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!
FRENCH ONION CHICKEN
FRENCH ONION CHICKEN
Skillet Chicken with Buttery Caramelized Onion Gravy and Melted Cheeses. A simple, flavorful, 30-minute meal!
French Onion Chicken
Prep Time 5 mins
Cook Time 5 mins
Total Time 30 mins
Skillet Chicken with Buttery Caramelized Onion Gravy and Melted Cheeses. A simple, flavorful, 30-minute meal!
Course: Dinner
Cuisine: French
Keyword: French Onion Chicken
Ingredients
- 2 large Sweet Onions (sliced)
- 4 Tablespoons Butter
- (1) 14-ounce can Beef Broth
- 4 Chicken Breasts (pound to uniform size)
- 2 Tablespoons Olive Oil
- 1-2 teaspoons Salt
- 1 teaspoon Pepper
- 1 teaspoon Thyme
- 1 1/2 Tablespoon Cornstarch (or Flour)
- 4 Slices Provolone Cheese
- 4 Slices Swiss or Mozzarella Cheese
- Parsley or Fresh Herbs to garnish
- 1/2 cup Shredded Parmesan Cheese (optional)
Instructions
- Preheat oven to 400 degrees. Heat oven-safe skillet over medium-high heat. Add butter to skillet and let melt. Add sliced onions and stir around to coat with butter. Continue to cook, stirring often, for about 15 minutes or until onions are translucent and softened.
- Meanwhile, sprinkle chicken breasts with olive oil, salt, pepper, and thyme. Once onions are done cooking, remove onions from the skillet and set aside. Place chicken breasts in pan and cook for 5 minutes per side.
- Remove chicken from skillet and place on a plate. Cover with a paper towel to keep warm. Return onions to skillet and sprinkle the cornstarch or flour over onions. Stir. Pour in beef broth and use a whisk to stir the mixture and make sure the cornstarch is completely dissolved.
- Once it is thickened, add the chicken back into skillet and spoon sauce all over the chicken. Top one slice of provolone cheese and one slice of Swiss cheese over each chicken breast. Transfer oven-safe skillet to preheated oven and cook for 8-10 minutes, or until the cheese is melted and chicken is cooked through.
- Spoon sauce and onions over the chicken. Garnish with parsley or Italian herbs.
Recipe Notes
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