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!
cilantro lime chicken salad + mango avocado salsa
Cilantro lime chicken salad with a mango and avocado salsa! holding onto summer for a just a bit longer, this cilantro lime chicken salad has so much flavour in it with a creamy/sweet mango avocado salsa for an extra summer feel!
With a marinade that doubles as a dressing, much like that Grilled Chilli Lime Chicken Fajita Salad, this salad is, dare I say, even better!
While creating this salad, my husband was watching me from the comfort of his safety zone, shaking his head while watching me throw ingredients around like no ones business, stopping to taste test every 5 seconds, adjusting ingredients and flavours as I went along, dancing to Beyonce in my kitchen. He eye-balled everything that was happening, looking at me like I was some crazed lunatic taking over his kitchen.
Grilled Cilantro Lime Chicken Salad With A Mango Salsa and a dressing that doubles as a marinade! Easy to make and BIG on flavours!
Ingredients
Marinade/Dressing:
- 3 tablespoons olive oil
- 1/2 cup freshly squeezed lime juice
- 1/2 cup fresh chopped cilantro (coriander)
- 4 cloves garlic , crushed
- 2 teaspoons honey
- 1 teaspoon brown sugar
- 1 teaspoon ground Cumin
- 1 1/4 teaspoon salt
Salad:
- 4 chicken thigh fillets , skin removed (no bone)
- 5 cups Romaine (Cos) lettuce leaves, washed and dried
- 1 red pepper (capsicum), deseeded and sliced
Mango Salsa:
- 1 large mango , diced
- 1 avocado , diced
- 1 green onion (shallot), peeled and thinly sliced
- Extra coriander leaves to garnish
- Red chili flakes , to garnish
Instructions
- Whisk marinade ingredients together to combine. Pour a third of the marinade into a shallow dish to marinade the chicken fillets for at least 15 minutes (ideally one to two hours if you have the time). Refrigerate the reserved untouched marinade to use as a dressing.
- Heat about one teaspoon of oil in a grill pan or skillet over medium-high heat and grill chicken fillets on each side until golden, crispy and cooked through. (Grill in batches of two to prevent excess water being released.) Once chicken is cooked, set aside and allow to rest.
- Wipe pan over with paper towel; drizzle with another teaspoon of oil and grill or fry peppers and until cooked to your liking.
- While peppers are cooking, prepare the mango salsa. Combine the mango, avocado and green onion in a bowl. Add in two tablespoons of the reserved dressing to the salsa. Set aside.
- Slice chicken into strips and prepare salad with leaves, sliced peppers and mango salsa. Top with the chicken strips. Drizzle with remaining dressing and serve with (optional) extra coriander leaves and red chill flakes.
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