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!
CHICKEN ALFREDO BAKED ZITI
CHICKEN ALFREDO BAKED ZITI
Delicious chicken and ziti are tossed with a lighter alfredo sauce and baked up to cheesy perfection.
CHICKEN ALFREDO BAKED ZITI
YIELD: ABOUT 6-8 SERVINGS
TOTAL TIME: 40 MINS
PREP TIME: 10 MINS
COOK TIME: 30 MINS
INGREDIENTS:
CHICKEN BAKED ZITI INGREDIENTS:
- 12 ounces ziti (or any pasta shape)
- 2 cups shredded, cooked chicken (about 2 small chicken breasts)
- 1 batch alfredo sauce (see below)
- 1 1/2 cups shredded mozzarella cheese (I used 2% low fat)
- (optional toppings: additional shredded Parmesan cheese, chopped fresh parsley)
ALFREDO SAUCE INGREDIENTS:
- 1 Tbsp. olive oil
- 4 cloves garlic, minced
- 3 Tbsp. flour
- 1 cup chicken broth
- 1 cup low-fat milk (I used 1%)
- 3/4 cup freshly-grated Parmesan cheese
- 1/2 tsp. salt
- 1/4 tsp. black pepper
*This isn’t a super-saucy dish, so if you like a lot of sauce, you might want to consider doubling this recipe. If you don’t have the time to make your own sauce, one standard-sized jar should be enough.
DIRECTIONS:
TO MAKE THE CHICKEN BAKED ZITI:
- Preheat oven to 375 degrees F.
- Cook the pasta al dente in a large stockpot of well-salted boiling according to package instructions. Drain. Return pasta to the stockpot and add chicken and alfredo sauce. Gently toss to combine until the pasta is evenly coated.
- Pour half of the pasta into a greased baking dish (either an oval baking dish, as pictured above, or a 9 x 13-inch baking dish will work). Sprinkle evenly with 1 cup of cheese. Layer the remaining half of the pasta evenly on top. Sprinkle evenly with the remaining 1/2 cup of cheese.
- Bake for 20-25 minutes until the cheese is melted and just barely starts to turn golden. Remove and serve immediately, sprinkled with additional toppings if desired.
TO MAKE THE ALFREDO SAUCE:
- Heat olive oil in a large sauce pan over medium-high heat. Add garlic and saute one minute, stirring occasionally, until fragrant. Sprinkle with flour, and stir to combine. Saute for an additional minute to cook the flour, stirring occasionally.
- Slowly add chicken broth, whisking to combine until smooth. Whisk in milk, and bring the mixture to a simmer. Let cook for an additional minute until thickened, then stir in Parmesan cheese, salt and pepper until the cheese melted. Remove from heat and set aside.
All images and text ©Gimme Some Oven
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