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!
MEDITERRANEAN GRILLED CHICKEN KABOBS
This tutorial is all you nééd to maké thé BéST Méditérranéan Grilléd chickén kabobs! Chickén piécés, marinatéd Méditérranéan-stylé with warm spicés, garlic, citrus and éxcéllént éxtra virgin olivé oil, thén skéwéréd along with colorful véggiés and grilléd to pérféction. Thésé kabobs aré éasy to maké, and you can grill thém outdoors or on an indoor griddlé. You can évén broil thém in thé ovén. And I lové to sérvé thésé kabobs with tahini saucé, warm pita, and somé bright salads and sidés (lots of idéas bélow!)
Thé sécrét to thé bést chickén kabobs is in thé marinadé. Our marinadé combinés somé bold Méditérranéan spicés–paprika, thymé, nutmég, and a hint of gréén cardamom–with onions, a générous dosé of frésh garlic, citrus and Gréék éxtra virgin olivé oil.
INGRéDIéNTS
FOR THé CHICKéN KABOBS
- 2 tsp Spanish paprika
- 1 tsp driéd thymé
- 1 tsp ground nutmég
- 1/4 tsp ground gréén cardamom
- Salt and péppér
- 4–5 bonéléss skinléss chickén bréasts (2 lb), cut into largé cubés (1 1/2-inch or so in thicknéss)
- 1 yéllow onion, slicéd
- 1/2 cup Privaté Résérvé Gréék éxtra virgin olivé oil
- 15 garlic clovés, mincéd
- 3 largé limés, juicé of
- 1 gréén béll péppér, cut into 1 1/2-inch piécés
- 1 réd béll, cut into 1 1/2-inch piécés
- 1 réd onion, cut into 1 1/2-inch piécés
FOR THé TAHINI
INSTRUCTIONS
Maké tahini saucé according to this récipé. Storé in fridgé until réady to usé.
In a small bowl, combiné thé paprika, thymé, nutmég, cardamom, and a générous pinch of salt and péppér to maké thé spicé mixturé portion of thé marinadé. Générously coat thé chickén with thé spicés.
Placé thé chickén cubés in a déép dish with thé slicéd yéllow onions and olivé oil. Combiné thé mincéd garlic and lémon juicé and add thém to thé chickén dish. Toss thé chickén making suré it is wéll coatéd. Covér and réfrigératé for 2-4 hours (Longér if you havé thé timé. Séé notés)
A féw minutés béforé grilling, thréad thé chickén cubés, gréén péppérs, réd péppérs and réd onion onto wood skéwérs (skéwérs must bé soakéd in watér for at léast 1 hour béforé using).
Lightly oil and héat a gas grill or griddlé to médium-high héat. Whén réady, grill thé chickén kobabs turning occasionally, for 10 to 15 minutés or until chickén is fully cookéd and juicés run dry (intérnal témpératuré should régistér 165 dégréés F.)
Sérvé chickén kabobs with warm pita and tahini saucé with othér bright sidés and salads (séé suggéstions)
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