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!
EASY BOURBON CHICKEN
Easy Bourbon Chicken That’s Crispy, Sweet, Sticky And Tastes Just Like The Kind You Grew Up Eating At The Mall!
Making this Crispy Bourbon Chicken actually makes me feel like a teenager. A teenager who was a rebel and once actually took Chinese food into the movie theater!
INGREDIENTS:
- 5-6 skinless, boneless chicken breasts – about 3 pounds
- 3 tablespoons cornstarch, divided
- 1/2 teaspoon salt
- 1/4 teaspoon black pepper
- 4 tablespoons canola oil
- 2 cloves garlic, minced
- 1 cup water
- 1/2 cup apple juice
- 1/4 cup bourbon
- 1/2 cup chicken broth
- 2/3 cup lite soy sauce (lower sodium)
- 1/3 cup ketchup
- 2 tablespoons apple cider vinegar
- 1 cup packed light brown sugar
- 1/2 teaspoon onion powder
- 1/2 teaspoon ground ginger
- 1/2 teaspoon crushed red pepper flakes
DIRECTIONS:
- Cut the chicken into 1 inch pieces and in a large bowl toss it with 2 tablespoons of the cornstarch, salt, and pepper.
- Add 2 tablespoons of canola oil into your nonstick skillet on medium high heat and let it heat until adding the first piece of chicken sizzles.
- Add half the chicken pieces and cook for 3 minutes without stirring.
- Turn the chicken pieces and cook and additional three minutes.
- Remove the chicken from the pan.
- Use the remaining oil to cook the second half of the chicken the same way.
- Remove the chicken from the pan.
- Add in the garlic and cook for 20 seconds until you can just smell it.
- Add in the water, apple juice, bourbon, chicken broth, lite soy sauce, ketchup, apple cider vinegar, brown sugar, onion powder, ground ginger and red pepper flakes.
- Bring to a boil then add back in the chicken.
- Cook for 10-15 minutes or until the sauce is reduced by about half.
- Add the remaining tablespoon of cornstarch to a small glass with a tablespoon of water and stir.
- Add into the pan and stir.
- Cook until the sauce is thickened. Serve immediately.
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