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!
Copycat Longhorn Parmesan Crusted Chicken
This Copycat version of Longhorn’s famous Parmesan Crusted Chicken Recipe tastes just like the restaurant! From the flavorful marinade, to the creamy, crunchy Parmesan Crust. Get ready to make this easy recipe every week!
Longhorn recipes are the way to my heart. This Parmesan Crusted Chicken recipe is my favorite thing on their menu. (That, and their White Cheddar Stuffed Mushrooms, that is.)
It starts with their super flavorful marinade, which definitely gives my previous go-to chicken marinade a run for its money. Let’s do this.
This Copycat version of Longhorn's famous Parmesan Crusted Chicken tastes just like the restaurant! From the flavorful marinade, to the creamy, crunchy Parmesan Crust.
INGREDIENTS :
- 4 skinless/boneless chicken breasts, pounded to ¾ inch thick
- Salt/Pepper, to taste
- 2 Tablespoons vegetable oil
Marinade: (Shortcut- Use Italian Salad Dressing)
- 1/2 cup olive oil
- 1/2 cup ranch dressing
- 3 tablespoon Worcestershire sauce
- 1 teaspoon Distilled white vinegar
- 1 teaspoon lemon juice
- 1 tablespoon minced garlic
- 1/2 teaspoon pepper
Parmesan Crust
- 3/4 cup Parmesan cheese, chopped into bits
- 3/4 cup Provolone cheese, chopped into bits
- 6 Tablespoons Buttermilk Ranch salad dressing
- 5 Tablespoons melted butter
- 1 cup panko breadcrumbs
- 2 teaspoons garlic powder
INTRUCTIONS :
- Whisk all marinade ingredients together until well-combined and uniform in consistency.
- Place the chicken in a gallon freezer bag, remove the air, and seal. Use a meat mallet to pound it to ¾ inch thick.
- Sprinkle each side of the chicken lightly with salt and pepper if desired.
- Place the chicken in a new freezer bag along with the marinade. Seal out the air and marinate in the refrigerator for a minimum of 30 minutes, or overnight.
- Heat 2 Tablespoons of vegetable oil in a cast iron skillet over medium-high heat.
- Sear the chicken in the hot skillet on each side. Refrain from moving the chicken around as it sizzles, it will hinder the nice golden sear color. If the pan gets too hot, reduce the heat to medium. Each side will take 3-5 minutes. Once each side is a nice, golden brown and the middle is cooked, set the chicken aside.
- Parmesan Crust
- Preheat the oven to a low broil. (450 degrees F.)
- Combine the chopped Parmesan, Provolone, and Buttermilk Ranch dressing in a small bowl.
- Microwave for about 30 seconds.
- Use the back of a fork to mash and stir the cheese around until they’re about the consistency of lumpy mashed potatoes.
- Microwave for an additional 15 seconds. Stir, and spread on top of the chicken.
- Bake until the cheese is hot and melted, about 3-5 minutes.
- Combine the panko with the garlic powder. Stir in the melted butter and top the chicken with it.
- Bake for about 2 minutes, just until the top of the panko starts to lightly brown. Keep a close a close eye on it to ensure it doesn't burn.
- Serve with mashed potatoes and enjoy!
Recipe Adapted From
Copycat Longhorn Parmesan Crusted Chicken
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