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!
Baked Mozzarella Chicken Rolls Recipe
Baked Mozzarella Chicken Rolls: easy, delicious, and beautiful with fresh basil and a delicious tomato sauce. This meal has summer dinner written all over it.
Even though this is baked chicken paradise, each chicken piece is actually stuffed with my very own favorite power veggie: spinach. Very delicate baby spinach, chopped and just very lightly wilted with some garlic and olive oil, just to make ya feel green and happy on the inside. And if you must, a little cheese and bread crumbs and sauce and more melted cheese along with that will be accepted.
And your family will think you are some kind of culinary genius, because, in reality, you are.
Baked Mozzarella Chicken Rolls RecipeThis recipe for Baked Mozzarella Chicken Rolls is easy, delicious, and beautiful!
INGREDIENTS- 2 lbs. boneless skinless chicken breasts (8 4-ounce pieces)
- 1 cup whole wheat Italian style bread crumbs
- 6 tablespoons grated Parmesan cheese, divided
- 5 ounces fresh baby spinach
- 1 clove minced garlic and olive oil for sauteeing
- 1/2 cup part-skim ricotta cheese
- 1/3 cup beaten egg whites (I used something similar to Egg Beaters)
- 3 ounces fresh mozzarella cheese, thinly sliced
- 1 cup marinara sauce
- fresh basil for topping
INSTRUCTIONS- Prep the chicken: Cut the chicken into 8 pieces and pound the pieces until they are thin (for quick cooking) and have expanded in surface area (for more filling). Place the breadcrumbs in a shallow bowl with 2 tablespoons of Parmesan cheese and set aside.
- Prep the filling: Chop the spinach and saute it with the garlic and just a drizzle of olive oil for 2-3 minutes or until just barely wilted. Combine the sauteed spinach with the ricotta, Parmesan cheese, and 2-3 tablespoons of the egg whites. Place the remaining egg whites in a separate shallow bowl and set aside.
- Assemble the chicken: Oil the bottom of a large baking dish and preheat the oven to 450 degrees. Place one piece of chicken on a flat working surface. Put a spoonful of ricotta-spinach filling right in the middle and roll the chicken up so that the edges meet to form a “seam”. Dip the entire chicken roll in egg whites, and then roll it in the breadcrumbs. Place in a baking dish, seam side down. Repeat for the remaining 7 pieces of chicken. Bake for 25 minutes.
- Finishing touches: After 25 minutes, the chicken should be cooked through (white on the inside) and browned on the top. Cover the chicken with the marinara sauce and slices of fresh Mozzarella. Bake for another 3-5 minutes or until cheese is melting. Sprinkle with fresh basil.
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