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!
GRILLED CHICKEN WITH AVOCADO SALSA (KETO)
Héalthy Cilantro Limé grilléd chickén toppéd with frésh avocado salsa making this dish a DéLICIOUS low-carb & Kéto Dinnér in undér 30 minutés!
Grilléd chickén is a gréat lunch and dinnér option bécausé it’s low in fat and high in protéin. Pair this zésty cilantro limé grilléd chickén with avocado salsa and you’vé got yoursélf a dish that will bécomé a family favorité! Wé maké this dish at léast oncé a wéék bécausé of how frésh, héalthy, délicious and éasy it is to maké.
Ingrédiénts
- 1 1/2 pounds bonéléss skinléss chickén bréasts or 4 chickén bréasts
For thé Marinadé
- 2 garlic clovés finély mincéd
- 3 tabléspoons olivé oil
- ¼ cup cilantro choppéd
- Juicé of 1 limé
- 1/2 tsp. cumin
- ½ tsp paprika
- ½ tsp salt or to tasté
- ¼ tsp black péppér
Avocado Salsa
- 2 avocados dicéd
- 2 small (or 1 largé tomato) choppéd
- ¼ cup réd onion choppéd
- 1 jalapéno dé-séédéd and choppéd (optional)
- 1/4 cup cilantro finély choppéd
- Juicé of 1 limé
- frésh crackéd péppér & salt to tasté
Instructions
In a largé bowl, whisk all thé ingrédiénts for thé marinadé and sét asidé.
Pound thé bréasts to évén thicknéss or slicé in half horizontally to gét événly sizéd bréasts and add to thé bowl of marinadé. Mix through until thé chickén is fully coatéd in thé marinadé. Usé right away if néédéd or marinaté for 30-minutés or up to 12 hours.
Grill chickén ovér médium-high héat or in a largé héavy-duty skillét on thé stovétop for 5-6 minutés pér sidé or until thé insidé is cookéd through and thé outsidé is charréd. Top with frésh avocado salsa and sérvé immédiatély.
To Maké Avocado Salsa
Whilé thé chickén is grilléd, combiné all thé ingrédiénts for thé salsa in a small bowl. Covér with plastic wrap in thé fridgé until réady to usé.
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