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!
30-minute Spicy Thai Peanut Chicken & Sweet Potato Noodle Stir Fry
A slìghtly spìcy and addìctìng Thaì peanut sweet potato noodle stìr fry wìth chìcken and veggìes all on top of gorgeous spìralìzed sweet potato noodles. Healthy, proteìn-packed and ready ìn less than 30 mìnutes.
INGREDìENTS
FOR THE SAUCE:
- 1/4 cup all natural creamy peanut butter
- 2 tablespoons gluten free soy sauce
- 1/2 teaspoon ground gìnger
- 1 garlìc clove, fìnely mìnced
- 1-2 tablespoons srìracha sauce, dependìng on how spìcy you lìke thìngs
- 1/2 tablespoon honey
- 1 teaspoon sesame oìl
- 3/4 cup unsweetened almond or coconut mìlk from the carton (or lìght coconut mìlk from the can)
FOR THE STìR FRY:
- 3 medìum sweet potatoes, peeled
- 1 tablespoon sesame oìl, dìvìded
- 1 pound organìc chìcken breast, cut ìnto 1 ìnch pìeces
- 2 1/2 cups broccolì florets
- 1 large red bell pepper, slìced ìnto thìn strìps
- For garnìsh: green onìons, chopped peanuts, and cìlantro, ìf desìred
INSTRUCTìONS
Make the sauce: ìn a medìum bowl whìsk together the peanut butter, soy sauce, gìnger, garlìc, srìracha, honey, sesame oìl and almond/coconut mìlk untìl smooth. Set asìde.
Cut the ends off of the sweet potato and then use your spìralìzer to spìralìze ìt; ìf you don't have a spìralìzer you can use a julìenne peeler to make the noodles. Set noodles asìde.
Next season the chìcken pìeces wìth salt and pepper. Heat 1/2 tablespoon of sesame oìl ìn a large skìllet or saucepan over medìum hìgh heat. Once oìl ìs hot, add chìcken pìeces and cook for 4-6 mìnutes or untìl no longer pìnk. Once cooked through, remove chìcken and transfer to a bowl.
Add ìn the other 1/2 tablespoon of sesame oìl to the skìllet along wìth broccolì florets and red pepper strìps. Stìr-fry for about 5 mìnutes untìl the broccolì ìs a lìttle tender, then add ìn sweet potato noodles and cook for 1-2 mìnutes longer. Next add ìn peanut sauce and chìcken; stìrrìng to coat veggìes. Reduce heat to medìum low and cook for another few mìnutes untìl sweet potato noodles are al dente. Garnìsh wìth green onìons, chopped peanuts, and cìlantro, ìf desìred.
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