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 Hawaiian Chicken Burgers {Paleo, Whole30}
Grilled Hawaiian Chicken Burgers {Paleo, Whole30}
These grilled Hawaiian Chicken Burgers are super quick to make, packed with flavor, spice and they’re Whole30 compliant! Serve in butter lettuce wraps topped with plenty of chipotle ranch for an easy weeknight dinner. Perfect for grilling season or anytime!
Did you know that I eat burgers WAY more than I post them?
I’m thinking of changing that ASAP – because burgers, generally speaking, are one of life’s little pleasures that no one (but especially Paleo peeps!) should live without!
When I think of burgers, I’m thinking outside the bun (of course) to flavor and toppings. I want the entire plate to be exploding with flavor, whether we’re talking about a good ‘ol bacon burger with sweet potato fries, or something a bit different, like these hawaiian chicken burgers!
Ingredients
- Coconut oil or olive oil for brushing grill/skillet
- 1 lb ground chicken not too lean
- 1 1/2 Tbsp coconut aminos
- 1/4-1/2 tsp fine grain sea salt less if you’re sensitive to saltiness
- 1 tsp smoked paprika
- 3/4 tsp chili powder I used ancho chili powder, you can use any
- 1/2 tsp ground cumin
- 1/2 tsp garlic powder
- 4 pineapple slices about 1/2” thick (you can use canned, in juice only, as an alternative to fresh)
- 1/2 cup chipotle ranch sauce see below
- Butter lettuce for serving
- Cilantro or green onion for serving
- chipotle ranch sauce:
- 1/4 cup + 2 Tbsp Paleo mayo - either homemade* or purchased**
- 1/2 tsp chipotle chili powder
- 1/2 tsp fresh lemon juice
- 1 tsp onion powder
- 1/2 tsp garlic powder
- 1/2 tsp smoked paprika
- 1 tsp dried chives
- Optional salt to taste
Instructions
- Prepare the chipotle ranch sauce prior to starting- Mix all ingredients in a small bowl until well blended and refrigerate until ready to use.
- Preheat your grill or grill pan to medium high heat and brush with coconut or olive oil.
- In a large bowl, mix ground chicken with coconut aminos, salt, paprika, chili powder, cumin, and garlic powder. Since the meat mixture will be somewhat sticky, wet your hands with water, then form into patties.
- Grill about 3 minutes on each side, until juices run clear. The first side should be nicely charred before flipping.
- If you have room, you can grill the pineapple slices alongside the chicken burgers for the last 2 mins of cooking time, flipping after the first side has deep golden brown grill marks.
- To serve, place burgers over butter lettuce, then top with chipotle ranch sauce and a grilled pineapple slice. Garnish with thinly sliced green onion or cilantro for garnish. Enjoy!
