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 Lemon Paleo Chicken Recipe {Paleo, Gluten-Free, Clean Eating, Dairy-Free}
This has a simple breading and after it’s all golden brown, you make a quick lemon sauce right in the pan. I’ve made this hundreds of times and I still love it. Make extra sauce to put over noodles, cauliflower or the carb of your choice.
INGREDIENTS
- 1 3/4 Pounds Chicken tenders
- 1/3 Cup Flour of Choice (such as cassava flour, Paleo flour, TigerNut Flour, gluten-free flour, regular flour, wheat flour, einkorn flour, spelt flour or arrowroot starch. I’ve tried so many kinds of flour and they all turned out.)
- Real Salt (to taste)
- Ground Pepper (to taste)
- 1/4 Cup Extra Virgin Olive Oil
- 3 Tbl Grass Fed Butter (divided (leave out for dairy-free or use an oil of your choice))
- 1 Cup Chicken Stock
- Fresh Lemon Juice (Use juice of 1 1/2 large or 2 small lemons)
- 1 Fresh Lemon (for garnish)
- Fresh Parsley (for garnish)
INSTRUCTIONS
- In a medium sized mixing bowl, combine the flour with a few pinches of salt and pepper.
- Toss the chicken tenders in the flour until well coated.
- Heat 2 tablespoons of oil to medium/high in a large frying pan.
- Add 1 tablespoon of the butter.
- Add half of the flour coated chicken tenders to the skillet, keeping them from touching. Cook until the chicken is golden brown on the bottom.
- Turn over and brown on the other side.
- Remove chicken from pan and add in the remaining tablespoon of Olive oil and 1 tablespoon of butter.
- Add the remaining chicken tenders to the pan and cook in the same manner. When the chicken has been browned on both sides, add the previously cooked chicken back to the pan.
- Pour the chicken stock and lemon juice into the pan and bring to a simmer. Let simmer for 2-3 minutes, or until sauce has reduced by half and thickened.
- Check seasonings and add more salt, if desired.
- Add lemon slices and chopped fresh parsley to the pan to garnish.
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