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!
CHICKEN AND AVOCADO TACOS WITH CREAMY CILANTRO SAUCE
Spicy pan grilled chicken and avocado tacos topped with a creamy cilantro lime sauce. These tasty tacos are bursting with flavor and are made in under 30 minute
Take tacos to a whole new level with the addition of avocado and my favorite cilantro cream sauce. If you’ve had my popular shrimp tacos, then you’re going to love this chicken version. The chicken and avocado make a delicious pair and complement each other perfectly. The real star of the dish is this flavor-packed cilantro lime sauce. It’s creamy, zesty and makes a delicious addition to the chicken and avocado.
Stove-top grilled chicken tacos topped with avocado and a creamy zesty cilantro lime sauce in under 30 minutes.
Ingredients
- For the Chicken
- 1 pound chicken breasts cut into bite size pieces
- 2 tbsp olive oil
- 2 clove garlic crushed or minced
- 1 tbsp chili powder
- 1/2 teaspoon ground cumin
- 1/4 teaspoon onion or garlic powder
- 1/4 teaspoon kosher salt
- 1 tbsp olive oil
- squeeze of lime optional
- cilantro lime sauce
- 1/2 cup sour cream or Greek Yogurt or Mayo
- 1/4 cup cilantro
- 1 clove garlic
- 1 teaspoon lime juice
- salt and pepper to taste
- To Assemble
- 2 avocados, sliced
- 6-8 small tortillas corn or flour
Instructions
- To Make Chicken
- Chop 2-3 medium chicken breasts into small bite-size pieces. In a medium bowl whisk together olive oil, garlic, chili, cumin, onion powder, and salt. Add in chicken and toss to coat completely. Cover and refrigerate for at least 10 minutes or up to 48 hours.
- To cook: Heat a large heavy-duty or cast iron skillet on high heat for 1 minute. Add the olive oil and chicken. Cook chicken in a skillet over medium-high heat until charred and cooked through, 8-12 minutes. Turn off heat and finish with a squeeze of lime (optional).
- To Make the Cilantro Lime Sauce
- Add the sour cream, cilantro, garlic, lime juice and salt & pepper to blender or food processor. Blend for 30 seconds to 1 minutes or until creamy.
- To Assemble:
- Char tortillas on stove-top if desired. Add some of the chicken to the warmed tortillas. Top with avocado and cilantro sauce.
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