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!
INSTANT POT CILANTRO LIME CHICKEN AND RICE
Bright, flavourful, and quick to prepare. This Instant Pot recipe features chicken and rice cooked in an easy to make cilantro and lime sauce. Top it off with fresh vegetables for a perfect family dinner.
INGREDIENTS
- 1½ lb. boneless skinless chicken thighs
- 1½ cups white rice, rinsed
- 2-4 tbsp olive oil, divided
- 1 onion, chopped
- 1 large bell pepper, seeded and chopped
For the sauce:
- 1½ cups light coconut milk (from a can), stirred well
- 2 cups (loosely packed) fresh cilantro, plus more for topping
- 2-3 limes, zest and juice *(see first note)
- 2-inch fresh ginger
- Salt and pepper, to taste
Optional toppings:
- 1 heaping cup grape tomatoes, halved
- 1 heaping cup English cucumber, quartered lengthwise and chopped
- Lime wedges
INSTRUCTIONS
- Place the sauce ingredients in a food processor and blend until the ingredients are well combined. Set aside.
- Dry and lightly season the chicken thighs with salt and pepper on both sides.
- Set the Instant Pot to "sauté”. Pour in a tablespoon of olive oil and place the chicken thighs flat in a single layer into the Instant Pot (you will probably need to do this in 2-3 batches). Lightly brown the chicken on each side, about 2-3 minutes. Remove the chicken onto a plate and set aside.
- Pour another tablespoon of olive oil into the pot along with the onions and peppers. Using a wooden spoon, stir frequently until the vegetables begin to lightly brown and soften, about 2-3 minutes. If there are brown bits left from the chicken, scrap the bottom to remove/dissolve the bits.
- Press “cancel” to turn off the Instant Pot. Place the chicken thighs (spread out flat) within the ingredients in the pot. Top with half of the sauce making sure it gets distributed amongst the chicken and vegetables.
- Top the mixture with rice (spread into a thin even layer) and pour the remaining sauce over the top of the rice, patting the rice gently to make sure it is soaked with the sauce.
- Seal the Instant Pot and cook at high pressure (“manual” function) for 10 minutes. After it is ready, carefully apply a quick pressure release to completely depressurize (until floating valve drops).
- Open the Instant Pot and plate the chicken and rice **(see second note). Taste for additional salt and pepper. Top with tomatoes, cucumbers, cilantro, and lime wedges if you like. Best served immediately.
NOTES
- Two to three limes yield about ¼ cup of juice and 6 tsp of zest.
- I like to remove and slice the chicken, but you can also shred the chicken using two forks and then mix it back into the rice if you prefer.
- Nutritional information represents one serving for a total of eight servings.
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