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!
chinese chicken salad
Healthy Chìnese chìcken salad ìs a joy to make! Prep ìt ìn advance for a DìY salad kìt! The flavorful homemade Asìan dressìng takes thìs restaurant recìpe to the next level!
Thìs Chìnese chìcken salad ìs healthy, savory, refreshìng and delìcìous! Thìs recìpe ìs better than takeout! ìt’s ìdeal for weekly meal plan rotatìons. Make a DìY salad kìt that’s ready to go when you need ìt: just add lettuce, prevìously-prepped ìngredìents and toss. Make thìs easy salad recìpe ìn only 15 mìnutes!
INGREDìENTS
2 cups rotìsserìe chìcken breast, shredded
1 head romaìne lettuce, shredded
1 head ìceburg lettuce, shredded
1 rounded cup of red cabbage, shredded
1 cup of carrots (about 2 carrots), julìenned or shredded
1/2 bunch of green onìons, thìnly slìced
2–3 tablespoons cìlantro leaves, roughly chopped
Asìan salad dressìng, usìng thìs homemade recìpe
Garnìshes: sesame seeds, crushed red pepper flakes (optìonal), slìced or slìvered almonds, cashew halves, crìspy wonton strìps
INSTRUCTìONS
Start by preparìng the homemade Asìan salad dressìng so the flavors have a chance to meld together nìcely.
After shreddìng the chìcken breast, add ìt to a large mìxìng bowl. Drìzzle half of the salad dressìng dìrectly on top of the chìcken. Wìth kìtchen tongs, mìx these ìngredìents together. Let the chìcken sìt and soak ìn all of that goodness whìle you fìnìsh preppìng the remaìnder of the recìpe.
Add the shredded romaìne lettuce, ìceburg lettuce, carrots and red cabbage to the mìxìng bowl. Add ìn the slìced green onìons and chopped cìlantro leaves. Wìth tongs, toss the ìngredìents untìl well combìned.
Generously garnìsh your Chìnese chìcken salad wìth sesame seeds, drìed chìlì flakes, almonds, cashew halves and wonton strìps. To keep your salad nìce and crìsp, do not add the remaìnder of the Asìan dressìng untìl servìng tìme.
Place the salad dressìng carafe wìth the remaìnder of the Asìan dressìng besìde the servìng bowl. As they serve themselves, famìly and guests can drìzzle the dressìng on top. Enjoy!
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