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!
SALSA FRESCA CHICKEN
SALSA FRESCA CHICKEN
This Salsa Fresca Chicken makes an unbelievably delicious meal full of fresh flavors. The tender chicken is seasoned with spices, then smothered in freshly made salsa and baked with rich cheese over top, for dinner that is equally wholesome and Tasty. Since it only has a few simple ingredients and is all baked in one dish, you can have Salsa Fresca Chicken prepped and to the oven in as little as 15 minutes! This recipe is delicious, healthy and a crowd pleaser, so it is perfect for both an everyday family dinner or for entertaining.
Salsa Fresca Chicken
prep 15 mins
cook 35 mins
total 50 mins
author kimber
yield 8 servings
Ingredients
- 2 lbs boneless, skinless chicken breast
- 1/4 tsp cumin
- 1/4 tsp salt
- 1/4 tsp black pepper
- 1/4 tsp garlic powder
- 2 cups fresh pico de gallo (I use this homemade Pico de Gallo recipe)
- 1 cup monterey jack cheese, shredded
Garnish
Instructions
- Preheat the oven to 375˚F.
- Lay the chicken flat in a large baking dish and sprinkle evenly with the cumin, garlic, salt and pepper.
- Cover chicken with the pico then top with cheese.
- Bake on middle rack for 35-45 minutes or until the chicken is cooked through (internal temp of 165˚F.
- Garnish with chopped cilantro, and serve hot with your favorite side dish.
Notes
You can cut the chicken in half, chunks, or use chicken tenderloins in lieu of full chicken breasts to make serving easier. Cooking time may be reduced.
Leftovers can be placed in an airtight container in the refrigerator for up to 3 days or in the freezer for up to a month.
Dietary Considerations:
This recipe is naturally gluten free, low carb and friendly for low carb and keto diets.
Dairy Free- To make this recipe dairy free you can omit the cheese.
Gluten free- Check labels on ingredients used to verify they are gluten free as somethings can vary brand by brand.
