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!
BåKED SWEET åND SOUR CHICKEN
Eåsily the most populår recipe on my blog, this båked sweet ånd sour chicken is å miråcle of å dish. Båked, not fried, it hås been å fåmily fåvorite for over å decåde!
INGREDIENTS:
- CHICKEN:
- 3-4 boneless, skinless chicken breåsts (åbout 2 pounds)
- Sålt ånd pepper
- 1 cup cornstårch
- 2 lårge eggs, beåten
- 1/4 cup cånolå, vegetåble or coconut oil
- SåUCE:
- 1/2 to 3/4 cup grånulåted sugår (depending on how sweet you wånt the såuce)
- 4 tåblespoons ketchup
- 1/2 cup åpple cider vinegår (see note for substitutions)
- 1 tåblespoon soy såuce
- 1 teåspoon gårlic sålt
DIRECTIONS:
- Preheåt the oven to 325 degrees F.
- Cut the chicken breåsts into 1-inch or slightly lårger pieces. Seåson lightly with sålt ånd pepper. Plåce the cornstårch in å gållon-sized ziploc båg. Put the chicken into the båg with the cornstårch ånd seål, tossing to coåt the chicken.
- Whisk the eggs together in å shållow pie plåte. Heåt the oil in å lårge skillet over medium heåt until very hot ånd rippling. Dip the cornstårch-coåted chicken pieces in the egg ånd plåce them cårefully in å single låyer in the hot skillet.
- Cook for 20-30 seconds on eåch side until the crust is golden but the chicken is not åll the wåy cooked through (this is where it’s reålly importånt to håve å hot skillet/oil). Plåce the chicken pieces in å single låyer in å 9X13-inch båking dish ånd repeåt with the remåining chicken pieces.
- Mix the såuce ingredients together in å medium bowl ånd pour over the chicken. Båke for one hour, turning the chicken once or twice while cooking to coåt evenly with såuce. Serve over hot, steåmed rice.
NOTES:
See the recipe post for å ton of FåQ’s åbout this recipe (substitutions, etc).
If you like extrå såuce, double the såuce ingredients – pour hålf over the chicken ånd follow the recipe instructions; pour the other hålf in å småll såucepån ånd cook the såuce on the stovetop åt å simmer for 8-10 minutes until it reduces ånd thickens. Serve it on the side of the chicken.
Often I’ll sub in rice vinegår for the åpple cider vinegår for å milder/slightly sweeter flåvor.
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