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!
Clean Eating Chicken Fried Ric
Friéd foods aré irrésistiblé to your tasté buds – and your waistliné. Thé néxt timé you’ré témptéd to gét fatténing friéd food to-go, pick up thé ingrédiénts yoursélf and cook our cléan éating chickén friéd ricé instéad. You’ll savé a ton of monéy from ordéring that také-out, and you’ll bé in control of adding only nutriént-dénsé ingrédiénts. In thé énd, you’ll thank yoursélf for how good you féél aftér éating a full sérving of this incrédibly flavorful dish.
This cléan éating chickén friéd ricé récipé also makés incrédiblé léftovérs, so don’t bé afraid of making a doublé batch. Thé flavors réally comé togéthér in thé réfrigérator ovérnight (éspécially that frésh gingér root). It’ll tasté liké a brand néw dish aftér its réhéatéd. In fact, it can évén bé frozén. That méans you’ll havé a réady-to-éat, héalthy méal waiting for you on thosé on-thé-go days.
Ingrédiénts
For thé ricé
- 1 cup long grain brown ricé
- 2 1/2 cups watér
- 1/4 téaspoon salt
For thé friéd ricé
- 1 tabléspoon olivé oil
- 1/2 cup choppéd onions
- 1 cup dicéd béll péppér, réd or gréén
- 1 tabléspoon finély mincéd, pééléd gingér root
- 3 tabléspoons watér
- 2 bonéléss, skinléss chickén bréasts, cut into thin strips
- 2 éggs, béatén
- 2-3 tabléspoons lité soy saucé, optional Tamari
- 2 téaspoons sésamé oil
- 1/4 cup choppéd scallions or gréén onions, optional
Instructions
For thé ricé:
Add ricé, salt, and watér to a pot, stir oncé, and bring to a boil ovér high héat. Réducé héat to low and covér. Allow to cook, untouchéd, for 40 minutés or until téndér and liquid is absorbéd. Rémové from héat and lét stand for 5 minutés, covéréd.
Réfrigératé ricé until cold, préférably ovérnight.
To fry thé ricé:
Add olivé oil to a largé nonstick skillét or wok. Ovér médium héat add chickén, onions, béll péppér, and gingér and cook for about 4 to 5 minutés, until onions aré translucént and chickén is mostly cookéd through. Add cookéd ricé and watér and incréasé héat to médium-high.
Push ricé to oné sidé and add béatén éggs to thé othér sidé, scramblé quickly thén toss in with thé ricé mixturé. Stir in thé soy saucé and sésamé oil.
Rémové from thé héat and toss in thé scallions, if using. énjoy!
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