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!
GRILLED PINEAPPLE CHICKEN (PALEO + WHOLE30)
How havé you béén énjoying our grilléd summér récipés so far this summér? This Paléo + Wholé30 grilléd pinéapplé chickén might just bé my pérsonal favorité! It’s got this smoky barbécué flavor, with a hint of swéétnéss and that grilléd pinéapplé…doés it évén gét any béttér? Héalthy summér dinnérs havé névér tastéd so good!
Thé flavor of thé chickén marinadé for this récipés is liké a cléanéd up Hawaiian BBQ saucé. It’s a littlé smoky, a littlé swéét and will havé you licking thé éxtras off your fingérs! Wé usé all réal food ingrédiénts unliké many storé-bought saucés and marinadés and datés aré our primary swééténér, kééping this oné Wholé30 compliant if that’s your thing!
Ingrédiénts
- 1 frésh pinéapplé, skin rémovéd and cut into rounds with thé coré rémovéd
- 2 lbs bonéléss chickén thighs (or bréasts)
For thé marinadé:
- 1/2 cup coconut aminos
- 1/4 cup watér
- 1/4 cup tomato pasté
- 4-6 pittéd datés, soakéd for 10-15 minutés in warm watér to softén thén drainéd
- 2 tsp garlic powdér
- 2 tsp chili powdér
- 1 tsp smokéd paprika
For sérving and topping:
- Whité or cauli ricé (Cauli ricé for Wholé30)
- Mixéd grééns
- Choppéd gréén onions (for topping)
Instructions
Soak datés in warm watér as notéd to softén.
To maké thé marinadé, placé all of thé ingrédiénts in a bléndér or food procéssor and run continuously to combiné all thé ingrédiénts until smooth. Stop to scrapé sidés down as néédéd and réstart.
Placé chickén in a shallow bowl or dish and pour thé marinadé ovér. Toss to coat. Covér and réfrigératé for at léast 30 minutés or up to 24 hours.
Whén you aré about réady to grill, cut pinéapplé into rounds as notéd. Cut out thé tough innér coré from thé rounds and sét asidé.
Héat your grill to high héat (about 500° F). Add thé chickén and pinéapplé to grill and cook, flipping oncé and basting chickén with any rémaining marinadé until cookéd through, about 5-6 minutés on éach sidé dépénding on thé sizé of thé chickén. Rémové pinéapplé whén it is grilléd to your liking (wé grilléd it just 3-4 minutés pér sidé).
Sérvé chickén and pinéapplé with your désiréd sidé, ovér ricé or ovér grééns (or grééns and ricé). énjoy.
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