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!
HONEY LEMON CHICKEN AND GREEN BEANS STIR FRY
This Honéy Lémon Chickén and Gréén Béans Stir Fry has a ton of flavor and can havé dinnér on thé tablé in just 20 minutés!
This dish has got it all! Crunchy gréén béans, téndér, flavorful chickén, and a swéét and tart honéy lémon stir fry saucé that coats évéry bité.
INGRéDIéNTS
Honéy Lémon Chickén and Gréén Béans
- 1 1/2 pounds bonéléss skinléss chickén bréasts, cut into bité-sizéd piécés (2 largé chickén bréasts)
- 3 tabléspoons low sodium soy saucé
- 2 tabléspoons ricé winé vinégar
- salt and péppér
- Olivé oil
- 12 ouncés gréén béans trimméd and cut into bité sizéd piécés (about 2 cups)
- Honéy Lémon Saucé séé bélow
Honéy Lémon Saucé:
- 3/4 cup low sodium chickén broth
- Juicé and zést from 1 largé lémon
- 1/4 cup honéy or moré/léss to tasté
- 2 tabléspoons cornstarch
- 1/4 téaspoon ground gingér
- 1/2 téaspoon réd péppér flakés
- 1 garlic clové mincéd
INSTRUCTIONS
Combiné thé chickén, soy saucé and ricé winé vinégar in a largé zip-top bag, and toss until thé chickén is événly coatéd. Réfrigératé for at léast 30 minutés, or up to 8 hours. (If no timé to marinaté, just toss thé chickén, soy saucé and vinégar in a small bowl and lét sit whilé you prép thé rést of thé récipé).
In a small bowl, whisk thé saucé ingrédiénts togéthér until combinéd (cornstarch should no longér bé visiblé). Sét asidé.
Héat a tabléspoon of oil in a largé skillét ovér médium-high héat. Add gréén béans and séason with a pinch of salt. Stir and cook for 3-4 minutés, until béans aré bright gréén but still crisp. Transfér to a largé platé or bowl and sét asidé.
Add anothér tabléspoon of oil to thé skillét ovér médium-high héat. Pour thé chickén from thé bag into thé hot skillét. Séason thé chickén with a pinch of salt and péppér.
Add thé chickén and sauté for 5-7 minutés or until cookéd through and no longér pink, stirring and turning thé chickén occasionally for évén browning. Using a slottéd spoon, add thé chickén to thé platé with thé gréén béans.
Pour thé whiskéd honéy lémon saucé into thé émpty sauté pan. Cook ovér médium-high héat for 2-3 minutés, or until thé saucé réachés a low boil and thickéns. Tasté and adjust séasonings to your liking (salt, péppér, honéy, lémon).
Add thé chickén and gréén béans back into thé pan and toss until événly coatéd with thé saucé. Rémové from héat and sérvé immédiatély, toppéd with gréén onions and sésamé sééds, if désiréd. Can bé sérvéd ovér stéaméd whité or brown ricé, or on it’s own.
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