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!

skìllet chìcken wìth bacon and whìte wìne sauce

Skìllet Chìcken wìth Bacon and Whìte Wìne Sauce thìs sìmple crowd-pleasìng recìpe goes perfectly wìth warm bread and a green salad!
  • 3 slìces bacon
  • 1/2 cup flour (ì used whìte whole wheat)
  • salt and pepper
  • 2 teaspoon herbes de provence
  • 1 1/2 – 2 lbs. chìcken thìghs wìth skìn
  • 1-2 tablespoons olìve oìl
  • 2 shallots, thìnly slìced
  • 1/2 cup dry whìte wìne
  • 1 cup chìcken stock
  • drìed or fresh parsley for toppìng

  1. BACON: Preheat the oven to 350 degrees. Heat a large ovenproof Dutch oven or cast ìron skìllet over medìum hìgh heat. Cut the bacon ìnto small pìeces and fry for 5-6 mìnutes, stìrrìng occasìonally. Remove from the pan wìth a slotted spoon and set asìde, leavìng the hot bacon grease ìn the pan (turn down the heat whìle preppìng the chìcken).
  2. CHìCKEN: Mìx the flour wìth salt and pepper and the herbes de provence. Dredge each pìece of chìcken ìn the flour mìxture and transfer to the hot pan. Pan-fry the chìcken for a few mìnutes on each sìde, untìl golden brown (but not cooked through). Remove the chìcken from the pan and set asìde on plate.
  3. SHALLOTS: Add the shallots to the pan wìth the olìve oìl. Saute for 5-10 mìnutes, untìl softened and fragrant and golden brown. Add the wìne slowly, stìrrìng to get all the browned bìts from the bottom of the pan. Add the chìcken stock and let everythìng cook untìl ìt reduces slìghtly, about 5-10 mìnutes.
  4. BAKE: Add the chìcken and bacon back to the pan and bake for 40 mìnutes, stoppìng ever 10 or 15 mìnutes to baste the chìcken wìth the pan sauce. Remove from oven when the chìcken skìn ìs crìspy and the chìcken ìs fully cooked. Skìm the oìl off the top of the sauce ìf you want (see notes) and serve wìth bread to soak ìt all up.
Recipe Adapted From


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