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!
CHEESECAKE FACTORY’S SPICY CASHEW CHICKEN
CHEESECAKE FACTORY’S SPICY CASHEW CHICKEN
Cheesecake Factory’s Spicy Cashew Chicken Is Spicy, Sweet, Crispy & Crunchy, This Dish Is Everything You Could Hope For And More In A Copycat Chinese Food Recipe!
Cheesecake Factory’s Spicy Cashew Chicken is straight from the restaurant’s menu, this is a really spicy Mandarin-Style chicken dish with scallions and roasted cashews. It is crispy while being coated in this amazing sauce thanks to the light texture of the tempura style batter and the rice flour.
CHEESECAKE FACTORY’S SPICY CASHEW CHICKEN RECIPE
Cheesecake Factory’s Spicy Cashew Chicken is spicy, sweet, crispy & crunchy, this dish is everything you could hope for and more in a chicken dish. Plus this recipe is straight from the Cheesecake Factory!
INGREDIENTS
- 1/3 cup canola or vegetable oil
- 1 1/2 pounds chicken breast cut into bite size chunks
- Seasoned Rice Flour (ingredients below)
- Rice Flour Batter (ingredients below)
- Spicy Soy-Sherry Sauce (ingredients below)
- 8 ounces Cashews
- 6 green onions cut into 1/4? pieces
Seasoned Rice Flour
- 3/4 cup Rice Flour
- 1/4 teaspoon Kosher Salt
- 1/8 teaspoon Ground Black Pepper
- 1/8 teaspoon Paprika
- 1/8 teaspoon Baking Powder
Rice Flour Batter
- 1 1/2 cups Rice Flour
- 1/4 cup All-Purpose Flour
- 1/4 teaspoon Kosher Salt
- 1/4 teaspoon Ground Black Pepper
- 1 1/2 cups Ice Water
Spicy Soy-Sherry Sauce
- 1 cup Hoisin Sauce
- 1/4 cup Soy Sauce
- 1/4 cup Sherry Wine
- 2 tablespoons Red Wine Vinegar
- 1 tablespoon Sriracha sauce
- 1/4 cup Granulated Sugar
- 2 ounces Fresh Garlic minced
- 1/4 teaspoon Crushed Red Chili Flakes
INSTRUCTIONS
To Make Seasoned Rice Flour
- Mix the ingredients into a bowl together.
To Make The Batter
- Combine all the ingredients together, in a bowl over ice.
- Keep COLD.
To Make The sauce
- Combine the sauce ingredients together and mix well.
To Cook The Dish
- Toss the chicken with the seasoned flour.
- Put the batter into a large bowl with the chicken.
- Carefully combine the two until well coated.
- Heat the canola oil in a large pan or wok on medium high.
- Add the chicken pieces to the pan, and cook 3 minutes on each side until browned and crispy.
- Break apart any pieces that stay stuck together.
- Add the sauce and cashews into the pan. Add in the green onions.
- Toss all the ingredients together until well coated.
- Let cook for 30 seconds to a minute for the sauce to thicken.
- Garnish with sesame seeds, parsley and crushed cashews.
