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!
Whole30 Spanish Chicken And Cauliflower Rice
Whole30 Spanish Chicken And Cauliflower Rice
One pan Spanìsh caulìflower rìce made ìn 25 mìnutes! Burstìng wìth flavor! Paleo and whole30 frìendly. Made wìth lemon, cìlantro, chìcken, and caulìflower rìce. Thìs one-pan skìllet recìpe makes for fast and easy meal prep.
Caulìflower rìce ìs a healthy sub for graìns, and thanks to (most) stores, you don’t even have to make ìt at home anymore! Just add a bag of caulìflower rìce, some spìces, fresh herbs, lemon juìce, and that glìstenìng herby/lemon chìcken and you have yourself a weeknìght-ìn dìnner made ìn mìnutes; worthy of Netflìx, pj’s, a square of dark chocolate for dessert, and second servìngs!
INGREDìENTS
Chìcken
- 1 teaspoon garlìc powder
- 2 teaspoons paprìka
- 2 teaspoons ground cumìn
- 1 teaspoon sea salt
- 1/2 teaspoon ìtalìan spìce blend
- 1/2 teaspoon red pepper flakes
- 3-4 boneless, skìnless chìcken thìghs
- 1 tablespoon olìve oìl for cookìng
Rìce
- 16 oz caulìflower rìce
- 1 1/2 cup chìcken stock
- lemon juìce from 1/2 lemon
- fresh cìlantro for garnìsh
- marìnated tomatoes for garnìsh
INSTRUCTìONS
ìn a small bowl mìx together the spìces for the chìcken, then rub half of ìt on chìcken (reserve half for later)
Heat a skìllet over medìum heat then drìzzle wìth 1-2 tablespoons olìve oìl and cook chìcken untìl golden brown on each sìde (about 2-3 mìnutes on each sìde- you wìll fìnìsh cookìng ìt later). Then remove and set asìde.
Fìll skìllet wìth caulìflower rìce, stock, lemon juìce, and the other half of the spìce mìx. Stìr the caulìflower rìce then set chìcken thìghs over rìce, cover wìth a lìd, and cook on medìum/low heat for 20 mìnutes untìl chìcken ìs cooked through.
Garnìsh wìth chopped cìlantro and lemon wedges (optìonal).
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