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!
Buttery Garlic Fried Chicken
This Buttery Garlic Fried Chicken is an addicting, flavorful and melt in your mouth comfort food. You won’t want to make fried chicken any other way!
What makes this chicken taste so delicious, is partly due to the simple marinade. For 1 hour, the chicken sits in the mixture of olive oil, minced garlic, and garlic powder. Then when your ready to fry, the chicken is coated in egg whites and covered in a seasoned flour mixture and left to sit in the fridge for 30 minutes to set.
While the chicken is being fried, the garlic butter sauce is prepared. Garlic butter is perfect on top of a nice steak, baked potato and of course those Red Lobster biscuits! This time, we are going to add even more butter to these beautiful pieces of fried chicken to give it that ultra succulent bite.
This Buttery Garlic Fried Chicken is an addicting, flavorful and melt in your mouth comfort food. You won't want to make fried chicken any other way!
INGREDIENTS
- Chicken
- 3 pounds skin on, but trimmed, bone-in chicken pieces (mix of drumsticks, thighs, wings or halved breasts)
- 3 tablespoons extra virgin olive oil
- 2 tablespoons garlic powder or granulated garlic
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2 cups all-purpose flour3-4 large egg whites, lightly beaten3 quarts vegetable oilsalt and black pepperGarlic Butter8 tablespoons unsalted butter, softened3 tablespoons fresh parsley, finely chopped7 garlic cloves, minced (or 8 teaspoons of bottled minced garlic)pinch of salt and black pepper2 teaspoons water (to prevent from burning the garlic)
INSTRUCTIONS
- For the Chicken
- In a large bowl, mix together olive oil, 1 tbsp of garlic powder, minced garlic, 2 tsps of salt and 2 tsps of black pepper. Fold in chicken pieces and toss to throughly coat. Cover bowl with plastic wrap and refrigerate for at least 1 hour or up to 24 hours.
- In a medium size bowl, whisk flour, 1 tbsp garlic powder, 2 teaspoons of salt, and 2 teaspoons of pepper together. In a smaller dish, lightly beat the eggs whites together.
- Set a wire rack in a rimmed baking pan, or just use the baking pan. Remove chicken from marinade. One at a time, take a piece of chicken, dip into egg whites to coat, letting excess drip back into dish; then put into flour mixture to coat, while pressing firmly so the flour sticks to the chicken. Repeat for each piece. Transfer chicken to prepared wire-racked baking sheet pan and refrigerate, uncovered, for at least 30 minutes or up to 2 hours.
- Set up another baking sheet or paper towel lined serving plate. Add vegetable oil to large Dutch oven until it measures 2 inches deep. Heat oil to 325 degrees. Add half of the chicken to the hot oil and fry until breasts register 160 degrees and drumsticks/thighs are at 175 degrees. Use a heat thermometer to be sure (Rotate chicken pieces every few minutes to ensure even cooking and prevent the skin from burning). Transfer chicken to paper towel lined pan. Let cool.
- For the Garlic Butter
- In a small skillet on med heat, melt 1 tablespoon of unsalted butter, minced garlic and water. Cook, stirring constantly for 1 minute. Add remaining 7 tablespoons until melted. Remove from heat and pour into small bowl. Add minced parsley, salt and black pepper and whisk together. Spoon or brush over tops of the chicken pieces right before serving.
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