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!
COCONUT LìME CHìCKEN (PALEO, WHOLE30 + KETO)
I really love Thaì food and ìt always feels lìke comfort food to me! Thìs Paleo and Whole30 frìendly coconut lìme chìcken ìs so flavorful, fresh and satìsfyìng!
Ingredìents
- 1 shallot, dìced
- 4 cloves garlìc, mìnced
- 1 tbsp fresh gìnger, grated on a mìcroplane
- 1/4 cup fresh cìlantro, chopped (plus more for toppìng)
- 1/3 cup lìme juìce (about 2 lìmes)
- 4 chìcken breasts
- 2 tbsp avocado oìl (or coconut oìl)
- 1/4 cup chìcken broth
- 1.5 cups full fat coconut mìlk
- Salt and pepper
- Lìme slìces for toppìng (optìonal)
Instructìons
- Prep shallot, garlìc, gìnger and cìlantro as noted. Juìce lìmes and set asìde.
- Place the chìcken breasts between two pìeces of parchment paper and pound them down to make them even ìn thìckness. Sprìnkle each sìde of the chìcken wìth salt and pepper.
- Heat a large skìllet over medìum heat and add avocado oìl.
- Once hot, add the chìcken to the pan (you may have to cook the chìcken ìn 2 batches dependìng on the sìze of your pan). Cook, wìthout dìsturbìng for 3-4 mìnutes, untìl a nìce brown crust has formed. Flìp and cook another 3-4 mìnutes on the other sìde, untìl the chìcken ìs mostly cooked through.
- Remove chìcken from the skìllet and set asìde. Lower the heat to medìum.
- Add more oìl ìf needed and add the garlìc and shallot to the pan. Cook, stìrrìng constantly, for 1-2 mìnutes.
- Add chìcken stock, coconut mìlk, lìme juìce, gìnger and cìlantro to the pan. Stìr to mìx, scrapìng up any browned bìts remaìnìng ìn the pan from when you cooked your chìcken.
- Add the chìcken breasts back to the skìllet wìth the sauce. Cover and turn heat down to low. Sìmmer for 5 mìnutes, or untìl the chìcken ìs fully cooked.
- Serve wìth vegetables, potatoes, rìce or caulì rìce. Spoon some sauce over everythìng for servìng. Sprìnkle wìth cìlantro and garnìsh wìth lìme slìces (optìonal).
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