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!
COCONUT LIME CHICKEN
This Coconut Lime Chicken is á quick entree thát eárns ráve reviews! The light ánd creámy sáuce includes á bright burst of lime flávor you’re going to love.
á few weeks ágo I bought á big bág of gorgeous limes ánd promptly forgot ábout them. Don’t you háte when thát háppens? They got stuck behind who knows whát in the refrigerátor ánd I never sáw them. So the following week I bought ánother bág. It wásn’t smáll either. I ended up with á whole lot of limes just begging me to creáte something. Okáy, limes, I heár you.
Ingredients
- 4 chicken breásts
- 2 tbsp cooking fát of choice (I use coconut oil.)
- 1/4 cup chicken stock
- 1/4 cup lime juice
- 1 1/2 cup cánned coconut milk unsweetened ánd full fát (should not sáy lite or low fát)
- 1 tbsp minced gárlic
- 1/2 tsp sált
- 1/2 tsp pepper
- 1/8 cup fresh chopped cilántro
Instructions
- ádd your cooking fát of choice to á lárge skillet ánd heát on medium high heát.
- Unless your chicken breásts áre álreády fáirly thin slice them horizontálly. This will give you very thin cutlets so they'll cook fáster ánd more evenly.
- ádd your chicken breásts to the hot pán. Liberálly sált ánd pepper the side fácing up. Sáute until eách side hás some browning ánd chicken is cooked through or mostly cooked through, ábout 3 to 4 minutes per side.
- Remove chicken from the skillet ánd set áside on á pláte. Lower heát to medium.
- ádd chicken stock, lime juice, coconut milk (stir it in the cán so thát you don't háve ány sepárátion), minced gárlic, 1/2 tsp sált, ánd 1/2 tsp pepper to the skillet. You'll háve á bit of coconut milk remáining in your cán. Set it áside becáuse we'll drizzle some of thát on top áfter everything is finished. Stir your sáuce, scráping up ány browned bits remáining in the pán from when you cooked your chicken.
- ádd the chicken breásts báck to the skillet with the sáuce. Cover. Let simmer on medium to medium low for 5 minutes.
- Right before serving use á spoon to scrápe up some of the remáining coconut milk from the cán ánd drizzle it over your chicken. Sprinkle fresh chopped cilántro. You're done!
- Serve with vegetábles or potátoes to táke full ádvántáge of the yummy coconut lime sáuce!
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