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!
BAKED THAI CHICKEN WINGS
Perfectly sticky, sweet and a bit spicy, baked Thai chicken wings will be a new game day recipe favorite in your house! This easy and healthy chicken wings recipe is oven-baked, low-carb, refined sugar-free, gluten-free, dairy-free, and absolutely addicting!
These baked Thai chicken wings are the perfect combination of sweet and spicy with a bit of tang thrown in.
Feel free to top your tray full of perfectly sticky Thai chicken wings with roasted peanuts for a crunch and cilantro for a bit of freshness.
You might even want to go ahead and make a double batch because this tasty game day appetizer goes fast!
Ingredients
- 2 lbs. chicken wing drummettes and/or wingettes
- 2 Tbsp. chili garlic sauce
- 3 Tbsp. coconut sugar
- 2 Tbsp. rice wine vinegar
- 2 cloves garlic crushed
- ½ tsp. ginger crushed
- 1 ½ Tbsp. lime juice
- 1 Tbsp. sesame oil
- 1 Tbsp. olive oil
- ¼ cup soy sauce or Tamari gluten-free*
- Cilantro
- Peanuts
- Green Onions
Instructions
- Preheat oven to 400 degrees.
- In a medium-sized bowl whisk chili sauce, coconut sugar, rice wine vinegar, garlic, ginger, lime juice, oils, and soy sauce until well combined.
- Divide sauce in half and set one half aside.
- Add chicken wingettes and drumettes to a gallon-sized zip-top bag. Add half of the sauce and toss to coat.
- Line a large baking sheet with parchment paper. Place wing portions in a single layer on the baking sheet skin-side-down. Bake for 30 minutes, flipping halfway through.
- In a small pot or saucepan bring the other half of the sauce to a simmer over Medium-Low heat. Simmer for 5-10 minutes, or until sauce is reduced by half.
- Baste wing portions with the reduced sauce and broil for 5-7 minutes.
- Top wings with remaining sauce and add cilantro, peanuts, and green onions. Serve immediately and enjoy!**
Recipe Notes
*If Paleo, use coconut aminos in place of the soy sauce.
**If you would like to reheat wings, place them on a parchment paper-lined baking sheet and bake in 300-degree oven for 12-16 minutes, or until heated through.
Nutrition Facts
Baked Thai Chicken Wings
Amount Per Serving
Calories 99Calories from Fat 54
% Daily Value*
Total Fat 6g9%
Saturated Fat 1g5%
Cholesterol 23mg8%
Sodium 321mg13%
Potassium 55mg2%
Total Carbohydrates 3g1%
Sugars 2g
Protein 6g12%
Vitamin A0.9%
Vitamin C0.9%
Calcium0.5%
Iron2.1%
* Percent Daily Values are based on a 2000 calorie diet.
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