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 BBQ CHICKEN SKEWERS
KOREAN BBQ CHICKEN SKEWERS
A little sweet and a little heat makes for a flavorful marinade and delicious BBQ sauce on these Korean BBQ Chicken Skewers!
BBQ season has arrived! This winter just dragged on and on (and on)…we actually had so many snow days this year that school won’t get out until the end of June! It feels like spring just pretty much bypassed us this year. Of course its still not very warm, but it’s warm enough to start firing up the grill.
There’s something about grilling that brings out an amazing flavor. Most of us don’t understand the science of barbeque, but it’s very real…there are actually chemical reactions taking place on your grill that are making your food taste so great!
Quick and simple marinade doubles as a BBQ sauce. Brining chicken first also makes for flavorful and easy grilling recipe!
Ingredients
- 2 lbs of chicken breasts, cut into chunks
- 1 red pepper, cut into large chunks
- 1 tablespoon sesame seeds
- 2 scallions, chopped, green parts only
KOREAN BBQ MARINADE
- 1/4 cup red onion, grated
- 1 tablespoon fresh ginger, grated
- 3 cloves of garlic, minced
- 1 cup Soy Sauce (I prefer Gluten Free Tamari)
- 3/4 cup brown sugar
- 1 tablespoon sesame oil
- 2 tablespoons rice wine vinegar
- 2 tablespoons chili-garlic sauce
KOREAN BBQ SAUCE
- 1 cup Korean BBQ Marinade
- 1 tablespoons cornstarch
- 1 tablespoons cold water
Instructions
- Cut chicken into chunks and place into ziplock bags or bowl.
- Grate red onion and fresh ginger. Mince garlic.
- Whisk together red onion, ginger, garlic, Soy Sauce, brown sugar, sesame oil, rece wine vinegar and chili-garlic sauce to make marinade.
- Pour marinade, reserving 1 cup, over chicken and refrigerate the chicken for 2 hours.
- Take the remaining cup of marinade and place it into a small pot and cook over medium heat. Bring it to bubbling...stir often and keep an eye on it to make sure it doesn't burn. Allow it to simmer for about 5 minutes. Mix cornstarch and water into a slurry; then add to the marinade and cook for another 3-4 minutes minutes. Remove from the heat and allow the BBQ sauce to cool.
- Core and seed red pepper; cut into chunks.
- Remove the chicken from the marinade and alternate the chicken and red pepper chunks on skewers.
- Grill 6-8 minutes on each side. Brush on extra BBQ sauce during grilling. Make sure internal temperature of chicken reaches 165° Fahrenheit using a meat thermometer.
- Sprinkle the sesame seeds and green parts from the scallions on the cooked chicken skewers.
- Enjoy!
