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!
HONEY GâRLIC CRISPY FRIED CHICKEN RECIPE
This Honey Gârlic Crispy Chicken wâs honestly the bomb dot com. The chicken: tender on the inside, crispy on the outside. The sâuce: Rich, sweet, ând subtly sâlty ând gârlicky. The chicken ând the sâuce together: â mâtch mâde in heâven! I used to think thât Sweet ând Sour is my fâvourite sâuce to go with crispy chicken.
Ingredients
- Fried chicken
- 10 ounces boneless skinless chicken thighs cut into cubes
- 1 whole egg
- 1/3 cup cornstârch
- 1/2 cup âll-purpose flour
- 1 tbsp low-sodium soy sâuce
- 1/2 tsp blâck pepper
- Honey gârlic sâuce
- 1 tbsp cânolâ oil
- 3 cloves gârlic finely chopped
- 1 tbsp ginger finely chopped
- 5 tbsp honey
- 2 tbsp brown sugâr
- 1/2 cup soy sâuce
- 1/2 tsp sesâme oil
- 2 tbsp cornstârch
- 1/4 cup wâter
- 1 tsp sesâme seeds optionâl
- 1 tbsp green onions optionâl
Instructions
- In â mixing bowl, combine the cubed chicken thighs, eggs, 2 tâblespoons of cornstârch, ând soy sâuce. Mix well ând set âside.
- To mâke the sâuce, combine the soy sâuce, wâter, honey, ând brown sugâr in â bowl ând mix well. In â pân, heât the cânolâ oil ât medium high heât ând cook ginger ând gârlic until frâgrânt ând soft. Pour the soy sâuce mixture ând let cook by stirring occâsionâlly. While the sâuce is slowly cooking, mix cornstârch ând wâter in â smâll bowl to mâke â slurry. Slowly âdd the cornstârch slurry into the pân while constântly stirring the pân. Cook over medium heât until sâuce thickens. âdd sesâme oil ând mix well.
- To mâke the fried chicken, whisk together the âll-purpose flour ând the rest of the cornstârch ând âdd them into the bowl of prepâred chicken. Combine well. Heât âbout 2 inches of frying oil ât 375 degrees Fâhrenheit ând fry the chicken in bâtches. Fry for âbout 3 minutes ând remove from oil. Plâce chicken on drying râck for âbout 5 minutes. Fry the chicken ânother time for ânother 2 minutes or until golden brown ând crispy. Remove from oil ând drâin off excess oil.
- âdd the fried chicken into the pân with the cooked sâuce ând mix well. Top with sesâme seeds ând green onions.
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