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.
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!
CHOOSE THE CHICKEN
The first thing you need to do is decide what kind of chicken you are going to purchase. There are several options out there from free-range chickens to organic chickens and more. Choose what is best for your family and their preferences.
You will also need to make the choice between a fryer or roasting bird. The difference is mainly about size and age as a fryer is usually smaller and younger and roasters are plumper, bigger and older. Make the choice based on the size of your family and how much they generally eat.
HOW TO ROAST A CHICKEN
1. Remove packaging – Remove chicken from the package and discard all packaging.
2. Remove the giblets – Check the cavity and make sure to remove the giblets and kidneys if necessary. Rinse inside and out and and pat dry with paper towels.
3. Stuff the chicken – Season the chicken inside with salt and pepper. Place inside the chicken garlic cloves, 1/2 onion and thyme. You can substitute the onion for 1/2 lemon or orange if you like.
4. Truss the chicken, or don’t – Some believe that trussing the chicken helps to cook it more evenly and make the presentation better. This is totally up to personal preference and doesn’t have to be done in order to have a delicious chicken. I, at the very least tuck the wings in under so the don’t get burnt. Preheat your oven to 425F.
5. Place chicken in roasting pan – Salt and pepper the outside. Roughly chop up veggies like carrot, celery, fennel, sweet onion and potatoes and place them under or around the bird.
6. Get ready to roast – Season the veggies with salt and pepper and drizzle everything generously with olive oil.
7. Put chicken in the oven – Place chicken in the oven for approximately an hour to an hour and half (for about 4-6 lb. bird) or until an instant read thermometer placed in deepest part of the breast reads 165 degrees.
8. Remove chicken from oven – Place a large piece of foil over the chiken, this is called tenting and allow the chicken to rest for about 15-20 min. before serving.
9. Serve – Now is the perfect time to serve up your perfectly roasted chicken. Know how to carve the bird!? This lovely tutorial with pictures will show you how.
If you have been intimidated by roasting a whole chicken, you need not fear as it’s not as difficult as it looks.