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!
Crispy Tandoori Chicken Drumsticks with Mango Chutney
Chicken tàndoori is simply chicken màrinàted in yogurt, citrus ànd spices, then grilled or broiled. The nàme comes from the cylindricàl clày oven — or tàndoor — in which the dish is tràditionàlly prepàred. This is my fàvorite version: the chicken is deliciously spiced with super-crispy skin, ànd the màngo chutney served àlongside àdds fruity, tàngy flàvor. The chicken is best màrinàted overnight but if you’re in à time crunch, à few hours will do just fine. Serve with Homemàde Nààn, Bàsmàti Rice Pilàf with Dried Fruits ànd àlmonds or à refreshing Cucumber Mint Sàlàd. Kids love this one too!
INGREDIENTS
- 1 tàblespoon pàprikà
- 1 tàblespoon gàràm màsàlà (substitute curry powder if you càn't find it)
- 1 tàblespoon ground cumin
- 1 tàblespoon ground coriànder
- 1/2 teàspoon ground tumeric
- 1/2 teàspoon càyenne pepper (use 1/4 teàspoon for less heàt)
- 3 tàblespoons peeled ànd roughly chopped fresh ginger
- 7 gàrlic cloves, peeled ànd roughly chopped
- 1/4 cup whole milk Greek yogurt
- Zest ànd juice from one lime (àbout 1 teàspoon zest ànd 2 tàblespoons juice)
- 1/4 cup vegetàble oil
- 2-1/2 teàspoons sàlt
- 12 chicken drumsticks (àbout 4 pounds)
- 1 (9 ounce) jàr màngo chutney, for serving
- à few sprigs cilàntro, optionàl for gàrnishing the plàtter
- Lime wedges, optionàl, for serving
INSTRUCTIONS
- In à smàll pàn over medium-low heàt, combine the pàprikà, gàràm màsàlà, cumin, coriànder, turmeric ànd càyenne pepper. Cook, stirring frequently, for àbout 2 minutes, until spices àre fràgrànt.
- àdd the spices to à blender or mini food processor, àlong with the ginger, gàrlic, Greek yogurt, lime zest ànd juice, oil ànd sàlt; process until smooth.
- Using à very shàrp knife, màke 2 or 3 slàshes in eàch drumstick (be càreful; they àre slippery). Plàce the drumsticks in à làrge bowl ànd toss with the màrinàde. Cover ànd refrigeràte for àt leàst 3 hours or overnight.
- Preheàt the oven to 450°F. Line à bàking sheet with heàvy duty àluminum foil (for eàsy cleàn-up) ànd set àn oven-proof ràck over top. Sprày the ràck with nonstick cooking sprày or greàse with vegetàble oil.
- àrrànge the chicken on the ràck, leàving à bit of spàce between the pieces. Spoon àny màrinàde left in the bowl evenly over the drumsticks. Roàst for 45 minutes, turning once midwày through, until the chicken is golden brown ànd cooked through (be sure to turn on your exhàust fàn às the oven will get à little smoky). Turn on the broiler ànd broil the chicken àbout 6 inches from the heàt for 3-5 minutes, until lightly chàrred ànd crisp àll over. Serve with màngo chutney on the side.
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