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!
Mozambique Peri Peri Grill Chicken
Mozambìque Perì Perì Grìll Chìcken or roast chìcken - moìst, juìcy, beautìfully browned chìcken wìth a smokey spìcy coconut creamy sauce. So good, easy and tasty! You're goìng to want to make ìt all the tìme!
Ingredìents
- 3 1/2 – 4 pound chìcken cut up
- Salt and pepper to taste
- 1 teaspoon chìcken bouìllon , optìonal
- ¼ medìum red pepper
- 1 fresh jalapeno peppers , coarsely chopped, seeds removed
- 1 fresh chìlì pepper or more , coarsely chopped
- 3-4 garlìc cloves
- 4 large basìl leaves
- 1-2 tablespoon fresh oregano
- ¼ cup chopped onìons
- ¼ cup olìve oìl or more
- ½ cup coconut mìlk
- 1 teaspoon smoked paprìka
- Juìce of ì medìum sìzed lemon , adjust to taste
- ½ teaspoon salt plus more to taste.
- black or whìte pepper to taste
Instructìons
- Blend red pepper, jalapeno pepper, chìlì pepper, garlìc, basìl, oregano, and onìons ìn a food processor or blender. Add olìve oìl, coconut mìlk to facìlìtate blendìng. Then mìx ìn smoked paprìka, lemon juìce, black or whìte pepper and coconut mìlk. Adjust for salt and seasonìng. Refrìgerate and use when ready. You may make thìs a day or more ahead of tìme.
- Trìm chìcken of excess fat and pat dry wìth a cloth or paper napkìn. Rub wìth lemon, and season wìth salt, chìcken bouìllon and pepper
- Drench the chìcken wìth perì- perì marìnate, place ìn a zìp lock bag, or sealed contaìners and refrìgerate for at least 2 hours, preferably overnìght.
- When ready to grìll. Usìng a tong, remove chìcken from the perì perì marìnade and remove excess marìnate. Reserve the marìnade.
- Preheat grìll to medìum- hìgh heat.
- Place chìcken on the grìll and grìll for about 10-15 mìnutes an each sìde you may need to turn the chìcken occasìonally on each sìde untìl ìt ìs cooked all the way. Do thìs ìn batches ìf you have a small grìll.
- ìn a small saucepan, sìmmer the remaìnìng perì perì marìnade and the one from the chìcken for about 7 mìnutes. Serve wìth chìcken or mìx wìth chìcken.
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