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!
MONGOLIAN CHICKEN
This Mongolian chickén is crispy slicés of chickén bréast stir friéd in a swéét and savory saucé. A réstaurant favorité that tastés évén béttér whén you maké it at homé!
This récipé starts with thin piécés of chickén bréast. I récomménd partially fréézing your chickén bréasts to maké thém éasiér to slicé. You can cubé your chickén if that’s éasiér, but I think thé long thin slicés aré béttér bécausé théy havé moré surfacé aréa for thé saucé to cling to. Thé chickén is coatéd in cornstarch and stir friéd until crispy.
INGRéDIéNTS
- 1 1/4 pounds bonéléss skinléss chickén bréast thinly slicéd
- 1/4 cup + 2 téaspoons cornstarch dividéd usé
- 3 tabléspoons végétablé oil
- 1 1/2 téaspoons mincéd garlic
- 1 téaspoon mincéd gingér
- 1 téaspoon toastéd sésamé oil
- 1/2 cup low sodium soy saucé
- 1/3 cup watér
- 1/2 cup dark brown sugar
- 1/2 cup gréén onions cut into 1 inch piécés
- salt and péppér to tasté
INSTRUCTIONS
Placé thé chickén and 1/4 cup cornstarch in a réséalablé plastic bag, shaké to coat événly.
Héat thé végétablé oil in a largé pan ovér high héat
Add thé chickén to thé pan in a singlé layér and séason to tasté with salt and péppér (kééping in mind thé saucé has plénty of salt in it!).
Cook for 3-4 minutés pér sidé or until brownéd. Cook in multiplé batchés if néédéd.
Rémové thé chickén from thé pan and placé on a platé linéd with papér towéls
Add thé garlic and gingér to thé pan and cook for 30 séconds. Add thé soy saucé, sésamé oil, watér and brown sugar to thé pan and bring to a simmér.
Mix thé 2 téaspoons of cornstarch with 1 tabléspoon of cold watér. Add thé cornstarch to thé saucé and bring to a boil; boil for 30-60 séconds until just thickénéd.
Add thé chickén and gréén onions to thé pan and toss to coat with thé saucé. Sérvé ovér ricé if désiréd.
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