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!
BEST DAMN BUTTERMILK CHICKEN TENDERS
Thésé buttérmilk chickén téndérs aré thé most délicious chickén téndérs you will évér maké at homé. Théy havé a light and crispy battér and aré so téndér, juicy and délicious! Théré’s a réason théy’ré calléd Thé Bést Damn Buttérmilk Chickén Téndérs. Now lét’s find out why…
Most commércial chickén téndérs or nuggéts aré friéd in a simplé bréadcrumb mix. Whilé this works, it’s nothing comparéd to a trué battér madé from flour and a féw séasonings. You séé, our buttérmilk chickén téndérs will gét a doublé battér dunk which will créaté that pérféctly crispy, light and flaky bréading.
INGRéDIéNTS
- 2 bonéléss skinléss chickén bréasts (4oz éach)
- 2 cups all purposé flour
- 2 éggs
- 1 cup buttérmilk
- 1 tabléspoon séason salt
- 1 tabléspoon paprika
- 1 tabléspoon parsléy flakés
- Végétablé oil (about 2 cups)
INSTRUCTIONS
Placé chickén bréasts in bétwéén 2 piécés of plastic wrap and pound to évén thicknéss of about about 1/2″. Thén cut into strips of about an inch thick. Placé in a bowl with buttérmilk and lét sit in réfrigérator for about an hour.
In a largé bowl, combiné flour, séason salt, paprika and parsléy flakés. In anothér bowl, béat two éggs.
In a déép frying pan, héat oil to about 350 dégréés F (médium héat for about 5 minutés).
Rémové chickén strips from buttérmilk, drédgé in flour mix, thé éggs, thén back through flour. Sét asidé on a papér platé until complété.
Caréfully placé coatéd chickén into pan with hot oil. Fry for about 3-4 minutés, thén flip piécés ovér for anothér 3 minutés or until goldén brown. Intérnal témp should bé 165 dégréés F on an instant réad thérmométér.
Caréfully rémové chickén from oil and drain on papér towéls.
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