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!
CREAMY TOMATO PASTA BAKE WITH CHICKEN (ONE POT)
A pasta bake with plenty of thick, creamy tomato sauce….made with NO CREAM….all in ONE POT! Even the pasta is cooked right in the pan with the sauce! Creamy Tomato Pasta Bake with Chicken is the ultimate recipe for low-effort comfort food to feed a family or group of friends.
A pasta bake, cooked entirely in one pot! The sauce is creamy and tomatoey but is made without a drop of cream, making this a great midweek meal.
Ingredients
- 4 tbsp unsalted butter
- 1 small onion , diced
- 2 garlic cloves , minced
- 6 tbsp / 1/2 cup plain flour
- 2 cups milk (500ml)
- 2 cups tomato passata (500ml) (Note 1)
- 1 cup water (or chicken or vegetable broth) (250ml)
- 2 tsp salt
- Black pepper
- 3 cups dried ziti / penne pasta
- 2 cups shredded cooked chicken
- 1 cup shredded cheddar cheese
- 3/4 cup shredded mozzarella cheese
- Pepper
- Garnish (optional)
- Fresh basil leaves
- Freshly grated parmesan
Instructions
- Preheat oven to 350F/180C.
- Melt butter in a deep fry pan or skillet (Note 2) over medium heat. Add the onion and garlic and sauté for 5 minutes until translucent. Add the flour and stir to combine, then cook for 2 minutes.
- Add the milk and whisk for 1 minute, in small circles around the fry pan, until it starts to thicken. Then add the tomato passata, water, salt and pepper. Increase the heat to medium high and cook for around 5 minutes or until thick enough to coat the back of a metal spoon (see photo below). Whisk occasionally for the first 3 minutes, then whisk constantly for the last 2 minutes.
- Do a taste test and add 1 to 2 tsp of sugar if it is a bit sour (depends on quality of passata you use).
- Add the ziti/penne, chicken and cheddar cheese and mix through. Leave it to cook for around 1 minute on the stove, then take it off the stove.
- Scatter with mozzarella cheese. Cover with a lid or foil (Note 3) and bake for 10 minutes. Remove the lid/foil and bake for a further 5 minutes. Rest for 5 minutes before serving, garnished with fresh basil leaves and grated parmesan, if desired.
Recipe Notes
1. Tomato passata is simply plain, pureed tomatoes. In America, it is also known as tomato sauce. In Australia, "tomato sauce" is the equivalent of tomato ketchup, so don't get the two confused!
In Australia, you can get tomato passata in the pasta section and starts at just over $1 for a large 700g bottle. You can also use pureed canned tomatoes.
You could also substitute the tomato passata with a store bought pasta sauce. If you do, then don't use as much salt as I have included in the recipe as store bought pasta sauce is seasoned and flavoured.
2. The fry pan I used was 26cm / 10" in diameter and 6cm/2.4" deep. It was JUST big enough for this recipe. Spillage during cooking was not the risk because this sauce doesn't splatter or bubble, but I had to be quite careful when stirring. It works better with a slightly deeper skillet / fry pan or a large casserole pot.
3. I don't have a lid for the fry pan I used but I have a lid for a larger pot which I just place on top. Otherwise, foil works just fine, or even a baking tray.
4. Nutrition assuming 6 servings.
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