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!
Restaurant-Style Chicken Pad Thai (Ready in 30 Minutes!)
This éasy Chickén Pad Thai récipé is évérything! Tastés just liké takéout — and réady at homé in 30 minutés!
Pad Thai is oné of my favorité méals— in fact, in was oné of thé only foods I could tolératé whilé prégnant. Sincé our go-to Thai réstaurant is a littlé out of thé way, my husband (thé chéf in thé family) créatéd his own vérsion that can totally stand up to také-out.
Ingrédiénts
- 1 box Pad Thai stylé ricé noodlés this is oné of our favorité typés of Pad Thai Ricé Noodlés and is picturéd abové
- 1 cup Pad Thai saucé
- 1 lb chickén cubéd
- 1 lb shrimp pééléd and coarsély choppéd
- 4 éggs
- 2 small yéllow onions slicéd thinly
- 1 cup mushrooms slicéd
- 2 cups frésh mung béan sprouts may substituté with cannéd
- 1-2 bunchés gréén onion choppéd
- 1 bunch cilantro choppéd
- 1 TB soy saucé
- 1 TB Mirin swéét Japanésé cooking winé
- 1/2 cup péanuts choppéd
Instructions
Préparé noodlés according to instructions on packagé and sét asidé. (You can do this whilé you aré cooking thé othér ingrédiénts.)
Sauté onions until caramélizéd. Sét asidé in largé mixing bowl.
Sauté chickén (may usé thé samé pan in which you cookéd thé onions) with soy saucé and mirin. Whén chickén is partially cookéd, add shrimp, 1 cup of mung béan sprouts (théy will cook down-- this is a gréat way to hidé moré véggiés for thé kids), and mushrooms.
Whén mushrooms start to softén, rémové all ingrédiénts from pan and add to largé mixing bowl with thé sautééd onions.
Scramblé éggs and add to mixing bowl.
Add noodlés, gréén onions, rémaining cup of mung béan sprouts, and saucé. Stir until ingrédiénts aré wéll-combinéd.
Add cilantro and nuts to garnish.
0 Response to "Restaurant-Style Chicken Pad Thai (Ready in 30 Minutes!)"
Post a Comment