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!
SHEET PAN HONEY MUSTARD PRETZEL CHICKEN & POTATOES
This Sheet Pan Honey Mustard Pretzel Chicken & Potatoes is practically a meal-in-one that everyone will rave about! The pretzel crusted chicken tenders are first coated in irresistible honey mustard sauce then rolled in crushed pretzels for a crunchy outside, tender inside that is addicting all over.
The other star of this Sheet Pan meal is the potatoes! The tender morsels get tossed in olive oil, salt, pepper and 1 tablespoon of Honey Mustard Sauce so they soak up flavor as they bake into melt-in-your-mouth tender forkfuls. Add a salad and you have a quick and easy meal-in-one your whole family will love!
SHEET PAN HONEY MUSTARD PRETZEL CHICKEN & Potatoes bursting with irresistible crunchy chicken, melt-in-your-mouth potatoes and the Honey Mustard Sauce is perfection! The pretzel crusted chicken tenders are first coated in irresistible honey mustard sauce then rolled in crushed pretzels for a crunchy outside, tender inside that is addicting all over.
INGREDIENTS
Chicken
- 8 chicken tenders more or less to fit pan lengthwise
- 1 egg
- nonstick cooking spray
- Honey Mustard Sauce
- 3/4 cup mayonnaise (I use light)
- 1/4 cup honey
- 2 tablespoons yellow mustard
- 2 tablespoons Dijon mustard
- 1 tablespoon cider vinegar
- 1-2 teaspoon hot sauce
Potatoes
- 3 cups chopped red potatoes (1/2” cubes)
- 1 tablespoon olive oil
- 1/4 teaspoon salt
- 1/8 teaspoon pepper
- 1 tablespoon Honey Dijon Sauce (in directions)
Pretzel Coating
- 2 cups crushed salted pretzels
- 1/2 teaspoon dried parsley
- 1/4 teaspoon EACH onion pwdr, garlic pwder, paprika, salt, pepper
INSTRUCTIONS
- Preheat oven to 400 degrees F. Line a baking sheet with foil and spray with nonstick cooking spray.
- Whisk together the Honey Mustard Sauce ingredients in a medium bowl. Remove 1/4 cup Sauce to a small bowl and whisk in one egg (this becomes your “Honey Mustard Egg Wash”). Set aside.
- To prepared pan, add potatoes, 1 tablespoon olive oil, 1/4 teaspoon salt, 1/8 teaspoon pepper and 1 tablespoon Honey Mustard Sauce. Toss until evenly coated then spread potatoes out evenly. Bake for 10 minutes at 400 degrees F.
- Meanwhile, whisk together Pretzel Coating ingredients in a shallow dish. Pat chicken very dry with paper towels. Dredge chicken in Honey Mustard Egg Wash with one hand, letting excess drip off then dredge in Pretzel Coating with the opposite hand, pressing crumbs firmly into chicken so they stick. Set chicken on oven baking rack to rest if your potatoes aren't out of the oven yet.
- Once potatoes have cooked for 10 minutes, stir and push potatoes to one side of pan. Add chicken in a vertical row as pictured and lightly spray with nonstick cooking spray. Bake 12-18 more minutes at 400 degrees F - just until chicken is cooked through. If potatoes aren't done cooking for whatever reason, then remove chicken from pan and continue to cook until potatoes until tender.
- Serve chicken with remaining Honey Mustard Sauce.
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