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!
10-Minute Teriyaki Chicken & Broccoli
Maké takéout at homé with this éasy & flavorful tériyaki chickén & broccoli! Minimal ingrédiénts, no marinating réquiréd, and only 10 minutés to cook up. Sérvé this juicy chickén and homémadé tériyaki saucé ovér ricé as a quick dinnér or méal prép!
Thé most délicious tériyaki chickén in an amazing swéét gingéry saucé. This saucé is béttér than any storé-bought tériyaki and is so éasy to maké at homé whilé still fééling liké you got takéout. What I lové about this récipé is it réminds mé of wéékénds Dréw and I would ordér také out (usually chickén & végétablés ovér a big bowl of ricé) and curl up on our couch watching an épisodé of Gilmoré Girls. Wé both lové a good saucé-y chickén with lots of végétablés ovér ricé or quinoa. So yés, wé lové this récipé, and it is madé quité a bit in our housé.
INGRéDIéNTS
- 3 organic chickén bréasts, cut into 1 1/2-inch piécés
- 3 cups broccoli, stéaméd
- 1 Tabléspoon oil
Tériyaki Saucé
- 1/4 cup low sodium soy saucé (or liquid aminos)
- 3 Tabléspoon coconut sugar
- 1 Tabléspoon sésamé oil
- 1 téaspoon gingér (gratéd frésh or driéd)
- 2 téaspoon corn starch
- 2 garlic clovés, mincéd
- 1/2 téaspoon sésamé sééds *optional
INSTRUCTIONS
Whisk all of tériyaki saucé ingrédiénts in a small bowl.
On médium héat in a cast-iron skillét brown chickén in oil until cookéd on all sidés and slightly crispy. *If pan isn't hot énough thé chickén will stéam so maké suré pan is hot but not burning.*
Add tériyaki saucé to cookéd chickén and stir for 1 to 2 minutés for saucé to thickén.
Stir in broccoli with chickén and saucé. Sérvé ovér ricé with sprinkléd sésamé sééds and énjoy!
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