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 BBQ CHICKEN STRIPS
Sticky, sweet Honey BBQ Chicken Strips are perfect for dinner or game day! Marinated in buttermilk and perfectly seasoned, these strips are hard to resist!
I don’t know about you, but my kids will eat anything that even closely resembles a nugget. I just tell them that these Honey BBQ Chicken Strips are GIANT nuggets and I’m in. Just like that. Chicken strips are good any night of the week – and especially on game day – but when you add a sticky sweet honey-bbq glaze on top, well, resistance is futile my friends.
Sticky sweet Honey BBQ Chicken Strips are perfect for dinner or game day! Marinated in buttermilk and perfectly seasoned, these strips are hard to resist!
Ingredients
- 2 lbs chicken tenders or boneless skinless chicken breasts, cut into strips
- 1 tsp salt
- 1 tsp pepper
- vegetable oil for frying
- 4 cups buttermilk, divided
- 1 tbsp hot sauce
- 2 cups flour
- 1 tsp salt
- 1 tsp pepper
- 1 tsp garlic powder
- 1 tsp paprika
- 1 cup barbecue sauce
- ¼ cup honey
- 1 tbsp apple cider vinegar (optional)
Instructions
- Season chicken strips with salt and pepper and marinate in 2 cups buttermilk for at least 2 hours.
- Bring oil to 350-360F in a large frying pan, about 1 inch deep.
- Preheat oven to 350F.
- Combine flour, salt, pepper, garlic powder and paprika in a shallow bowl and stir to combine.
- In a separate bowl, combine 2 cups of buttermilk and hot sauce, set aside.
- Combine barbecue sauce, honey, and apple cider vinegar in a shallow bowl, set aside.
- Remove the chicken strips from the buttermilk and shake off the excess.
- Dip the chicken strip in flour mixture, then in the buttermilk and hot sauce mixture, and then back in the flour mixture Shake off excess flour.
- Gently place in the hot oil and fry, turning over when golden brown. Drain on paper towels or on a rack.
- Repeat until all chicken has been fried. The chicken doesn't need to be cooked through because we'll be finishing it off in the oven.
- Gently dip the strips in the barbecue sauce and honey mixture or use brush the mixture onto the strips. Shake off excess.
- Place chicken strips on a parchment line baking sheet and bake for 20 minutes or until cooked through. Baking time will depend on the size of your chicken strips.
- Note: if you want to spice these up a bit, add some hot sauce or sriracha to the honey-bbq glaze.
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