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 and Mushroom Skillet in a Creamy Asiago and Mustard Sauce
Quick and easy chicken and mushrooms in a creamy asiago and dijon mustard sauce.
Up next we have another super quick and easy chicken dish and this time it’s a one skillet chicken and mushroom dish in a creamy asiago and dijon mustard sauce and it’s just packed with flavour! This recipe starts out by butterflying or pounding the chicken thin so that it cooks quickly and then cooking it at a high temperature to caramelize it on both sides before setting aside.
The mushrooms along with the onion, garlic and thyme are then cooked before deglazing the pan with some white wine, adding the chicken broth, cream and mustards, simmering to reduce and thicken the sauce and adding the asiago cheese! All said and done this recipe takes about 30 minutes to make so it is perfect for dinner on a busy week night and it’s sure to impress everyone that tries it!
I like to kick things up a bit by adding white miso paste at the end which adds that certain something, aka umami, to the dish but it’s completely optional. Another way to go is to season with soy sauce instead of salt as soy sauce is also an ingredient with umami.
Quick and easy chicken and mushrooms in a creamy asiago and dijon mustard sauce.
INGREDIENTS :
- 2 tablespoons oil or butter
- 4 (6 ounce) boneless skinless chicken breasts, pounded thin
- salt and pepper to taste
- 8 ounces mushrooms, sliced
- 1 small onion, diced
- 2 cloves garlic, chopped
- 1 teaspoon thyme, chopped
- 1/4 cup dry white wine or chicken broth
- 1/2 cup chicken broth
- 1/2 cup heavy/whipping cream
- 1 tablespoon grainy mustard
- 1 tablespoon dijon mustard
- salt and pepper to taste
- 1/2 cup asiago cheese, grated
DIRECTIONS :
- Heat the oil in a heavy bottomed skillet over medium-hight heat, season the chicken with salt and pepper to taste, add them to the pan and cook until golden brown on both sides, about 4-6 minutes per side, before setting aside.
- Add the mushrooms and onion and cook until the mushrooms have released their liquid and it has evaporated, about 10 minutes.
- Mix in the garlic and thyme and cook, until fragrant, about 30 seconds.
- Add the wine and deglaze the pan.
- Add the broth and cream, mix in the mustards, season with salt and pepper to taste, add the chicken, bring to a boil and simmer until the sauce thickens, about 5 minutes.
- Mix in the asiago and let it melt, remove from heat and enjoy!
Recipe Adapted From
Chicken and Mushroom Skillet in a Creamy Asiago and Mustard Sauce
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