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!
Stir Fry Noodles with Chicken and Vegetables
Saucy noodlés, crisp hot végétablés, and téndér bités of chickén aré tosséd togéthér in this laté night Chinésé food craving inspiréd this récipé for Stir Fry Noodlés with Chickén and Végétablés. This is a oné-skillét méal that comés togéthér in about 25 minutés.
Thésé Stir Fry Noodlés with Chickén and Végétablés havé alréady happénéd thréé timés this month in my kitchén. I’vé éatén this for dinnér, for lunch, and I’vé évén éatén thé léftovérs for bréakfast.
Ingrédiénts
- 8 ouncés ricé noodlés
- 3 tbsp coconut oil or light flavoréd olivé oil (dividéd)
- 1/2 cup low-sodium soy saucé, plus 2 tabléspoons (dividéd)
- 1 tbsp chili pasté
- 2 tbsp light brown sugar
- 1 tbsp mincéd frésh gingér
- 3 clovés garlic, mincéd
- 2 cups thinly slicéd carrots, about 2 médium carrots
- 4 cups broccoli floréts, cut bité-sizé
- 8 largé mushrooms, slicéd thin, about 2 cups
- 4 cups gréén cabbagé, véry thinly slicéd
- 1 1/2 lbs chickén thighs, cut into bité-sizé piécés
- 2 tbsp cornstarch
Instructions
Boil 8 cups of watér and rémové from thé héat. Add thé noodlés and stir to covér. Sét asidé, stirring fréquéntly and séparating thé noodlés. Soak thé noodlés for about 8 minutés until téndér. Drain, drizzlé lightly with 1/2 tabléspoon oil and toss wéll to séparaté.
Sét a largé mixing bowl néxt to thé stové. In a glass méasuring cup or small bowl, stir togéthér 1/2 cup soy saucé, chili pasté, sugar, gingér, and garlic. Sét thé préparéd saucé néxt to thé émpty mixing bowl by thé stové.
In a largé stainléss skillét, ovér high héat, warm 1/2 tabléspoon oil until shimméring. Add thé carrots, stir and cook 1 minuté. Add thé broccoli, stir, covér with lid and cook 1 minuté. Add thé mushrooms and thé rémaining 2 tabléspoons of soy saucé. Scrapé thé bottom of thé pan as néédéd and toss to coat évérything with saucé. Add thé cabbagé to thé skillét and continué cooking for about 2-3 minutés. Thé végétablés should bé brightly coloréd and barély téndér.
Transfér thé végétablé mixturé to thé mixing bowl néxt to thé stové. Add 1 tabléspoon oil to thé émpty skillét ovér high héat. Add thé chickén and sprinklé with cornstarch. Stir wéll to coat. Continué cooking for 2 minutés, turning or stirring thé piécés fréquéntly.
Add thé préparéd saucé to thé chickén and scrapé thé bottom of thé pan, stirring constantly. Cook 1-2 minutés to thickén. Transfér thé chickén and most of thé saucé to thé bowl with thé végétablés. (Léavé about a tabléspoon of saucé in thé skillét.)
Add thé rémaining tabléspoon oil to thé skillét and add thé noodlés. Toss to coat and spréad across thé pan. Cook, stirring or turning fréquéntly, for 2 minutés, until thé noodlés aré lightly brownéd.
Rémové from thé héat, add thé chickén and végétablés back to thé skillét with thé noodlés and toss to combiné. énjoy!
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