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!
African Chicken, Peanut & Spinach Stew
Groundnut or peanut soups and stews are extremely popular in the cooking of Ghana and Mali in West Africa, where it’s called Hkatenkwan. In fact, some consider African Chicken Peanut & Spinach Stew to be one of the most popular of all Sunday meals. Chicken is usually the preferred meat, but a variety of meats and seafood can also be used, including beef, lamb, smoked fish and crabs. This hearty and delicious stew is full of intoxicating flavours, robust enough for a satisfying meal on its own, or served with some steamed rice for a delicious dinner anytime of the year.
INGREDIENTS:
- 2-3 lb chicken thighs
- 3 tbsp vegetable oil
- 1 large yellow onion, sliced
- 3-inch piece of ginger, peeled and minced
- 6-8 garlic cloves, chopped roughly
- 2-3 pounds sweet potatoes, peeled and cut into chunks
- 1 15 oz can of crushed tomatoes
- 2 cups chicken broth
- 2 cups coconut milk
- 1 cup peanut butter
- 1 cup roasted peanuts
- 1 tbsp ground coriander
- 1 tsp cayenne
- 1 tsp curry powder
- 1/2 tsp Tabasco or hot chilli sauce
- Salt and black pepper
- 1/2 cup chopped cilantro
- 1 cup chopped spinach
INTRUCTIONS:
- Heat the vegetable oil in a large pot set over medium-high heat. Dry the chicken pieces well, then salt and brown them in the oil, setting the chicken aside as they brown.
- Sauté the onions in the oil for 3-4 minutes, stirring often and scraping any browned bits off the bottom of the pot. Add the ginger and garlic and sauté another 1-2 minutes, then add the sweet potatoes and stir well to combine.
- Add the chicken, chicken broth, coconut milk, crushed tomatoes, peanut butter, peanuts, coriander, cayenne, curry powder and stir well to combine. Bring to a simmer and salt to taste. Cover the pot and simmer gently for 90 minutes, or until the chicken meat easily falls off the bone and the sweet potatoes are tender.
- Once cooked, remove the chicken pieces and set them in a bowl until cool enough to touch, then remove and discard the skin. Pull the meat off the bones and place the meat back in the pot, along with the chopped spinach. Adjust the seasonings and stir in the cilantro. Serve the stew by itself, or with simple steamed rice.
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