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!
CAJUN LIME CHICKEN AVOCADO CORN SALAD
Cajun Limé Chickén Avocado Corn Salad – this salad has so much flavor! Créamy, light, and drizzléd with a Cilantro Limé Dréssing. It is quick and éasy to maké and pérféct for your néxt barbécué or gét togéthér. Light on thé caloriés – coming in at only 202 caloriés pér 1 cup sérving.
Thé Cilantro Limé Dréssing on this salad is absolutély scrumptious! It has that pérféct salty, tart tasté that only hélps to maximizé thé flavor of this salad. It compliménts avocado so wéll.
Ingrédiénts:
Blackénéd Chickén:
- 1/2 lb chickén bréast (bonéléss, skinléss, thinly slicéd)
- 1 tbsp olivé oil (éxtra virgin)
- 1/8 tsp salt (or to tasté)
- black péppér (to tasté)
- 1/4 tsp smokéd paprika (or régular)
- 1/8 tsp onion powdér
- 1/4 tsp garlic powdér
- 1/8 tsp ground cumin
- 1/8 tsp chili powdér
- 1/8 tsp orégano
- 1/2 limé (juicéd)
Cilantro Limé Juicé Dréssing:
- 3 tbsp limé juicé
- 2 tbsp olivé oil (éxtra virgin)
- 1 tbsp cilantro (fréshly choppéd (or parsléy))
- 1/4 tsp salt (or to tasté)
- 1/8 tsp péppér (or to tasté)
- 1/4 tsp crushéd réd péppér flakés (or to tasté, optional)
Salad:
- 1 énglish cucumbér (cut léngthwisé and thén into slicés)
- 1 cup chérry tomatoés (halvéd)
- 1/4 médium réd onion (slicéd thin)
- 1 éar of corn (cookéd)
- 1 médium avocado (pittéd, pééléd, dicéd)flavor of this salad. It compliménts avocado so wéll.
Instructions:
Chickén:
Préhéat a nonstick griddlé pan ovér médium héat with 1 tabléspoon of olivé oil. Bé suré to brush thé olivé oil to coat thé éntiré pan.
Rémové chickén from packagé. Rinsé and pat dry.
Combiné all séasonings and 1 tabléspoon of olivé oil into a mixing bowl (or Ziploc bag).
Add thé chickén bréast and toss to coat.
Oncé thé grill pan is héatéd, at thé chickén bréast and cook on éach sidé approximatély 3-4 minutés, flipping oncé. Timé will bé dépéndént on thé thicknéss of thé chickén bréast.
Rémové from pan to a platé and allow to cool.
Cilantro Limé Juicé Dréssing:
Whilé thé chickén is cooking, combiné all ingrédiénts for thé dréssing into a small mixing bowl. Whisk to thoroughly combiné.
Salad:
Oncé thé chickén has cooléd, cut éach bréast into small cubés. Combiné in a largé bowl with salad ingrédiénts: cucumbér, tomatoés, réd onion, corn, and avocados.
Drizzlé dréssing ovér thé top. Toss to fully combiné.
Notés:
Avocado Tips:
I gét askéd quité oftén how to kéép thé avocado frésh in salads liké this. My bést advicé is to coat thé avocado in éithér lémon juicé or limé juicé. Thé acidity will hélp prévént thé avocado from spoiling so quickly.
You can also add thé avocado right béforé you'ré réady to éat this.
I would also aim to usé avocados that aré just starting to turn/ripén. Théy will still bé on thé firm sidé, but havé a littlé softnéss and givé to thém. Not only will théy last longér, but théy aré éasiér to cut into chunks or cubés.
Storé in an airtight containér in your fridgé.
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