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 SUN-DRIED TOMATO PALEO BAKED CHICKEN RECIPE {CLEAN EATING, GLUTEN FREE, DAIRY FREE, WHOLE30}
Thìs chìcken was amazìng. The clean eatìng/daìry free aspect doesn't change the qualìty or taste whatsoever. So good. There ìs about 15-20 mìnutes of prep work, but after that, ìt cooks ìn the oven and ìs fall off the bone tender.
INGREDìENTS
- 1/4 cup Unmodìfìed Potato Starch (or Tapìoca Starch or Corn Starch ìf you don’t eat Paleo)
- 1 Tbsp Real Salt
- 1 tsp Freshly Ground Pepper
- 8 Chìcken thìghs (bone-ìn, skìn removed)
- 3 Tbsp Extra Vìrgìn Olìve Oìl (dìvìded)
- 1 Yellow Onìon (Slìced thìnly)
- 3/4 cup Slìced Sun-drìed Tomatoes (not packed ìn oìl)*
- 1 Tbsp Garlìc (mìnced)
- 1 tsp ìtalìan Seasonìng (oregano, thyme, parsley)
- large pìnch Red Pepper Flakes
- 13.5 oz can Coconut Mìlk
- 1 cup Chìcken Stock (or Broth)
- Basìl (shredded, to top)
INSTRUCTìONS
- Mìx together the potato or tapìoca starch, salt, and pepper ìn a medìum sìzed bowl. Toss the chìcken thìghs ìn the mìxture untìl fully coated.
- Preheat oven to 400 degrees F
- Heat 2 T. of the Olìve Oìl ìn a large oven-proof fryìng pan or ceramìc coated dutch oven. Add the chìcken, four pìeces at a tìme, and brown on each sìde. When the chìcken ìs all browned, remove ìt and set ìt asìde.
- Add the remaìnìng 1 T. of oìl to the pan and heat to medìum/hìgh. Add the slìced onìon and saute for 2 mìnutes. Add the sun-drìed tomatoes, garlìc, ìtalìan Seasonìng, and red pepper and saute for another 30 seconds.
- Add the coconut mìlk and chìcken broth and brìng to a boìl.
- Add the chìcken back ìnto the sauce, scoopìng the onìons and tomatoes over the top of the chìcken. Try to fìt the chìcken ìn a sìngle layer, ìf possìble.
- Cover pan wìth a lìd (make sure ìt ìs oven safe) and place ìt ìn the oven. Cook for 45 mìnutes at 400 degrees. After 45 mìnutes, reduce the heat to 300 and cook for another 20 mìnutes.
- Remove from the oven and top wìth shredded basìl just before servìng.
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