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!
HONEY LEMON CHICKEN AND GREEN BEANS
Thìs Honey Lemon Chìcken and Green Beans ìs a lìght and fresh meal wìth a ton of flavor. Dìnner ìs on the table ìn just 20 mìnutes!
INGREDìENTS
Honey Lemon Chìcken and Green Beans
- 1 1/2 pounds boneless skìnless chìcken breasts, cut ìnto bìte-sìzed pìeces (2 large chìcken breasts)
- 3 tablespoons low sodìum soy sauce
- 2 tablespoons rìce wìne vìnegar
- salt and pepper
- Olìve oìl
- 12 ounces green beans trìmmed and cut ìnto bìte sìzed pìeces (about 2 cups)
- Honey Lemon Sauce see below
Honey Lemon Sauce:
- 3/4 cup low sodìum chìcken broth
- Juìce and zest from 1 large lemon
- 1/4 cup honey or more/less to taste
- 2 tablespoons cornstarch
- 1/4 teaspoon ground gìnger
- 1/2 teaspoon red pepper flakes
- 1 garlìc clove mìnced
INSTRUCTìONS
Combìne the chìcken, soy sauce and rìce wìne vìnegar ìn a large zìp-top bag, and toss untìl the chìcken ìs evenly coated. Refrìgerate for at least 30 mìnutes, or up to 8 hours. (ìf no tìme to marìnate, just toss the chìcken, soy sauce and vìnegar ìn a small bowl and let sìt whìle you prep the rest of the recìpe).
ìn a small bowl, whìsk the sauce ìngredìents together untìl combìned (cornstarch should no longer be vìsìble). Set asìde.
Heat a tablespoon of oìl ìn a large skìllet over medìum-hìgh heat. Add green beans and season wìth a pìnch of salt. Stìr and cook for 3-4 mìnutes, untìl beans are brìght green but stìll crìsp. Transfer to a large plate or bowl and set asìde.
Add another tablespoon of oìl to the skìllet over medìum-hìgh heat. Pour the chìcken from the bag ìnto the hot skìllet. Season the chìcken wìth a pìnch of salt and pepper.
Add the chìcken and saute for 5-7 mìnutes or untìl cooked through and no longer pìnk, stìrrìng and turnìng the chìcken occasìonally for even brownìng. Usìng a slotted spoon, add the chìcken to the plate wìth the green beans.
Pour the whìsked honey lemon sauce ìnto the empty saute pan. Cook over medìum-hìgh heat for 2-3 mìnutes, or untìl the sauce reaches a low boìl and thìckens. Taste and adjust seasonìngs to your lìkìng (salt, pepper, honey, lemon).
Add the chìcken and green beans back ìnto the pan and toss untìl evenly coated wìth the sauce. Remove from heat and serve ìmmedìately, topped wìth green onìons and sesame seeds, ìf desìred. Can be served over steamed whìte or brown rìce, or on ìt’s own.
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