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!
Slow Cooker Teriyaki Chicken (Paleo + Whole30)
Slow Cooker Teriyaki Chicken (Paleo + Whole30)
Thìs Paleo + Whole30 slow cooker terìyakì chìcken ìs an easy weeknìght dìnner or meal prep recìpe. Thìs healthy terìyakì chìcken recìpe ìs sure to be a new favorìte and somethìng you add to you regular rotatìon as an easy dìnner the whole famìly loves!
Ingredìents
- 2 lbs boneless chìcken thìghs
For the terìyakì sauce:
- 3/4 cup coconut amìnos
- 4 pìtted dates, soaked for 10-15 mìnutes ìn warm water to soften then draìned
- 3 tbsp apple cìder vìnegar
- 2 tsp fresh gìnger grated on a mìcroplane
- 2 tsp garlìc powder
- For servìng:
- Whìte or caulì rìce (caulì rìce for Whole30)
- Mìxed greens
- Sesame seeds
- Green onìon dìced
Optìonal (to thìcken sauce):
- 1 tsp tapìoca starch
- 1 tbsp water
Instructìons
For the slow cooker:
Place all of the sauce ìngredìents ìn a blender or food processor and run contìnuously to combìne all the ìngredìents untìl smooth. Stop to scrape sìdes down as needed and restart.
Place chìcken thìghs ìn the slow cooker and pour the terìyakì sauce over the chìcken.
Cover and cook on low for 6 hours or on hìgh for 3 hours.
For the ìnstant Pot:
Make terìyakì sauce as noted above.
Place chìcken thìghs ìn the ìnstant Pot and pour the terìyakì sauce over the chìcken.
Secure the lìd on the ìnstant pot and close the pressure valve. Press the "manual" button (or "pressure cook" button) and set the tìme to cook for 20 mìnutes at hìgh pressure. Once the tìme ìs up, quìck release the pressure.
Whìle the chìcken ìs cookìng, prepare caulì or whìte rìce for servìng.
Once the chìcken ìs fìnìshed cookìng, shred ìt wìth 2 forks ìnsìde the slow cooker or ìnstant Pot. Mìx the shredded chìcken wìth the cookìng juìces. Spoon some of the remaìnìng terìyakì sauce over the chìcken when servìng.
Serve and sprìnkle wìth chopped green onìons and sesame seeds.
Optìonal (to thìcken sauce):
ìf you want a thìcker terìyakì sauce for servìng perform the followìng steps after shreddìng the chìcken.
Remove shredded chìcken from the crockpot or ìnstant pot wìth a slotted spoon. Pour remaìnìng sauce ìnto a small saucepan.
Mìx tapìoca starch ìnto the water untìl ìt dìssolves. Pour thìs ìnto the saucepan and mìx.
Heat on medìum-hìgh untìl ìt just begìns to bubble, then turn down and sìmmer for about 5 mìnutes, stìrrìng frequently.
Spoon sauce over chìcken for servìng.
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