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!
SALSA VERDE CHICKEN (3 INGREDIENTS!)
This Salsa Verde Chicken is tangy, flavorful with just the right amount of kick. It can be served on a bed of rice with veggies or instantly transforms salads, burritos, quesadillas, tacos, etc. into drool worthy meals in minutes. You will love having this juicy, tender Salsa Verde Chicken on hand for all those busy nights to amp up your dinner routine! I’ve included stove top and grilling instructions for fabulous indoor chicken or grilling smoking deliciousness as well as tons of ideas of how to use this Salsa Verde Chicken to create a meal.
INGREDIENTS
- 4 chicken fillets pounded to an even thickness
- 1/2 cup Homemade Salsa Verde or store bought, plus more for brushing cooked chicken
- 3 tablespoons olive ol divided
INSTRUCTIONS
- MARINADE
- Whisk together the salsa verde and 2 tablespoons olive oil in a freezer bag or shallow dish (whatever you are going to marinate your chicken in. Add chicken and toss evenly to coat. Marinate in the refrigerator 2 hours up to overnight (the longer the better).
- STOVETOP INSTRUCTIONS
- Let chicken sit at room temperature for 15-30 minutes (time permitting).
- Heat one tablespoon olive oil in a large skillet over medium high heat. Once very hot, add chicken and cook, undisturbed for 3-5 minutes, or until nicely browned (or blackened if you prefer) on one side. Turn chicken over, cover, and reduce heat to medium. Cook for approximately 3-5 more minutes (depending on thickness of chicken), or until chicken is cooked through.
- Remove chicken to a cutting board and let rest 5 minutes before slicing or chopping. Brush cooked chicken with desired amount of salsa verde glaze. Serve with rice/zoodles, in tacos, salads, enchiladas, burritos, burrito bowls, etc.
- GRILLING DIRECTIONS
- Let chicken sit at room temperature for 15-30 minutes (time permitting). Meanwhile, grease and preheat the grill to medium heat, 375-450°F.
- Grill chicken undisturbed for 4-6 minutes per side, or until chicken is cooked through. (An inserted thermometer should read 160 degrees F.)
- Remove chicken to a cutting board and let rest 5 minutes before slicing or chopping. Brush cooked chicken with desired amount of salsa verde glaze. Serve with rice/zoodles, in tacos, salads, enchiladas, burritos, burrito bowls, etc.
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