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!
BBQ GRILLED CHICKEN
I had to measure a seasoning and give it to him. If it was not enough, he let me know. We did this over and over until he had his perfect combination of seasonings. Hooray, it is now written down. I am just hoping you will give this Best BBQ Grilled Chicken a try and leave him a message thanking him for his secret recipe. He has several other secret recipes. I would love for him to take time to write them down and share them on my blog. I am so thrilled this Best BBQ Grilled Chicken is now documented for my children and grandchildren to enjoy in the future.
INGREDIENTS
- 8-1/2 to 9 pounds of chicken, any chicken pieces will work, but I used a large family pack of breast and a large pack of legs.
- 2 tablespoons Cajun Seasoning
- And, two – 1/2 tablespoons granulated garlic
- Plus, two tablespoons Rotisserie Chicken Seasoning
- 1 tablespoon of black pepper
- 2 tablespoons Montreal Chicken seasoning (not steak)
- 1 tablespoon seasoning salt
- A bottle of your favorite barbecue sauce.
INSTRUCTIONS
- Wash and pat the chicken dry with paper towels.
- Place the chicken on a large baking sheet in a single layer.
- In a bowl, mix the seasonings together and sprinkle it over the chicken.
- Pat the seasonings in with your fingers.
- Refrigerate at least a couple of hours to overnight.
GRILL THE CHICKEN:
- Cook the chicken breast for 25 minutes at 400 degrees.
- Turn the breast over after 12 to 15 minutes.
- Cook the legs 45 minutes at 400 degrees.
- Turn the legs over after 25 minutes.
- Add your favorite barbecue sauce to the chicken just before removing from the grill.
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