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!
Sheet Pan Chicken with Sweet Potatoes Apples and Brussels Sprouts
To make this sheet pan recipe, simply stir the veggies together on the pan, place the chicken on top, then bake. That’s it! The veggies caramelize, the chicken juices drip down onto the veggies to flavor them further, and the cinnamon and rosemary perfume your kitchen with warm, comforting scents of autumn.
Sheet Pan Chicken with Sweet Potatoes Apples and Brussels SproutsSheet Pan Chicken with Sweet Potatoes, Apples, and Brussels Sprouts. Easy chicken and vegetable dinner that’s baked on one pan and has the best flavors of fall!
Ingredients:- 4 boneless, skinless chicken breasts, trimmed of excess fat and lightly pounded to a relatively even thickness
- 3 tablespoons extra-virgin olive oil, divided
- 4 cloves garlic, minced
- 2 tablespoons chopped fresh rosemary, divided
- 1 teaspoon ground cinnamon
- 1 teaspoon kosher salt, divided
- 1/2 teaspoon black pepper, divided
- 4 cups Brussels sprouts, trimmed and halved (quarter if very large), about 1 pound
- 1 large sweet potato, peeled and cut into 1/2-inch cubes
- 1 medium red onion, cut into 3/4-inch pieces
- 1 medium Granny smith apple, peeled, cored, and cut into rough 1-inch pieces (these pieces should be larger than the other vegetables)
Directions:- Preheat the oven to 425 degrees F.
- Place the chicken breasts in a large ziptop bag. Drizzle with 1 1/2 tablespoons olive oil, then add the garlic, 1 tablespoon rosemary, cinnamon, 1/2 teaspoon salt, and 1/4 teaspoon black pepper. Zip the bag tightly, then shake and rub the bag to coat the chicken in the oil and spices. Set aside while you chop the vegetables and apples, or refrigerate for up to 1 day.
- Once chopped, place the Brussels sprouts, sweet potato, onion, and apple on a large, rimmed baking sheet. Drizzle with the remaining 1 1/2 tablespoons olive oil, then sprinkle with remaining 1/2 teaspoon kosher salt and 1/4 teaspoon black pepper. Toss to evenly coat, then spread into an even layer.
- Remove the chicken from the marinade and place on top of the apple and vegetables. Place in the oven and roast until the chicken is cooked through and the internal temperature reaches 160 to 165 degrees F, about 18 to 22 minutes, or until done. Once the chicken is cooked through, remove to a plate to rest and cover with foil to keep warm. Toss the apple and vegetables on the pan, then return the pan to the oven and continue baking until caramelized and tender, about 10 to 15 additional minutes. Sprinkle with the remaining 1 tablespoon fresh rosemary. Serve warm with the rested chicken.
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