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 STEAK
Chicken Steak – Bistec de Pollo a la Plancha, in Spanish, is popular dish that’s found in Cuban restaurants all over Miami. Chicken steak is a simple, quick dish that can easily be made at home. In this recipe, chicken breast is pounded thin, generously seasoned and fried until golden. Then it’s served with cooked onions and plenty of lime wedges. Great sides for this meal include rice, beans, plantains, mashed potatoes or salad. Enjoy!
CHICKEN STEAK INGREDIENTS
- 1½ – 2 lbs. Chicken Breasts, (2-3 pieces) boneless, skinless pounded to ¼ inch thick
- 1 tsp. Salt
- ½ tsp. Garlic Powder
- ¼ tsp. Cumin
- ¼ tsp. Black Pepper, or to taste
- 3-4 tbsp. Canola or Vegetable Oil, divided
- 1 Large Onion, thinly sliced
- Lime Wedges, for serving
PREPARATION
- Slice each chicken breast in half, lengthwise. Pound each piece, using a meat mallet, to about ¼ inch thick. Set aside.
- Add the salt, garlic powder, cumin, and pepper to a small bowl, stir to mix well. Season the chicken on both sides with the seasoning mix. Set aside.
- Preheat the oven to warm or to its lowest setting.
- Heat 2 tbsp. of the oil in a large skillet over medium-high heat. Add 2 or 3 pieces of chicken to the skillet (do not overcrowd the pan, fry in batches). Cook the chicken 3-4 minutes per side, until it’s a nice golden color and cooked through. Remove the skillet from the heat, remove the chicken from the skillet and place on a baking pan. Keep warm in the oven. Add 1 or 2 tablespoons of oil to the skillet and place it back over medium heat. Then repeat the steps until all of the chicken is cooked. Keep the chicken warm in the oven until ready to serve.
Cook’s Notes: The chicken may brown quicker on the second batch; lower the heat if necessary.
Do not wash or wipe the skillet. Place it back over medium-low heat. Add the sliced onions and cook them for 3-5 minutes, stirring frequently.
Serve the chicken steaks with the cooked onions and some lime wedges. Enjoy!
Serves 4-6
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