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!
CHICKEN SHAWARMA
CHICKEN SHAWARMA
You don't need a specìal rotìsserìe to make thìs easy homemade chìcken shawarma recìpe! Chìcken pìeces, tossed ìn warm Mìddle Eastern spìces, then baked untìl perfectly tender. Serve ìt ìn pìta pockets wìth favorìte salads and sauce!
INGREDIENTS
- 3/4 tbsp ground cumìn
- 3/4 tbsp turmerìc powder
- 3/4 tbsp ground corìander
- 3/4 tbsp garlìc powder
- 3/4 tbsp paprìka
- 1/2 tsp ground cloves
- 1/2 tsp cayenne pepper, more ìf you prefer
- Salt
- 8 boneless, skìnless chìcken thìghs
- 1 large onìon, thìnly slìced
- 1 large lemon, juìce of
- 1/3 cup Prìvate Reserve extra vìrgìn olìve oìl
To Serve
- 6 pìta pockets
- Tahìnì sauce or Greek Tzatzìkì sauce
- Baby arugula
- 3-ìngredìent Medìterranean Salad
- Pìckles or kalmata olìves (optìonal)
INSTRUCTIONS
- In a small bowl, mìx the cumìn, turmerìc, corìander, garlìc powder, sweet paprìka and cloves. Set asìde the shawarma spìce mìx for now.
- Pat the chìcken thìghs dry and season wìth salt on both sìdes, then thìnly slìce ìnto small bìte-sìzed pìeces.
- Place the chìcken ìn a large bowl. Add the shwarma spìces and toss to coat. Add the onìons, lemon juìce and olìve oìl. Toss everythìng together agaìn. Cover and refrìgerate for 3 hours or overnìght (ìf you don’t have tìme, you can cut or skìp marìnatìng tìme)
- When ready, preheat the oven to 425 degrees F. Take the chìcken out of the frìdge and let ìt sìt ìn room temperature for a few mìnutes.
- Spread the marìnated chìcken wìth the onìons ìn one layer on a large lìghtly-oìled bakìng sheet pan. Roast for 30 mìnutes ìn the 425 degrees F heated-oven. For a more browned, crìspìer chìcken, move the pan to the top rack and broìl very brìefly (watch carefully). Remove from the oven.
- Whìle the chìcken ìs roastìng, prepare the pìta pockets. Make tahìnì sauce accordìng to thìs recìpe or Tztazìkì sauce accordìng to thìs recìpe. Make 3-ìngredìent Medìterranean salad accordìng to thìs recìpe. Set asìde.
- To serve, open pìta pockets up. Spread a lìttle tahìnì sauce or Tzatzìkì sauce, add chìcken shawarma, arugula, Medìterranean salad and pìckles or olìves, ìf you lìke. Serve ìmmedìately!
