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!
COPYCAT KONA GRILL FRIED RICE (AKA THE BEST FRIED RICE)
As most fried rice recipes go, you begin by stir-frying a little bit of onion, garlic, ginger, carrot, and celery in some screaming hot peanut oil. From there the veggies come out, and the pineapple and sausage go in to caramelize a bit in the oil. The pineapple and sausage come out, and the rice goes in to fry and crisp up.
Everything along with the baby shrimp goes back in to the hot skillet, and a sauce of tamari, pineapple juice, oyster sauce, sesame oil, and rice vinegar is poured over, it’s tossed a few times, sprinkled with green onion and it’s ready to be served.
This is meant to be a side, but it’s PLENTY to feed to two people for dinner.
INGREDIENTS
- 1 cup long-grain brown rice
- 2 cups water
- 1 tsp. sesame oil
- 2 Tlbs. tamari (or soy sauce)
- 1 tsp. oyster sauce
- 1 tsp. rice vinegar
- 1 (8 oz.) can sliced pineapple in 100% juice, reserve juice and chop pineapple into bite-sized pieces
- 3 tsp. wok or canola oil
- ⅓ cup chopped onion
- 1 large garlic clove, chopped
- ½ tsp. minced ginger
- ⅔ cup shredded carrot
- ¼ cup chopped celery
- 4 oz. andouille sausage, chopped
- 4 oz. tiny shrimp
- 2 green onions, finely chopped
INSTRUCTIONS
- Rinse rice under cold water for 30 seconds. Add rice and water to a rice cooker. Set to brown rice and cook until fluffy. Or, if you don't have a rice cooker, cook rice according to package instructions. Cool rice completely. I like to spread the cooked rice on a baking sheet and pop in to the fridge to blast chill. You want the rice to be cold when you cook it. You can do this the day before, or earlier in the day to save time.
- Whisk sesame oil, tamari,oyster sauce, 1 Tlbs. pineapple juice from canned pineapple, and rice vinegar together in a small bowl. Set aside.
- Heat a large non-stick skillet or seasoned wok to a high heat. Add one teaspoon of oil. Add onion, garlic, shredded carrot, celery, and ginger. Stir-fry with a spatula until slightly softened, about 2 minutes. Transfer to a plate.
- Add another teaspoon of oil to skillet or wok. Add pineapple and chopped sausage. Stir-fry with a spatula until caramelized, about 30 seconds to one minute. Transfer pineapple and sausage to the same plate with veggies.
- Add remaining oil to pan, add cooled rice. Stir-fry with a spatula for 1-2 minutes until hot and rice is started to crisp up. Add veggies, pineapple, sausage, and shrimp back to the pan with the rice. Stir-fry 30 seconds to 1 minute or until everything is incorporated. Add sauce. Continue to toss with the rice with the spatula until he sauce has fully cooked in to the rice. Add green onion, toss. Season to taste with salt and pepper.
NOTES
To save time, buy 3 cups of cooked brown rice from your local Chinese carryout restaurant.
White rice can be substituted.
Serve with this Hawaiian Chicken
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