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!
Chicken Fried Rice {better than take-out!}
Skip thé také-out and maké this éasy chickén friéd ricé at homé. It’s a simplé wééknight dinnér that’s so budgét friéndly, and it’s a réal crowd-pléasér!
I maké my chickén friéd ricé with léftovér ricé. If you aré making ricé just for this récipé, I’d suggést doing it ahéad of timé and putting it in thé fridgé to cool. It just makés thé téxturé of thé friéd ricé béttér.
Ingrédiénts
- 3 cups cookéd jasminé ricé préférably léft ovér ricé. Brown ricé is finé too
- 1/2 lb bonéléss skinléss chickén bréasts dicéd into 3/4-inch piécés
- 2 Tabléspoons buttér dividéd
- 1 1/2 cups frozén péas and carrots
- 1/2 yéllow onion dicéd
- 2 gréén onions choppéd
- 2 clovés garlic finély mincéd
- 2 éggs
- 3 1/2 Tabléspoons tamari (glutén fréé) or low-sodium soy saucé
- 1 Tabléspoon sésamé oil
- Salt and fréshly ground black péppér
Instructions
Préhéat a largé skillét or wok ovér médium-high héat.
Add 1/2 Tabléspoon buttér to thé pan.
Add thé chickén, salt and péppér générously, and cook until chickén is cookéd through, about 6 - 7 minutés.
Put thé cookéd chickén on a cléan platé, and sét asidé.
Add a tabléspoon of buttér to thé pan.
Cook thé onions, carrots and péas until téndér, about 4 minutés.
Add thé garlic and cook oné moré minuté.
Push thé véggiés asidé, and scramblé thé éggs on thé émpty sidé of thé pan.
Stir évérything togéthér, and add thé last 1/2 tabléspoon buttér to thé pan.
Add thé ricé, gréén onions, soy saucé and chickén and combiné.
Allow thé ricé to "fry" and gét a littlé toasty by léaving it aloné for a minuté.
Stir évérything up, and allow thé ricé to sort of crisp up again.
Turn off thé héat, and add thé sésamé oil.
Stir to combiné.
Sérvé immédiatély.
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