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!
One-Pan Southwestern Chicken Burrito Bowl
This One-Pan Southwestern Chicken Burrito Bowl is a flavor packed version of my popular One-Pan Chicken Burrito Bowl recipe. This recipes gets an extra punch of flavor from canned fire roasted tomatoes, sweet yellow corn and tender black beans. This burrito bowl tastes even better than take out, and is delicious topped with fresh green onions, cool sour cream and even salsa and guacamole.
Start with a large covered sauté pan. Brown diced chicken in olive oil, then add diced onions, jalapeños and bell pepper. Once the vegetables have started to soften, move them to one side of the pan and toast the rice on the other side. This is an essential part of the recipe, the rice needs to be toasted before adding the liquids so it doesn’t get starchy and sticky.
Ingredients
- 2 tablespoons of olive oil
- 1 pound of boneless skinless chicken breast, diced
- 1 teaspoon of kosher salt and freshly ground pepper to taste
- 1 small onion diced
- 1 red bell pepper diced
- 1 jalapeno seeded and diced
- 1 cup of uncooked extra long grain white rice
- 2 1/2 cups of low-sodium chicken broth
- 1 14.5 oz can of diced fire roasted tomatoes drained
- 1 15 oz can of black beans drained and rinsed
- 1 15.25 oz can of corn drained
- 1 teaspoon of garlic powder
- 1/2 tablespoon of chili powder
- 1 teaspoon of smoked paprika
- 1 teaspoon of cumin
- 2 cups of shredded colby-jack cheese
- diced green onion
- sour cream
Instructions
- Season diced chicken with 1 teaspoon of kosher salt and 1/2 teaspoon of black pepper.
- Brown chicken in 2 tablespoon of olive oil.
- Add onions, bell pepper and jalapeño, continue cooking until onions and peppers start to soften.
- Move chicken to one side of pan, in the other side of the pan add an additional tablespoon of olive oil and sauté uncooked rice for about 2 minutes or just until some grains start to turn golden brown.
- Stir in black beans, canned tomatoes, corn, chicken broth, garlic powder, chili powder, smoke paprika and cumin.
- Bring to a simmer, cover and reduce heat to low.
- Cook about 20 minutes or until rice is tender.
- Season with additional salt and pepper as needed.
- Sprinkle with cheese, recover and let set for 2-3 off heat to melt cheese.
- Garnish with fresh green onions and sour cream.
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