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!
HONEY LIME CHICKEN SHEET PAN WITH ASPARAGUS
You guys probably know by now that I’m a big fan of one pot and one pan meals. Like this One Pot Teriyaki Rice or this Lemon Herb Chicken Sheet Pan. They are the perfect solution when you don’t feel like washing a ton of dishes.
Sheet pan meals are especially great for easy clean up. They’re the best for those busy weeknights when you don’t have time to be stuck standing over a hot stove.
For this Honey Lime Chicken Sheet Pan dish, I used chicken thighs this time just because I find they’re less likely to dry out as they cook. You can totally use chicken breasts if that’s what you have on hand though. Just be sure to adjust the cooking time according to the size of the chicken. This recipe also works great with lemon juice instead of lime if that’s what you have on hand.
Ingredients
- 6 chicken thighs or can use breasts or drumsticks if desired
- salt and black pepper to taste
- 3 Tablespoons low sodium soy sauce can substitute with gluten free tamari or coconut aminos for paleo-friendly version
- 2 Tablespoons fresh lime juice 1 lime
- 1/3 cup honey
- 2 teaspoons sesame oil
- 1/2 Tablespoon finely chopped cilantro can leave out if you're not a fan of cilantro
Seasonings:
- 1-1/2 teaspoons salt
- 1/2 teaspoon garlic powder
- 1/2 teaspoon black pepper
- 1/2 teaspoon chili powder leave out if sensitive to spice
- 1/2 teaspoon cumin
- 1/2 teaspoon smoked paprika
Vegetables:
- 1-1/2 cups broccoli florets
- 1 lb bunch of asparagus, trimmed
- 1/3 cup of yellow bell pepper chunks
- Meal Prepping:
- Side of your choice: rice pasta, quinoa, farro, potatoes etc.
- 4-5 lunch containers
Instructions
- Preheat the oven to 400ºF. Spray a large sturdy baking sheet with cooking spray or for easier clean-up, line with parchment paper or heavy-duty foil.
- Place the chicken thighs on the prepared baking sheet. Season with salt and black pepper to taste.
- In a small bowl, combine the soy sauce, lime juice, honey, sesame oil, and cilantro together. Drizzle 1/3 of the sauce over the chicken.
- Bake for 20 minutes. Meanwhile, combine the seasonings in a small bowl and set aside.
- After 20 minutes, remove baking pan from the oven, flip the chicken and place the asparagus, broccoli and bell peppers a long the sides of the chicken. Sprinkle the chicken and vegetables with seasonings and drizzle sauce over the vegetables and some more on the chicken (reserve 1 teaspoon for the end).
- Return the oven back to the pan and bake for another 10-15 minutes, or once the chicken is cooked through and has reached an internal temperature of 165ºF. (You may want to remove the vegetables first (so they don't overcook) if the chicken is not cooked through yet, depending on your level of preference.)
- Drizzle the chicken with additional sauce and turn the oven to broil for 1-2 minutes, until the chicken has a nice brown color (watch closely so the chicken does not burn).
- Sprinkle with chopped cilantro or parsley, if desired and serve hot.
- For meal prepping: Make the rice, potatoes, quinoa or pasta while the chicken is cooking. Divide evenly into lunch containers and store in the fridge for up for up five days.
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