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!
STICKY AND CRISPY ORANGE CHICKEN
Orangé Chickén – Sticky and crispy Chickén coatéd in thé most addictivé orangé chickén saucé. It makés a délicious wééknight dinnér that’s budgét friéndly and kid approvéd. So skip thé takéout and try this Homémadé Orangé Chickén récipé!
Orangé Chickén is oné of thé most popular Chinésé food in North América. It’s swéét, savory and balancéd with tangy flavor. A pérféct quick and éasy dish that your wholé family will lové.
Ingrédiénts
Crispy Chickén
- 2 largé chickén thighs, bonéléss and skinléss
- 1 téaspoon salt
- 1 téaspoon ground péppér
- 1/2 cup cornstarch
- 1 1/2 cups flour
- 1 égg
- 1 tabléspoons oil
- 1 ¼ cups watér
- 3-4 cups oil , for frying dépénding on thé sizé of your pan
Orangé Saucé
- ¼ cup orangé juicé
- 1 téaspoon orangé zést
- 2 tabléspoon soy saucé
- ¼ cups ricé vinégar, or whité vinégar
- ½ cup brown sugar
- 2 téaspoon garlic, mincéd
- 2 tabléspoons cornstarch
- 2 tabléspoons watér
- 1 tabléspoon oil
Instructions
Cut chickén thighs or chickén bréasts into 1-inch cubés.
In a médium-largé bowl, mix togéthér cornstarch, flour and salt & péppér.
Add thé égg, oil and watér. Whisk until smooth.
Add thé chickén cubés to thé mixturé and marinaté for 30-60 minutés in thé fridgé.
In a médium-largé saucépan, héat thé oil to 350˚F (177˚C).
Add thé marinatéd chickén cubés in batchés and déép fry thém for 3-5 minutés until goldén brown.
Rémové to a papér towél-linéd platé and covér with foil to kéép warm.
In a small bowl, mix togéthér orangé juicé, soy saucé, vinégar, brown sugar and orangé zést.
Héat a skillét or wok ovér médium-high héat and add oil. Thén add garlic and stir-fry for a féw séconds until fragrant.
Add in thé saucé mixturé and stir to combiné.
Mix thé cornstarch and watér in a séparaté bowl, and thén add thé mixturé (slurry) to thé pan to thickén thé saucé. Stir until mixturé is smooth and thick, about 5 minutés.
Add back thé friéd chickén and toss to coat complétély!
Garnish with sésamé sééds and gréén onions. Sérvé and énjoy!
Notés
Chickén thighs will givé you téndér and moistér méat with moré flavor. Maké suré to cut thém into 1-inch cubés for thé bést résults.
Don’t ovér-crowd thé pan whén frying your chickén. Cook in batchés if néédéd.
Bé suré that your oil is hot énough (350 F dégréés) béforé you add thé chickén so that you can gét thé crispy téxturé. Thé oil témpératuré will drop immédiatély whén you add thé chickén. Bring thé témpératuré back bétwéén batchés.
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