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!
KICK ASS CHICKEN LASAGNA
KICK ASS CHICKEN LASAGNA
A completely amazing, totally delicious chicken lasagna recipe that is always a favorite! Kick Ass Chicken Lasagna is the perfect cozy comfort food meal and is one of my favorites to bring for neighbors when you need to stuff the fridge.
KICK ASS CHICKEN LASAGNA
PREP TIME 30 mins
COOK TIME 40 mins
TOTAL TIME 1 hour 10 mins
An amazingly cheesy chicken lasagna that kicks ass! It is also perfect to take to a neighbor or friend. This is stuff-the-refrigerator food!!!
Author: Heather Tullos
Serves: 6-8
INGREDIENTS
9 uncooked lasagna noodles
For the Filling:
- 1 tablespoon olive oil
- 1½ pounds boneless skinless chicken breast, cut into very small bits (1/2 inch or smaller)
- ½ teaspoon salt
- ½ teaspoon black pepper (or to taste)
- 1 teaspoon dried oregano
- 1 teaspoon dried basil
- 12 ounces whole milk ricotta cheese
- 1 egg
- 2 ounces grated Parmesan Romano cheese
For the Cheese Sauce:
- 1 tablespoon butter
- 1 tablespoon flour
- 2½ cups milk (at least 2 %)
- 4 ounces grated Parmesan Romano cheese
- 12 ounces shredded mozzarella, divided
For the Mushrooms:
- 1 tablespoon butter
- 8 ounces fresh mushrooms, sliced
- 1 teaspoon oregano
INSTRUCTIONS
- Preheat the oven to 350°. Lightly grease a 13 X 9 baking dish (I rub a little olive oil on the bottom and sides).
- Cook the lasagna noodles according to package instructions, but only cook halfway (because they will cook more in the oven). Drain and rinse with cold water (stops the cooking process).
- While the pasta cooks, heat the olive oil in a large skillet. Add the chicken. Then add the salt, pepper, oregano, and basil. Brown the chicken over medium high heat. This will take only 4-5 minutes (because the chicken pieces are small).
- Set the drained noodles and cooked chicken aside.
- In a medium bowl mix together the ricotta cheese, egg, and 2 ounces Grated Parmesan Romano. Stir in the cooked chicken and set aside.
- Make the cheese sauce and cook the mushrooms at the same time. In a medium saucepan melt the butter over medium heat. Stir in the flour until it thickens. Then pour in the milk, stirring while you pour. Bring it to a simmer.
- In a medium skillet (or re-use the pan you cooked the chicken in), melt the tablespoon of butter. Add the mushrooms and toss them with the oregano. Let them cook over medium high heat, stirring occasionally, until they are caramelly in color - about 5 minutes.
- When the milk in the saucepan simmers, stir in the 4 ounces of grated Parmesan Romano cheese, and 8 ounces of the mozzarella. Stir until it melts.
- To assemble the lasagna, lay 3 of the noodles on the bottom of the prepared pan. Spread ⅓ of the ricotta mixture over the noodles. Spoon or ladle ⅓ of the cheese sauce over the ricotta mixture. This will help it to spread. Top with half of the mushrooms.
- Repeat. When you get to the last layer, sprinkle the entire top with the remaining 4 ounces of shredded mozzarella cheese.
- Bake for 35-40 minutes.
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