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!
garlic lemon herb mediterranean chicken + potatoes (one pan)
Garlic Lemon Herb Mediterranean Chicken And Potatoes is an easy and healthy recipe for the perfect dinner!
With all of the recipe testing, video making and chaotic hair pulling going on around here, this one pan meal was welcomed with opened arms. There’s nothing easier than throwing ingredients into a pan and letting the oven do the work.
Juicy, crisp chicken infused with lemon, garlic and herbs, baked in the same pan as crispy potatoes, charred peppers (capsicums), zucchini and onion. A complete meal in a pan ready in less than an hour!
Garlic Lemon Herb Mediterranean Chicken And Potatoes, all made in the ONE PAN for an easy weeknight dinner the whole family will love!
Ingredients
- 4 skin-on , bone-in chicken thighs
- ¼ cup lemon juice (juice of 1 lemon)
- 3 tablespoons olive oil , divided
- 1 tablespoon red wine vinegar
- 4 large garlic cloves , crushed
- 3 teaspoons dried basil
- 2 teaspoons dried oregano
- 2 teaspoons dried parsley
- 2 teaspoons salt , plus extra
- 8 baby potatoes , halved
- 1 red onion , cut into wedges
- 1 red bell pepper (capsicum), deseeded and cut into wedges
- 1 large zucchini , sliced
- 4 tablespoons pitted Kalamata olives
- Lemon slices , to serve
Instructions
- Pat thighs dry with paper towel. In a shallow dish, combine the lemon juice, 2 tablespoon of olive oil, vinegar, garlic, basil, oregano, parsley and salt. Pour out half of the marinade and store in a jug to use later.
- Add the chicken to the marinade in the dish and coat evenly. Cover and marinate for 15 minutes if rushed; 1 hour if time allows; or over night, turning each chicken thigh occasionally in the marinade.
- Preheat oven to 220°C | 430°F. Heat the remaining 1 tablespoon of olive oil in a large oven-proof pan or skillet over medium-high heat. Sear the chicken on both sides until golden browned (about 4 minutes each side). Drain some of the excess fat, leaving about a tablespoon for added flavour.
- Arrange the vegetables around each chicken thigh. Drizzle the vegetables with the remaining marinade, tossing them through the oil mixture to evenly coat.
- Cover skillet or dish with lid (or foil), and bake until the potatoes are soft and the chicken is completely cooked through (about 35 minutes). Change oven setting to grill / broil on a medium heat setting; uncover and cook for about 5-10 minutes, or until chicken and potatoes are crispy and golden browned. Serve with olives and lemon slices.
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