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!
MEXICAN PULLED CHICKEN
Mexican Pulled Chicken is easy to make, super flavorful and the basis for so many delicious meals!
The key is to use a mix of white and dark meat in this recipe (we used a combination of boneless chicken thighs and breasts) – because the thigh meat lends so much more flavor and juiciness to the finished dish than using the breast meat alone.
Since originally posting this recipe back in February 2013, this Mexican Pulled Chicken has become one of our most popular recipes of all time. We’ve updated the photos and created a video (scroll up above to watch it) since our original post.
INGREDIENTS
- 1 sweet red pepper, stemmed and seeded and cut into large rings
- 1 large onion, trimmed and cut into large rings
- 2 pounds boneless skinless chicken breast halves, trimmed
- 2 pounds boneless skinless chicken thighs, trimmed
- 4 tablespoons cider vinegar
- 2 14.5 ounce cans diced tomatoes
- 4 tablespoons tomato paste
- 4 tablespoons Agave Nectar
- 2 tablespoons whole grain mustard
- 2 teaspoons onion powder
- 1 teaspoon cumin
- 1 teaspoon chili powder
- 1 teaspoon garlic powder
- 1 teaspoon Tabasco sauce
- 1 tablespoon dried oregano (leaves)
- 1 tablespoon coriander
- 2 tablespoons Rocket Fuel (or your favorite hot sauce)
INSTRUCTIONS
- Preheat oven to 275 degrees F.
- Spray a pan or glass baking dish with non-stick cooking spray and lay pepper and onion rings on the bottom.
- Lay chicken over onions and peppers.
- In a medium sauce pan, place all other ingredients and heat to a boil. Stir to combine ingredients and remove from heat.
- Pour the tomato mixture over the chicken. Cover with parchment paper then foil. (The parchment paper will prevent the tomato acids from reacting with the foil.)
- Place in oven for three hours.
- Remove the pan from oven and peel off parchment paper and foil.
- Place chicken on a cutting board and shred with two forks.
- Pour remaining mixture from baking dish into a strainer and strain out most of the liquid then place back into baking dish
- Place pulled chicken meat back in with tomato mixture in baking dish and mix to combine.
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