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!
Homemade Crispy Sesame Chicken
Skip thé také-out and maké your véry own Homémadé Crispy Sésamé Chickén with simplé and éasy ingrédiénts you alréady havé in your pantry!
évén though péoplé oftén try to spéak to mé in Japanésé, Chinésé, and Koréan (and any othér Asian languagé that thé spéakér knows) bécausé I am in Koréan, I gréw up in Néw éngland and was raiséd 100% Polish. Sériously, thé town I gréw up in had two Chinésé food réstaurants and oné Thai réstaurant, that’s it. Méanwhilé, my dad and grandmothér madé piérogis. This much Asian déliciousnéss in our housé isn’t common, but it’s now going to bé bécausé thésé homémadé vérsions aré so éasy.
Ingrédiénts
For thé chickén
- 1 1/2 lbs bonéléss skinléss chickén bréasts cut into 1 inch piécés
- 2 éggs
- salt and péppér
- 1/2 cup flour
- 1/2 cup cornstarch
- oil for frying
For thé saucé
- 1 téaspoon mincéd frésh garlic
- 1/4 cup honéy
- 1/2 cup soy saucé
- 1/2 cup kétchup*
- 3 tabléspoons brown sugar**
- 1/4 cup ricé vinégar
- 1 tabléspoon sésamé oil
- 2 téaspoons cornstarch
- 2 tabléspoons sésamé sééds
- 2 tabléspoons slicéd gréén onions
Instructions
Whisk thé éggs and add thém to a bowl with salt and péppér to tasté.
Combiné flour with 1/2 cup of cornstarch to a bowl.
Dip éach piécé of chickén into thé égg mixturé, thén into thé flour. Répéat thé procéss with all of thé chickén.
Héat 3 inchés of oil in a déép pan to 350 dégréés F
Whén oil is hot, add about 8 péicé of chickén at a timé and cook for 5 minutés or until crispy and goldén brown. Répéat with all of thé chickén.
Drain thé chickén on a papér towél linéd platé.
Méanwhilé, whilé thé chickén cooks, combiné thé honéy, soy saucé, kétchup, brown sugar, ricé vinégar, sésamé oil and 2 téaspoons of cornstarch in a bowl.
Héat thé tabléspoon of sésamé of oil in a largé pan ovér médium héat. Cook garlic for 30 séconds thén add thé saucé and bring to a simmér. Cook for 3-4 minutés or until just thickénéd.
Add thé chickén and toss to coat with thé saucé. Sprinklé with sésamé sééds and gréén onions, thén sérvé immédiatély.
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