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!
ASIAN CHICKEN CRANBERRY SALAD
Do you love a good Asian Chicken Salad? Then you’ll love the flavors of this Asian Chicken Cranberry Salad, a delicious salad or main dish that is popular at any potluck or holiday party! Made with rotisserie chicken, cranberries, sliced almonds, and sesame sticks, the recipe is verstile in so many ways!
It’s the perfect dish to take to a party, especially if you double the recipe and serve it in a giant bowl (feeds a crowd).
The sweet and tangy dressing with a hint of sesame combined with crisp, thinly chopped cabbage, crunchy, salty sesame sticks, dried orange cranberries, chicken, toasted almonds and plenty of fresh cilantro, makes every bite sensational.
ASIAN CHICKEN CRANBERRY SALAD
Toast almonds by laying on a paper towel and microwaving for 1 minute, turning once. Or, toast the sliced almonds under low broil for 2-3 minutes, until golden brown. You can also make your own cabbage mix with green and purple cabbage with a tiny bit of carrots.INGREDIENTS : - 2 small bags of coleslaw mix (about 12 cups)
- 4 cups rotisserie chicken, finely chopped
- 1 1/2 cups toasted sliced almonds (or cashews)
- 1 1/2 cup dried cranberries (I used Orange Cranberries from Trader Joe’s)
- 3/4 cup red onion, finely diced
- 1 cup sesame sticks (found in the bulk aisle at grocery store – optional)
- 1 1/2 cups chopped cilantro
- 1/4 cup black sesame seeds
- 1 cup extra-virgin olive oil
- 1/2 cup balsamic vinegar
- 4 Tbsp. low-sodium soy sauce
- 3-4 cloves garlic, chopped
- 4 Tbsp. honey or brown sugar
- 4 Tbsp. minced ginger
- 2 tsp. toasted sesame oil
DIRECTIONS:- Layer the cabbage in a large bowl with chicken, almonds (or cashews, or both), cranberries, red onion, sesame seeds, sesame sticks (optional), and fresh cilantro.
- Combine the olive oil, balsamic vinegar, soy sauce, garlic, honey, ginger, and sesame oil in a blender. Add 3 tablespoons of water. Process until smooth.
- Lightly pour the dressing over the salad mixture, according to how moist you like the salad. Gently toss and serve. (You may have a little dressing left over.)
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