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!
EASY THAI BAKED CHICKEN RECIPE
EASY THAI BAKED CHICKEN RECIPE
This Easy Thai Baked Chicken is a simple make-ahead meal to pop in the freezer for a busy day. It’s a slightly spicy Thai chicken recipe that leaves you wanting more! Paleo-friendly.
As much I love Thai dishes, I also love easy meals. Especially ones that I can make ahead and have in the freezer, ready to grab for a quick dinner on a busy day. This recipe also makes a great meal to take camping as it can easily be grilled instead of baked. It’s suitable for those on a paleo diet, too!
EASY THAI BAKED CHICKEN RECIPE
Full of the complex flavours of Thailand, this Easy Thai Baked Chicken is a make-ahead dish that freezes well too. Cilantro, jalapeño, ginger, basil, garlic and coriander all play together to produce this aromatic, slightly spicy chicken dish that leaves you wanting more.
INGREDIENTS
- 6-8 boneless, skinless chicken breast halves or 12 boneless chicken thighs
- 1 tbsp oil (for skillet)
MARINADE
- 1-1/2 cups chopped fresh cilantro
- 3/4 cup canned coconut milk
- 12 leaves fresh basil
- 1 large or 2 small jalapeños, seeds removed
- 3 cloves garlic
- 1/4 inch slice of fresh ginger
- 1-1/2 tsp salt
- 1-1/2 tsp freshly ground black pepper
- 3/4 tsp ground coriander
- 2 tsp packed brown sugar, or coconut palm sugar
- 2 limes cut into wedges, for garnish
INSTRUCTIONS
- Add marinade ingredients to food processor and purée until smooth.
- Arrange chicken parts in a single layer in a large freezer bag. Pour marinade over chicken, seal tightly or vacuum seal and massage the marinade into the chicken a bit. Cover and refrigerate for at least 2 hours and up to 24 hours, or simply lay it flat in the freezer and freeze for another day.
- When ready to cook, thaw completely. The safest way to thaw is in the refrigerator overnight.
- To bake: Preheat oven to 375F. Heat a large oven-proof skillet over medium to high heat. Add oil and wait until it ripples or shimmers. Add chicken pieces and sear on each side for 3-4 minutes, then place skillet in oven for 15 - 20 minutes or until it has reached an internal temperature of 165 degrees.
- Cover with foil and let stand on a platter for 5-10 minutes before serving.
- If you want to grill it instead: Place chicken on medium-hot well-oiled grill. Turn when chicken has grill marks (approx. 5-6 min). Cook until internal temperature is 165 degrees at the thickest part (about 7-8 minutes).
- Sprinkle with more chopped cilantro and serve with lime wedges.
