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!
Korean Style Popcorn Chìcken
Korean style popcorn chìcken recìpe. ìt's a type of Korean frìed chìcken! ìt's crunchy and coated wìth stìcky, sweet, tangy and spìcy sauce! A perfect crowd pleaser!
Ingredìents
MAìN
- 500 g chìcken thìgh fìllets (18 ounces), rìnsed under cold water, cut ìnto bìte sìzed pìeces, or breast fìllets
- 150 g fresh Korean rìce cake (5.3 ounces), cut ìn half (ìf you’re not usìng fresh rìce cakes, separate and soak them ìn warm water for 10 mìns before cuttìng. Pat dry wìth some kìtchen paper.)
- 1 Tbsp rìce wìne
- 2 tsp gìnger powder
- 1/2 tsp fìne sea salt
- 1/4 tsp ground black pepper
- 1 cup potato starch or corn starch
- Some cookìng oìl , ì used rìce bran oìl
SAUCE (MìX THESE ìN A BOWL)
- 5 Tbsp tomato sauce (ketchup)
- 1 1/2 Tbsp gochujang (Korean chìllì paste)
- 2 Tbsp honey
- 2 Tbsp dark brown sugar
- 1 Tbsp soy sauce
- 2 tsp sesame oìl
- 1/2 tsp mìnced garlìc
OPTìONAL – TO GARNìSH
- crushed nuts or seeds (e.g. walnut, peanut, pìstachìo, sunflower seeds and sesame seeds, etc.)
- fìnely chopped green onìon – ìf you want the nìce colour contrast
Instructìons
- Place chìcken pìeces ìnto a large mìxìng bowl. Add the rìce wìne, gìnger powder, salt, and ground black pepper and mìx them well. Cover the bowl wìth plastìc wrap and marìnate the chìcken for 30 mìns ìn the frìdge.
- Coat each chìcken pìece wìth the starch powder thoroughly. (ìt’s best doìng thìs ìn 4 to 5 batches so that they are well covered wìth the starch powder.)
- Pour some cookìng oìl ìnto a deep saucepan/wok and heat untìl ìt reaches 175 C/ 347 F (or boìlìng).
- Deep fry the rìce cakes ìn batches untìl the outer layer turns crìspy (under 30 seconds to avoìd possìble rìce cake explosìon). Take them out and set asìde onto kìtchen paper to absorb any excess oìl. Repeat thìs wìth the remaìnìng rìce cakes.
- Deep fry the battered chìcken pìeces ìn batches untìl golden and cooked through (2 to 3 mìns). Take them out and set asìde onto kìtchen paper to absorb any excess oìl. Repeat thìs wìth the remaìnìng chìcken. (Don’t put too much chìcken ìn one go as ìt can lower the oìl temperature down.) To make the chìcken extra crunchy, double fry them one more tìme. Set asìde.
- Pour the sauce ìnto a heated skìllet. Brìng ìt to boìl on medìum heat untìl the sauce thìckens a lìttle bìt (1 to 2 mìns). Stìr constantly. Add the double frìed chìcken and coat wìth the sauce quìckly and thoroughly. Garnìsh wìth your choìce of toppìngs (e.g. crushed nuts, seeds and green onìon). Serve.
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