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!
LEMON GARLIC ROASTED CHICKEN
LEMON GARLIC ROASTED CHICKEN
This low and slow cooking method makes this Lemon Garlic Roasted Chicken incredibly tender, juicy, and flavorful!
LEMON GARLIC ROASTED CHICKEN
Total Cost $6.40 recipe / $1.60 serving
Prep Time 10 minutes
Cook Time 2 hours
Total Time 2 hours 10 minutes
Servings
INGREDIENTS
- 2 small or 1 large lemon $0.30
- 1/3 cup olive oil $0.78
- 6 cloves garlic $0.48
- 1/4 tsp salt $0.02
- Freshly cracked pepper $0.05
- 2 lbs split chicken breasts* $4.77
INSTRUCTIONS
- Preheat the oven to 275ºF. Squeeze about 3 Tbsp lemon juice from the lemon(s) and slice the remainder. Mince two cloves of the garlic, and peel the remaining 4. In a small bowl, whisk together the lemon juice, olive oil, minced garlic, salt, and pepper.
- Pat the chicken breasts dry with a paper towel. Place them in a glass or ceramic casserole dish. Pour the prepared lemon marinade over the chicken, using a spoon to redistribute the marinade and make sure the surface of the chicken is fully covered. Add the remaining cloves of peeled garlic and sliced lemon around the chicken. If you're sensitive to bitter flavors, add the additional lemon slices after baking. Cover the dish tightly with foil.
- Roast the chicken in the preheated oven for 90 minutes. After 90 minutes, turn the oven up to 425ºF, remove the foil, and baste the chicken with the juices from the bottom of the dish. Return the chicken to the oven and roast for an additional 20 minutes without foil at 425ºF, or until the skin is golden brown and crispy.
- Let the chicken rest for 5-10 minutes before slicing. Serve warm with the pan drippings spooned over top.
RECIPE NOTES
*Split chicken breasts are bone-in, skin-on, and rib meat attached.
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