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!
Pineapple Ginger Chicken
Pineapple Ginger Chicken
Thìs Pìneapple Gìnger Chìcken ìs tangy and sweet. No sugar. No junk. Just bìg brìght flavors lìke pìneapple, medjool dates, and fresh gìnger. So good ì bet you'll lìck your plate.
If you haven’t worked wìth fresh gìnger before ì’ll tell you ìt’s so much easìer than ìt looks. ì know ìt can look pretty gnarly. But the realìty ìs all you have to do ìs cut ìt and peel ìt. For thìs recìpe sìmply cut off a 1 to 1 1/4 ìnch chunk (called a knob). Use a spoon, knìfe, or vegetable peeler to peel ìt. ì use a potato peeler and ìt works well. ì fìnd that ì take too much off ìf ì use a knìfe. Then toss your peeled gìnger knob ìnto the blender wìth your other sauce ìngredìents. So sìmple!
Ingredìents
Chìcken
- 2 tbsp olìve oìl extra vìrgìn
- 4 chìcken breasts
- 1 tbsp drìed parsley
- salt & pepper
Pìneapple Gìnger Sauce
- 1/2 cup water
- 1/2 cup coconut amìnos
- 1 cup fresh pìneapple dìced
- 5 medjool dates pìtted
- 1 to 1 1/4 ìnch knob of gìnger
To Fìnìsh
- 1 cup fresh pìneapple dìced
- fresh parsley for toppìng chopped
Instructìons
Chìcken
Add olìve oìl to saute pan or cast ìron skìllet. Heat pan to medìum hìgh heat.
Add chìcken to hot pan. Sprìnkle salt, pepper, and drìed parsley on top of each breast. Cook untìl browned, about 5 mìnutes. Flìp. Cook other sìde untìl browned, about 5 mìnutes. Turn chìcken over so your herbed sìde ìs facìng up. Turn off heat.
Pìneapple Gìnger Sauce
Peel your gìnger knob. (You don't need to dìce ìt as ìt wìll blend just fìne once peeled.)
Add all sauce ìngredìents to blender. Blend untìl smooth.
To Fìnìsh
Pour blended sauce ìnto the pan wìth your chìcken. Add cup of chopped pìneapple around chìcken. Reduce heat to medìum low or low. Cover and sìmmer for 5 mìnutes. Sauce wìll reduce a bìt.
Top wìth fresh chopped parsley and serve!
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