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!
FILIPINO CHICKEN ADOBO
Learn how to make easy chicken adobo, a flavorful Filipino meal with sliced onions and a bold tangy sauce. Keto and low carb.
RECIPE OVERVIEW
This recipe refers to
Filipino chicken adobo, not the
adobo sauce that originated in Spanish cuisine. The Filipinos independently developed a similar sauce, which Spanish colonists called “adobo” because of some similarities, hence the name.
Filipino chicken adobo combines chicken with vinegar and soy sauce, plus aromatics like onions and garlic. It’s simmered on the stovetop until the chicken is tender and the sauce is reduced.
The resulting sauce is a bold sauce bursting with flavor. It’s tangy, salty, and rich. If you don’t like strong sauces and prefer blander foods in general, this dish is definitely not for you.
I first made
chicken adobo in the Instant Pot, and later adapted it for the stovetop. Both recipes have nearly identical ingredients. The main difference is that the pressure cooker version has a much thicker sauce, and does a thorough job of breaking down the onions so that they impact significant sweetness to the resulting sauce.
- 2 pounds boneless skinless chicken thighs (about 7)
- 1/2 cup low-sodium soy sauce
- 1/3 cup white vinegar
- 1 small onion sliced
- 5 cloves garlic minced
- 3 bay leaves
- 1 scallion sliced
- 1 tablespoon olive oil
- 1/4 teaspoon cayenne
- salt and coarse black pepper
In a bowl, stir together soy sauce, vinegar, garlic, and cayenne until well-mixed. Set aside.
Pat chicken thighs dry with paper towels. Trim any excess fat. Generously season them on both sides with salt and pepper.
Heat a 10 inch pan over medium-high heat. When the pan is hot, add olive oil to coat the bottom of the pan. Add chicken thighs in a single layer. Cook for a few minutes to brown, flip, and repeat for the other side.
Reduce to medium-low heat. Evenly distribute onions and bay leaves on top of the chicken. Evenly pour soy sauce and vinegar mixture over the chicken and onions.
Cover with a lid and simmer for 10 minutes.
Uncover, and increase to medium heat. Cook for 15 minutes to let the flavors soak in.
Flip the chicken thighs. Cook for another 15 minutes or until the sauce is thickened to your preference.
Turn off the heat. Remove the bay leaves, if desired. Top with scallions, and serve.
This recipe yields 6.5 g net carbs per serving (about 2 chicken thighs or 1/4 of recipe).
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