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!
One Pan Mexican Chicken and Rice
One Pan Mexican Chicken and Rice
One pan Mexican chicken and rice is a perfect dinner for your whole family. Mixed with many kinds of vegetables and spices, make this dish becomes healthy and rich with flavors.
One Pan Mexican Chicken and Rice
Prepare time: 15 min
Cook: 40 min
Ready in: 60 min
How to cook One Pan Mexican Chicken and Rice
You only need less than an hour to cook this one pan Mexican dish. Follow the ingredients and steps below for the complete recipe.
Ingredients:
For the Mexican Spice Mix
- A pinch of garlic powder or 2 cloves garlic, minced
- A pinch of paprika
- A pinch of cumin powder
- Salt and pepper
For the Chicken and rice
- Five chicken thighs with the bones and skin
- 30 gr olive oil
Lemon juice
- A small onion, peeled and chopped
- A clove of garlic, minced
- A red bell pepper, sliced
- 200 gr long grain rice
- 200 gr chicken stock
- 150 gr tomato puree
- 200 gr frozen corn kernels
- 400 gr black beans, which are drained then rinsed
Directions:
- Heat an oven up to 180C/350F. Then, while waiting for the oven, you may prepare a small bowl and put all ingredients in Mexican Spice mix into the bowl and mix them until well combined. Later, the mixture of Mexican spice will be used to rub the chicken.
- Next, you need to combine two tablespoons of Mexican spice with a tablespoon of olive oil along with lemon juice. Then rub all part of the chicken with this mixture using your hands. Make sure all piece of the chicken is rubbed with the mixture.
- Prepare a deep skillet over medium-high with olive oil to cook the chicken until it turns brown or around 2 minutes. Also, cook the other side of the chicken in the same amount of time. Next, remove the chicken to the plate. With the same deep skillet, sauté the onion, garlic and bell peppers for three minutes or until brown.
- Lower the heat to medium and add the rice and stir it into the onion mixture along with the oil. Pour the chicken stock, tomato puree, beans and the Mexican spice mix. Stir them until well combined. Add the chicken to the skillet and make the chicken partially cover the mixture. Cook until simmer then give a lid or foil cover to the skillet and put it in the oven.
- Bake the mixture for 25 minutes and then remove the foil or the lid. Place the skillet back to the oven and bake for only ten until fifteen minutes to make the chicken skin crispy and reduce the liquid of the rice. After it is done, give it a 5 or 10 minutes rest before serving.
- Serve the dish while it is hot with lemon squeezed and kinds of garnish, such as cilantro leaves, lime wedges, and sliced jalapenos. You may also add sour cream and yogurt if you want.
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