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!
LASAGNA STUFFED CHICKEN BREASTS WITH SPINACH
LASAGNA STUFFED CHICKEN BREASTS WITH SPINACH
Hold on to your hats because THIS recipe is a definite keeper, one the whole family will love! Lasagna Stuffed Chicken Breasts With Spinach is perfect for a family meal. Add a salad and maybe some garlic bread and you are set!
- 3 large or 6 thin chicken breasts (see notes)
- 15 oz container Ricotta cheese
- ½ cup Mozzarella cheese
- ¼ cup grated Parmesan cheese
- Salt & pepper
- 1 cup plain frozen chopped spinach, thawed and squeezes dry
- 2 eggs
- 2 cups panko breadcrumbs
- Grapeseed or Olive oil for browning.
- Pasta sauce
- Optional: garlic paste for the filling
- Make sure your chicken is the same amount of thickness throughout. Pounding it with a mallet in spots 9under plastic wrap) if necessary.
- Season your chicken on both sides with salt and pepper.
- In a small mixing bowl, combine the cheeses and mix with a spatula until smooth. Season with salt & pepper, add in the spinach and stir until combined.
- Place a couple of spoonfuls of the mixture onto each piece of chicken and smooth it out evenly.
- Roll from the smallest edge towards the larget edge until chicken is a bundle. Place seam-side down on paper plates or on a baking sheet.
- Preheat oven to 375.
- Pour enough pasta sauce into the casserole dish you will bake the chicken in, to coat the bottom about ½ inch.
- Whisk your eggs in a bowl and place Panko on a plate, seasoning it with some salt and pepper.
- Dip chicken one at a time in the egg, coating all sides and allowing excess to drip off. Immediately roll in Panko and place on a cutting board or tray, repeat with each piece of chicken.
- Heat frying pan over med-high heat. Once the pan is hot, add 2-3 TBS oil and brown chicken on all sides (about 2 minutes a side. Place into your oven safe dish
- Place 2 TBS of oil into a skillet (It's best to brown two at a time, so you have plenty of room to flip the chicken over as well as brown the sides), Place chicken into sauce lined casserole dish and repeat with remaining stuffed chicken.
- Bake for 20-25 minutes or until cooked through. Final cook time will vary by size and thickness of chicken,
- Sprinkle chicken with grated parmesan and chopped parsley if desired and serve. You can also add Mozzarella cheese to the top of each stuffed chicken and return it to the oven until its melted.
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