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!
EASY ASIAN ORANGE CHICKEN
Our Easy Asian Orange Chicken is the perfect faux takeout meal if you love takeout but can’t find a good takeout place near your house!
I love sauces. I love to dip in sauces or cover meats in sauces etc etc. It’s just so delicious. A few weeks back we hosted my brother in law’s birthday bash at our house. It was so much fun and way good food. His family has an “easy Asian orange chicken” recipe that all of the kids just love in the family, but it has nothing orange in it, so I decided to make a real orange chicken. We actually ended up loving both the pretend orange chicken and the real deal so both recipes were keepers!
Don’t worry if you’re wondering what to serve your Asian orange chicken with, I’ve got you covered, our favorite side is not one you’ll be surprised by, Fried Rice of course! We’ve got a few recipes but this particular photo is of our Ham Fried rice and there’s a secret that will make this Asian orange chicken taste just like your favorite takeout, do you know what it is? Plus there’s a video in the post so check it out!
Do you love takeout but can’t find a good one close to your house? Try our Easy Asian Orange Chicken and sit back for a faux takeout meal!
INGREDIENTS:
- 2 lbs boneless skinless chicken breasts (cut into 1-1/2” cubes)
- 1 ½ cups all purpose flour
- 1 egg (beaten)
- ¼ teaspoon salt
- ¼ teaspoon pepper
- Oil (for frying)
ORANGE SAUCE
- 1 ½ cups orange juice and zest from one orange
- 1/3 cup rice vinegar
- 2 ½ tablespoons soy sauce
- 1 cup packed brown sugar
- ½ teaspoon ginger root (minced)
- ½ teaspoon garlic (minced)
- ¼ teaspoon red pepper flakes
- 3 tablespoons cornstarch
- 2 tablespoons water
DIRECTIONS:
- Combine flour, salt, and pepper. Dip chicken in egg mixture and shake in flour mixture to coat. Deep fry chicken in batches at 375 degrees in a deep fryer (or use a wok) until completely cooked.
- Meanwhile, in a large saucepan combine orange juice, rice vinegar, and soy sauce. Blend well over medium heat for a few minutes. Stir in brown sugar, orange zest, ginger and garlic. Bring to a boil.
- Combine 3 tablespoons of cornstarch with 1/4 cup of water and mix thoroughly. Slowly stir cornstarch mixture into sauce until it thickens. Pour sauce over breaded chicken, and if desired add red pepper flakes.
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