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 GARLIC CHICKEN AND VEGGIES
The easiest one pot recipe ever. Simply throw everything in and that’s it! No cooking, no sauteeing. SO EASY!
Rain or shine, winter or summer, slow cookers are meant to be used 365 days of the year, and it comes in really handy when you move into a new home and you have no idea if the oven/gas range is working yet.
Seriously. We have been living in our new home for less than a week and I have yet to test out the stove. But my slow cooker never fails me, especially in this glorious one pot meal, packed with the most flavor-packed chicken thighs and three different kinds of veggies.
I highly recommend using if you decide to broil the chicken at the very end to help crisp up the skin. But this is a completely optional step so if you decide to skip this, it is best to use boneless, skinless chicken thighs (or boneless, skinless chicken breasts). You can’t go wrong either way!
SLOW COOKER HONEY GARLIC CHICKEN AND VEGGIES INGREDIENTS:
- 8 bone-in, skin-on chicken thighs
- 16 ounces baby red potatoes, halved
- 16 ounces baby carrots
- 16 ounces green beans, trimmed
- 2 tablespoons chopped fresh parsley leaves
FOR THE SAUCE
- 1/2 cup reduced sodium soy sauce
- 1/2 cup honey
- 1/4 cup ketchup
- 2 cloves garlic, minced
- 1 teaspoon dried basil
- 1/2 teaspoon dried oregano
- 1/4 teaspoon crushed red pepper flakes
- 1/4 teaspoon ground black pepper
DIRECTIONS:
- In a large bowl, combine soy sauce, honey, ketchup, garlic, basil, oregano, red pepper flakes and pepper.
- Place chicken thighs, potatoes, carrots and soy sauce mixture into a 6-qt slow cooker. Cover and cook on low heat for 7-8 hours or high for 3-4 hours, basting every hour. Add green beans during the last 30 minutes of cooking time.
- OPTIONAL: Preheat oven to broil. Place chicken thighs onto a baking sheet, skin side up, and broil until crisp, about 3-4 minutes.
- Serve chicken immediately with potatoes, carrots and green beans, garnished with parsley, if desired.
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