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!
SKILLET CREAMY GARLIC CHICKEN WITH BROCCOLI
SKILLET CREAMY GARLIC CHICKEN WITH BROCCOLI
Creamy Garlic Chicken with Broccoli is a household favorite for everyone in the family. This is the perfect one-pot chicken recipe with a homemade creamy garlic sauce when you’re in need of something delicious, satisfying and easy for a weeknight dinner. Add your choice of pasta or rice to soak up all the delicious creamy garlic sauce.
SKILLET CREAMY GARLIC CHICKEN WITH BROCCOLI
Prep Time 10 mins
Cook Time 20 mins
Total Time 30 mins
We used chicken breast for the recipe, but it can easily be made with chicken thighs or legs.
Course: Main Course
Cuisine: American
Servings: 6 servings
Calories: 385 kcal
Ingredients
- 2 pounds boneless chicken breasts
- kosher salt or sea salt , to taste
- fresh cracked black pepper , to taste
- 1/2 teaspoon paprika
- 4 tablespoons butter, divided
- 4-5 cloves garlic , minced
- 10.5 ounces (1 can) Condensed Cream of Chicken Soup
- 3/4 cup water
- 2 to 3 cups chopped broccoli
- 1 teaspoon chopped fresh parsley
- lemon wedges , optional
- Serve with rice or pasta
US Customary - Metric
Directions
- Season chicken with salt, pepper and paprika. Set aside.
- Heat large pan on medium-high heat. Melt half the butter (2 tablespoons). Add the chicken and cook for 5 minutes on each side or until the chicken is browned. Remove chicken from pan, cover and keep warm.
- In same pan melt remaining 2 tablespoons of butter, add the garlic and cook until garlic is lightly brown and fragrant. Whisk in the condensed cream of chicken soup and water. Cook until the mixture is hot and bubbly, then turn heat down to low.
- Add chicken and broccoli back into the pan cover the pan with a lid and cook for about another 10 minutes or until chicken is cooked through. If you want more firm or al-dente broccoli, add the broccoli after the chicken is almost cooked so that the broccoli is more crunchy.
- Serve with rice or pasta and wedges of lemon. Garnish with chopped parsley.
