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!
Grilled Chicken Sun Dried Tomato and Avocado Spinach Salad
This Grilled Chicken Sun Dried Tomato and Avocado Spinach Salad is jam packed with flavor and nutritious ingredients and it’s perfect for a weeknight dinner! The bright flavors in this chicken salad and will leave you craving it time and time again.
It’s layered with plenty of fresh baby spinach, lean grilled chicken breasts, creamy avocados, rich sun dried tomatoes, salty feta, crunchy pine nuts and it’s finished with a tangy lemon herb dressing.
After one bite I realized it’s been too long since I’ve made a grilled chicken salad.
Grilled chicken salads are the best – especially when there are avocado included!
I also like to pound to an even thickness and season with a little garlic powder and of course salt and pepper. Oh and brush with a tiny bit of oil before adding your seasonings.
Then cook on a 425 – 450 degree preheated grill about 4 minutes per side for 8 oz. breasts (or until 165 in center).
Also you may notice it’s not much dressing for 4 servings, the first time I made it with more dressing but found it to overwhelmingly oily between the dressing, oily tomatoes and avocado.
So the next time around I cut back and I think the amounts listed for the dressing are just enough.
Hope you enjoy!
This is such a flavorful and satisfying salad! It's layered with so much goodness and the way the flavors compliment each other here is spot on delicious! A recipe you'll want to use again and again.
Ingredients
- 6 oz. baby spinach
- 1 lb. boneless skinless chicken breasts, grilled and cut into strips or cubes
- 1 large avocado, sliced or cubed
- 1/3 cup (heaping) drained sun dried tomatoes in oil, finely chopped
- 3/4 cup feta cheese, crumbled
- 1/4 cup pine nuts
Dressing
- 1/4 cup olive oil
- 2 Tbsp fresh lemon juice
- 1 Tbsp red wine vinegar
- 1 1/2 Tbsp finely minced fresh parsley
- 1 garlic clove, minced
- 1 tsp dried basil
- 1/4 tsp dried oregano
- 1/2 tsp honey
- 1/2 tsp dijon mustard
- Salt and freshly ground black pepper
Instructions
- For the dressing, in a mixing bowl whisk together all dressing ingredients and season with salt and pepper to taste.
- Divide spinach among 4 plates. Top with chicken, avocado, tomatoes, feta and nuts.
- Stir dressing and pour evenly over each serving. Serve immediately.
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