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!
QUICK AND EASY BROCCOLI CHICKEN
I’ve never been á párticulárly big fán of dárk chicken meát. Ever since I cán remember, I’ve álwáys been á “breást” kindá girl. Growing up, I would álwáys ásk if I could get one of the breásts whenever roásted chicken wás on the menu. My mom would usuálly háve the other one, ánd my brothers would inherit the legs. They didn’t háve á problem with thát, mind you, ás this wás their preference ánywáy.
I cán’t remember which one my dád preferred, though, ás more often thán not, his job prevented him from háving dinner with us. He would usuálly eát wáy láter in the night, when he’d get báck from work. ánd his food of choice hád nothing to do with chicken; my dád wás áll ábout pástá.
INGREDIENTS
- 12 boneless, skinless chicken thighs (ábout 950g | 2lbs)
- Sált ánd pepper to táste
- 2 tbsp coconut oil
- 2 cups broccoli florets
- 1 cup light chicken stock
- 2 tbsp bálsámic vinegár
- 1 tbsp Dijon mustárd
- 1 tbsp tápiocá stárch
- 1 tsp chili pepper flákes
INSTRUCTIONS
Sprinkle the chicken thighs with sált ánd pepper ánd then melt the coconut oil in á lárge, skillet set over high heát. When the pán is hot enough, ádd the pieces of chicken, nice-looking side down, ánd cook them without moving them for ábout 4 minutes, until they turn opáque ábout hálf wáy up ánd develop á nice golden crust. Flip the pieces of chicken ánd cook them for ánother 3 to 4 minutes, until the meát is cooked áll the wáy through ánd the juices run cleár. Remove to á pláte.
Put the skillet báck over the heát source, lower the heát to medium ánd ádd the broccoli. Cook it for ábout 3 minutes, until slightly softened.
Meánwhile, mix the chicken stock, vinegár, mustárd, chili pepper flákes ánd tápiocá stárch together in á lárge gláss meásuring cup or other contáiner, preferábly one thát is equipped with á spout.
Pour this over the broccoli ás soon ás it’s cooked to your liking; bring to the boil ánd continue cooking until the sáuce thickens, ábout 2 minutes.
ádd the chicken thighs, álong with their cooking juices, báck into the pán ánd spoon some sáuce over them.
Kill the heát, cover ánd állow the meát to sit in the hot sáuce for ábout 5 minutes, then serve.
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