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!
TOMATO BASIL PASTA WITH BALSAMIC GRILLED CHICKEN
TOMATO BASIL PASTA WITH BALSAMIC GRILLED CHICKEN
This Tomato Basil Pasta with Balsamic Grilled Chicken is a lighter pasta dish filled with fresh tomatoes and basil. An easy and flavorful dinner perfect for weeknights!
YIELDS 5 SERVINGS
TOMATO BASIL PASTA WITH BALSAMIC GRILLED CHICKEN
15 MIN Prep Time
23 MIN Cook Time
1 HR, 38 Total Time
INGREDIENTS
Balsamic Grilled Chicken
- 1 1/4 pounds boneless skinless chicken breasts
- 2 tablespoons balsamic vinegar
- 1 tablespoon pesto
- 1 teaspoon extra virgin olive oil
- 1 teaspoon honey
- Kosher salt and black pepper to taste
- Tomato Basil Pasta
- 1/2 pound whole wheat pasta, such as rotini or penne
- 1 1/2 tablespoons extra virgin olive oil
- 2 cloves of garlic, minced
- 1 pint cherry tomatoes, halved
- 2 tablespoons chopped fresh basil leaves
- Pinch of red pepper flakes
- Kosher salt and black pepper to taste
- Shredded parmesan cheese and more fresh basil for topping the pasta
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INSTRUCTIONS
- In a small bowl whisk together all of the marinade ingredients.
- Season the chicken breasts with salt and pepper then place them in a gallon size freezer bag.
- Pour the marinade over the chicken and seal the bag pressing out all the air as you do.
- Massage the marinade into the chicken then place it in the refrigerator to marinate for an hour or overnight.
- Preheat your grill to medium-high heat and spray or brush the grates with oil.
- Place the chicken on the hot grill and grill for approximately 4-6 minutes per side depending on the size and thickness of the chicken.
- Remove from the grill and let it rest for at least 5 minutes before slicing.
- Tomato Basil Pasta
- Cook the pasta according the package instructions omitting any oil that it calls for.
- While the pasta cooks heat a large sauté pan over medium-high heat.
- When the pan is hot add in the olive oil and swirl it around the pan.
- Add in the garlic and cook for 30 seconds then pour in the cherry tomatoes and season with salt, pepper and red pepper flakes.
- Lower the heat to medium and sauté the tomatoes and garlic for several minutes or until the skins start to wrinkle and they release some of their juices.
- Add in the chopped basil and stir everything together.
- Add the cooked pasta in with the tomato basil mixture and toss everything together.
- Top with the sliced balsamic grilled chicken, parmesan cheese and more chopped basil.
- Serve immediately.
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