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!
GREEK CHICKEN
A yogurt marinated chicken that’s beautifully tenderized and infused with terrific garlic and oregano flavours! If you’re new to the magical powers of yogurt marinades, this baked Greek Chicken is going to convert you for life! Brought to you in partnership with Farmers Union Greek Style Yogurt..
Yogurt is a magical marinade! This chicken is golden on the outside, beautifully tenderised on the inside and infused with terrific garlic-oregano flavours. Serve this with a Greek Salad and flatbread - or see in post for a full Greek Feast menu! Marinade time: Overnight, min 3 hrs.
Ingredients
- 1.25 kg / 2.5 lb drumsticks and chicken thighs , bone in skin on (Note 1)
- Marinade:
- 6 garlic cloves , minced (~ 2 tbsp)
- 2 tbsp white wine vinegar (or red wine or apple cider vinegar)
- 1/2 cup / 125 ml lemon juice
- 2 tbsp extra virgin olive oil
- 3/4 cup Greek yogurt (I use Farmers Union)
- 1 1/2 tbsp dried oregano
- 1 tsp salt
- 1/2 tsp black pepper
- Serving (optional):
- Plain Greek yogurt or Tzatziki
- Fresh oregano leaves (optional)
Instructions
- Mix Marinade ingredients in a large bowl.
- Add chicken and coat well. Marinade for 24 hours (3 hours minimum).
- Preheat oven to 180C.350F.
- Line a tray with foil (trust me), place rack on tray (optional).
- Place chicken on rack (reserve marinade), skin side up. Bake 30 minutes,
- Remove from oven. Brush with marinade - do not flip.
- Return to oven for 20 minutes or until golden and a bit crispy. Give it a spray of olive oil just before it's done if you want an extra crispy, shiny coat.
- Rest for a few minutes before serving. Juicy and tasty enough to serve plain but extra great with tzatziki or even some plain yogurt.
Notes
1. This recipe will also work great with wings (same cook time and temp), breast (bash with fist to 2cm / 4/5" even thickness, cook 20 minutes at 200C/390F), skinless boneless thigh (20 minutes at 200C / 390F).
2. MAKE AHEAD: Place chicken in marinade, then pop straight into the freezer. Defrost 24 hours in the fridge - during this time it will marinade. Cooked chicken can be refrigerated for up to 3 days or frozen for up to 3 months, but fresh is always best!
3. Based on the marinade from Greek Chicken Gyros.
4. Use Tzatziki recipe in this Greek Chicken Gyros.
5. Nutrition is overstated because it takes into account all the marinade. I have no way of guessing how much of the marinade actually ends up in the chicken.
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