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!
CRISPY GARLIC CHICKEN
CRISPY GARLIC CHICKEN
Are you in need of easy party appetizer ideas for the busy fall and holiday season? This crispy and sticky garlic chicken recipe is just what you’re looking for!
Nuggets of chicken breast meat are breaded and fried in a skillet. Then they’re covered in a sweet Asian inspired glaze with garlic, honey and soy sauce.
These yummy bites works perfectly for football, Thanksgiving or Christmas parties – or serve them with your favorite sides for dinner.
Now there are an awful lot of baked versions out there but I decided to go another way so these are pan fried.
crispy garlic chicken
Crispy chicken is tossed with a sticky and garlicky sauce to make a better-than-take-out dinner!
Course Appetizer, Main Course
Cuisine American, Asian
Prep Time 20 minutes
Cook Time 30 minutes
Total Time 50 minutes
Servings servings
Calories 272 kcal
Author Nora
INGREDIENTS
FOR THE SAUCE
- 3 cloves garlic minced
- 6 tablespoons honey
- 2 tablespoons soy sauce
- 2 tablespoons barbecue sauce
- 1 teaspoon fish sauce
- 1 teaspoon white wine vinegar
- 1/2 cup water
- 1 teaspoon cornstarch
FOR THE CHICKEN
- 1 pound boneless skinless chicken breasts, cut into chunks
- 1/2 cup flour
- 3 eggs
- 1/2 cup breadcrumbs
- Oil for frying
INSTRUCTIONS
TO MAKE THE SAUCE
- Add all sauce ingredients to a small saucepan and bring to a boil. Reduce the heat and simmer until starting to thicken. Set aside until all the chicken is done.
TO MAKE THE CHICKEN
- Pat the chicken dry. To a shallow dish add the flour. Whisk the eggs together in a second dish and put the breadcrumbs into a third. To bread the chicken coat it first with flour, then with eggs and finally with breadcrumbs. (For a more thorough tutorial on how to correctly bread chicken to give it a nice crispy coating check out this post.
- Heat a nonstick frying pan over medium high heat. Add oil and cook the chicken in batches for 6-8 minutes or until golden and crispy on the outside and cooked through on the inside.
TO ASSEMBLE
- Add all the cooked chicken into the pan and pour the sauce over it. Toss until everything is coated and the sauce has thickened to a syrupy consistency.
