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!
Grilled Lemon Greek Chicken Salad
Grilled Greek Chicken Salad is the perfect healthy chicken salad and is bursting with spring and summer flavors! Topped with a red wine vinaigrette, this would make a great lunch and is hearty enough to serve for dinner.
Tips for making Grilled Greek Chicken Salad- It’s really important that you don’t skimp on the marinating time! Leaving the chicken in the marinade for at least an hour will allow the flavors to permeate the chicken before you cook it.
- If you don’t want to cook the chicken on and outdoor grill then I recommend you use a cast iron grill pan, it does a fantastic job!
- If your red wine vinaigrette has been sitting for a while you’ll need to remix it before you pour it over your grilled Greek Chicken salad.
- Don’t like Feta? You can substitute it for another cheese instead, but it may not be truly Greek then!
GRILLED GREEK CHICKEN SALAD
Easy Grilled Greek Chicken Salad, full of fresh flavors!
Ingredients
- 2 cups Romaine lettuce
- 2 cups baby spinach
- 1 cup feta cheese cubed or crumbled
- 1 cup cherry tomatoes halved
- 3/4 cup Kalamata Olives pitted
- 1/2 English cucumber sliced
- 1/4 red onion thinly sliced
GREEK CHICKEN SALAD MARINADE
- 4 chicken thighs skinless and boneless
- 2 tbsp olive oil
- 4 cloves garlic crushed
- 2 tsp oregano
- 1 tsp salt
- 1/2 tsp pepper
RED WINE VINAIGRETTE DRESSING
- 4 tbsp olive oil
- 2 tbsp red-wine vinegar.
- 1 tbsp honey
- 1/2 tsp salt
- 1/2 tsp pepper
Instructions
- Mix together the Greek chicken salad marinade and pour over the chicken. Marinate for 1 hour.
- Cook the chicken on a grill or in a cast iron skillet with a little oil on a medium heat until it's cooked all the way through. Usually takes about 10 minutes.
- To make the red wine vinaigrette mix all the ingredients together to combine. taste it and adjust the salt and pepper if needed
- Assemble your Greek chicken salad by adding the grilled chicken, romaine, spinach, feta cheese, tomatoes, olives, cucumber, and onions.
- Pour over the red wine vinaigrette and toss the salad, you may not need all the dressing.
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