mediterranean-style dinner. Sliced boneless, skinless chicken thighs are cooked with sun-dried tomatoes in olive oil. Then, cooked chicken is combined with asparagus, cherry tomatoes, tortellini, and basil pesto!
Chicken Tortellini smothered with basil pesto and served with lots of veggies. Mediterranean style dinner packed with colorful vegetables: red and yellow grape tomatoes, asparagus, and sun-dried tomatoes.
Comfort food for days when your body is plotting against itself!
INGREDIENTS :
- 2 tablespoons olive oil
- 1 lb chicken thighs boneless and skinless, sliced into strips
- salt
- 1/2 cup sun-dried tomatoes drained of oil, chopped
- 1 lb asparagus ends trimmed, cut in half
- 1/4 cup basil pesto or use more
- 1 cup cherry tomatoes yellow and red, halved
- 1 cup tortellini uncooked
INTRUCTIONS :
- In a large skillet heat 2 tablespoons olive oil on medium heat.
- Add sliced chicken thighs (seasoned with salt), 1/4 cup of chopped sun-dried tomatoes and cook everything on medium heat for 5-10 minutes, turning chicken slices over a couple of times, until the chicken is completely cooked through.
- Remove the chicken and the sun-dried from the skillet, leaving the oil in.
- Add asparagus (ends trimmed), seasoned generously with salt, and 1/4 cup of sun-dried tomatoes to the same skillet.
- Cook on medium heat for 5-10 minutes until the asparagus is cooked through. Remove the asparagus to a serving plate.
- Cook tortellini according to the package instructions, drain.
- Add cooked chicken back to the skillet. Add basil pesto. Stir to coat and cook on low-medium heat until the chicken is reheated, 1 or 2 minutes. Remove from heat.
- Add cooked tortellini and halved cherry tomatoes to the skillet with the chicken. Stir to combine. Add more pesto if desired.
- Season with more salt if needed.
- Add chicken, cherry tomatoes and tortellini to the serving plate with asparagus.
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