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 Honey BBQ Popcorn Chicken
I like to think I’m a PRO at football snacks. I would be play in the snack Super Bowl every year if there was a snack Super Bowl. This is not meant to brag; I’m just a very good football snack maker! And one of my all-time, kick you in the pants (?) football snack to make is popcorn chicken. Actually, it’s these cheesy bacon jalapeños, but you already knew that. Second place is popcorn chicken aka little breaded chicken bites that are super juicy on the inside, crunchtastic on the outside, and served with an array of dipping sauces including but not limited to ketchup, honey mustard, and BBQ sauce.
Ingredients:
- 2 pounds boneless skinless chicken breasts, cut into bite-sized pieces
- 1 cup (125g) all-purpose flour
- 5 cups (140g) corn flakes cereal, crushed lightly
- ½ teaspoon salt
- ½ teaspoon freshly ground black pepper
- ½ teaspoon garlic powder
- ¼ teaspoon smoked paprika
- 2 large eggs
- ¼ cup (60ml) milk
- Easy Honey BBQ Sauce
- 3/4 cup (222g) your favorite BBQ sauce (I like Sweet Baby Rays Original)
- 1/4 cup (80g) honey
- 1/4 cup (68g) ketchup
Directions:
Preheat oven to 400°F (204°C). Line a large baking sheet with parchment paper or a silicone baking mat. Set aside.
Place the bite-sized pieces of chicken in a large bowl. Add flour and stir to coat each piece. Set aside.
Place the corn flakes, salt, pepper, garlic powder, and smoked paprika into a large bowl. Set aside. Whisk the eggs and milk together in a small bowl.
This next step gets your hands a little messy so have paper towels nearby. Dip each piece of chicken in the egg mixture, letting any excess drip off. Then generously roll in the cornflake mixture, shaking off any excess. Place onto the prepared baking sheet. Repeat with all chicken bites.
Bake for 18 minutes, flipping once at the 9-10 minute mark. (During this time, I make the sauce in step 6.) Remove from the oven and allow to cool for 5 minutes.
Heat the sauce ingredients in a small saucepan over medium heat for 6-7 minutes, whisking occasionally.
Carefully place the chicken bites into a large bowl. Pour the warm honey BBQ sauce on top and gently stir to coat. Serve warm. Leftovers keep well in the refrigerator for up to 1 week. Reheat in the microwave until warmed through.
Make ahead tip: Prepare the popcorn chicken through step 4. Refrigerate for up to 1 day before continuing with step 5. You can also freeze the baked popcorn chicken before tossing in the honey BBQ sauce. Bake frozen popcorn chicken in a 350°F (177°C) oven for 20 minutes or until warmed through.
Recipe Notes:
You can leave the popcorn chicken plain. Simply add a little more seasoning (salt, pepper, smoked paprika, and garlic powder) to the cornflake mixture and leave off the honey BBQ sauce.
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