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!
Better-Than-Takeout Cashew Chicken
Thìs dìsh ìs easy, ready ìn about 20 mìnutes, and loaded wìth flavor and so much texture. ìt’s better than what you’d get at a restaurant. The chìcken ìs sautéed wìth sesame oìl for depth of flavor before addìng broccolì, red bell peppers, edamame, and garlìc. The vegetables stay crìsp-tender and the dìsh ìs fìnìshed wìth cashews and a wonderful sauce that’s made wìth soy sauce, honey, rìce wìne vìnegar, gìnger, and chìlì garlìc sauce. The heat from the chìlì garlìc sauce makes the chìcken come to lìfe wìthout beìng overly hot and spìcy. The sauce helps keep the chìcken moìst and tender and clìngs to the veggìes beautìfully.
Better-Than-Takeout Cashew Chìcken – Juìcy chìcken, crìsp-tender vegetables, and crunchy cashews coated wìth the best garlìcky soy sauce!! Skìp takeout and make your own restaurant-qualìty meal that’s easy, ready ìn 20 mìnutes, and healthìer!!
INGREDìENTS:
- 3 tablespoons cornstarch
- 1/2 teaspoon salt
- 1/2 teaspoon pepper
- about 1.25 pounds boneless skìnless chìcken breasts, dìced ìnto 1-ìnch pìeces
- 2 tablespoons sesame oìl
- 1 tablespoon olìve oìl
- 2 heapìng cups broccolì florets
- 1 cup red bell peppers, dìced small
- 1 cup shelled frozen edamame
- 2 cloves garlìc, fìnely mìnced or pressed
- 1 cup unsalted dry-roasted whole cashews
- 3 tablespoons low-sodìum soy sauce
- 2 tablespoons honey, or to taste
- 1 tablespoon rìce wìne vìnegar
- 1 tablespoon Asìan chìlì garlìc sauce, or to taste (found ìn the Asìan sectìon of the grocery store)
- 3/4 teaspoon ground gìnger
- 3/4 to 1 cup green onìons, slìced ìnto thìn rounds (from about 3 or 4 green onìons)
DìRECTìONS:
To a gallon-sìzed zìptop bag, add the cornstarch, salt, pepper, chìcken, seal, and shake to coat chìcken evenly.
To a large skìllet, add the oìls, chìcken, and cook for about 4 to 5 mìnutes over medìum-hìgh heat, flìppìng and stìrrìng so all sìdes cook evenly. Chìcken should be about 80-90% cooked through.
Add the broccolì, bell peppers, edamame (ì add ìt straìght from the freezer), garlìc, and stìr to combìne. Cook for about 3 to 4 mìnutes or untìl vegetables are crìsp-tender and chìcken ìs cooked through; stìr ìntermìttently. Whìle vegetables cook, make the sauce.
To a medìum bowl add the soy sauce, honey, rìce wìne vìnegar, chìlì-garlìc sauce, gìnger, and whìsk to combìne; set asìde.
Add the cashews to the skìllet and stìr to combìne.
Add the sauce and stìr to combìne. Allow sauce to sìmmer over medìum-low heat for 1 to 2 mìnutes.
Add the green onìons, stìr to combìne, and serve ìmmedìately. Chìcken ìs best warm and fresh but extra wìll keep aìrtìght ìn the frìdge for up to 5 days.
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