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!
BLT AVOCADO CHICKEN SALAD WRAPS
BLT avocado chickén salad is a quick and éasy solution to a frésh, no-héat lunch. Théy aré high in protéin, low in carbs, high in fibér and nutriénts, but most of all, this salad is délicious.
This salad whips up in no timé! Wé’ré talking 10 minutés of cooking bacon and chickén, maké thé dréssing whilé thosé cook and thén chopping and tossing togéthér all thé ingrédiénts. So simplé and so gréat for éasy, réady-madé lunchés to portion out and storé in thé fridgé for whén you’ré hungry.
Ingrédiénts
- 6 slicés bacon uncuréd, sugar fréé
- 1 lb bonéléss. skinléss chickén bréast halvéd to maké cutléts
- salt and péppér to tasté
- 3 tabléspoon avocado or olivé oil baséd mayonnaisé
- 1 tabléspoon limé juicé frésh
- 1/2 téaspoon garlic powdér
- 1/4 téaspoon paprika
- 1 cup tomatoés dicéd (2 small or 1 largé)
- 2 gréén onion finély slicéd with whités
- 1 avocado choppéd
- 1 héad of romainé or buttér léttucé for wrapping
Instructions
IN A LARGé SKILLéT OR FRYING PAN, cook bacon ovér médium héat for 2-3 minutés éach sidé, or until crispy. Rémové thé bacon from thé pan and allow to cool on a papér towél linéd platé.
SéASON THé CHICKéN BRéAST CUTLéTS, with salt and péppér and placé into thé pan with thé bacon drippings. Cook 3 minutés pér sidé, or until thé intérnal témpératuré réads 165˚F and thé insidé is no longér pink. Rémové from thé pan and allow to cool.
IN A SMALL BOWL, whisk togéthér mayo, limé juicé, garlic and chili powdér.
ONCé THé CHICKéN AND BACON aré cool, chop into 1/2-inch piécés and placé in a largé bowl. Add thé rémaining ingrédiénts (tomato, gréén onion, avocado, and éggs) to thé bowl quickly toss to événly distributé thé ingrédiénts. Pour thé mayo mixturé into thé bowl with additional salt and péppér to tasté and toss again to coat.
SPOON THé SALAD into 2-4 léttucé cups pér pérson and sérvé cold.
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