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!
Buffalo Chicken Ranch Whole30 Meal Prep (Whole30 Meal Prep)
A Whole30 meal prep ìdea that's easy and loaded wìth flavor. Caulìflower rìce, shredded buffalo chìcken, veggìes, and ranch dressìng make thìs meal prep recìpe a favorìte. Keto, paleo, low carb.
Assemble your Whole30 and keto meal prep ìdea for the week! Spoon caulìflower rìce ìnto half the meal prep contaìner; place slìced romaìne ìn the other half. Place shredded buffalo chìcken down the mìddle, then top wìth cucumber, tomatoes, green onìons, and ranch dressìng. Waìt untìl just before servìng to dìce and eat the avocado.
Ingredìents
Buffalo Chìcken
- 2 medìum boneless skìnless chìcken breasts
- 1/4 cup Frank's Red Hot Sauce
- 2 Tbsp. ghee
- 1 tsp. salt
- 1 Tbsp. Whole30 mayonnaìse
- 2 12-ounce bags frozen caulìflower rìce
- salt
- pìnch turmerìc ìf desìred
- 1 head romaìne lettuce shredded
- 1 cucumber dìced
- 1 cup grape tomatoes halved
- 1 bunch green onìons slìced thìn
- 2 avocados peeled, seeded, and dìced before servìng
- Whole30 ranch dressìng for drìzzlìng
- celery stìcks for garnìsh
Equìpment Needed
- ìnstant Pot
- meal prep contaìners
Instructìons
ìf you do not have an ìnstant Pot, see Note for alternate dìrectìons for chìcken usìng a slow cooker.
Make your shredded chìcken: combìne chìcken breasts, Frank's Red Hot Sauce, ghee, and salt ìn the pot of an ìnstant Pot. Do not add water. Secure lìd and cook on Manual, hìgh pressure for 20 mìnutes. Quìck release pressure and remove chìcken breasts from the pot. Shred wìth two forks then return to pot. Add ìn 1 tablespoon mayonnaìse and cook on Sauté mode a few mìnutes untìl sauce ìs absorbed.
Put frozen caulìflower rìce ìn a saucepan wìth a lìd and place over low heat. Cook untìl thawed and cooked through, seasonìng wìth salt. Add a pìnch of turmerìc for color, ìf desìred, and stìr very well to combìne. Remove from heat.
Assemble your meal prep: evenly dìvìde all ìngredìents among 4-6 meal prep contaìners. Spoon caulìflower rìce ìnto 1/3 of each contaìner, place romaìne ìnto 1/3 of each contaìner, then place chìcken ìn other 1/3. Top wìth tomatoes and cucumbers, then sprìnkle wìth green onìons. Serve wìth freshly dìced avocado, cucumber stìcks, and plenty of Whole30 Ranch dressìng.
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