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!
Kung Pao Chicken with Zucchini
This Low Carb & Low Calorie(Less than 300 Calories) Chicken and Zucchini stir fry has a sauce that combines salty, sweet, sour, and spicy flavors. Topped with crushed peanuts – it's pretty hard to pass this up! The Zucchini makes a great substitute for noodles.
Ingredients
- 2 medium zucchini, about 8 oz. each, ends trimmed
- 1 teaspoon grape seed or canola oil
- 6 oz. skinless chicken breasts, cut into ½-inch pieces
- Kosher salt and freshly ground black pepper, to taste
- ½ red bell pepper, cut into ½-inch pieces
- 1 teaspoon sesame oil
- 2 cloves garlic, minced
- 1 tsp fresh ground ginger
- 2 tbsp. crushed dry roasted peanuts
- 2 tbsp. thinly sliced scallions along diagonal
- For the sauce:
- 1½ tbsp. reduced soy sauce (tamari for gluten free)
- 1 tbsp. balsamic vinegar
- 1 tsp hoisin sauce
- 2½ tbsp. water
- ½ tbsp. Sambal Oelek Red Chili Paste (or more to taste)
- 2 tsp sugar
- 2 tsp cornstarch
Directions
- Using a spiralizer fitted with a shredder blade (this makes a thicker noodle), or a mandolin fitted with a julienne blade, cut the zucchini into long spaghetti-like strips.
- In a small bowl, whisk together soy sauce, balsamic, hoisin, water, red chili paste, sugar and cornstarch; set aside.
- Season chicken with salt and pepper, to taste. Heat oil in a large, deep nonstick pan or wok over medium-high heat. Add the chicken and cook until browned and cooked through, about 4 to 5 minutes. Set aside.
- Reduce heat to medium, add sesame oil, garlic and ginger to the skillet and cook until fragrant, about 30 seconds. Add the bell pepper, stir in soy sauce mixture and bring to a boil; reduce heat and simmer until thickened and bubbling, about 1-2 minutes. Stir in zucchini noodles and cook, mixing for about two minutes until just tender and mixed with the sauce. If it seems dry, don't worry the zucchini will release moisture which helps create a sauce. Once cooked, mix in chicken and divide between 2 bowls (about 2 cups each) and top with peanuts and scallions.
Notes
If using a spiralizer, use kitchen scissors to cut the strands into pieces that are about 8 inches long so they’re easier to eat.
Weight Watcher Points: Old points 6, Points + 7
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