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 FAJITA BAKE (PALEO + WHOLE30)
We are pretty big fans of tacos, fajitas and pretty much anything with Mexican flavors! And of course we love simple, quick and easy meals. So, this Paleo and Whole30 chicken fajita bake is basically where all the things collide! You will love this flavor-packed Paleo and Whole30 sheet pan meal that comes together in just 35 minutes.
The marinade has your favorite fajita flavors – chili powder, cumin, lime juice and cilantro. We also added coconut aminos to give it a little more depth. You can prep the chicken and let it marinate for up to 24 hours, but at a minimum get the chicken marinating at the very beginning of making this meal so it has more time to settle in and flavor the chicken.
We are huge fans of tacos, fajitas and pretty much anything with Mexican flavors! And of course we love simple, quick and easy meals. So, this Paleo and Whole30 chicken fajita bake is basically where all the things collide! You'll love this flavor-packed Paleo and Whole30 sheet pan meal that's ready in just 35 minutes!
Ingredients
For the marinade:
- 1/2 cup coconut aminos
- 2 limes, juice of
- 1/2 cup cilantro, chopped
- 1 tbsp cumin
- 1 tbsp garlic powder
- 1 tbsp chili powder
- 1 tbsp ground pepper
For the fajitas:
- 2 lbs boneless skinless chicken breasts (about 4 breasts)
- 1 red onion, sliced into thin strips
- 2 bell peppers, sliced into thin strips
- 3 cloves garlic, minced
- 2 tbsp avocado oil, divided
- Salt and pepper
For shells and toppings:
- 1 avocado sliced
- 1/4 cup cilantro chopped
- 2 bunches broad leaf greens bibb, romaine, chard, etc.
Instructions
- Preheat oven to 400° Fahrenheit.
- Prepare the marinade by mixing all of the marinade ingredients together in a bowl or shallow dish.
- Slice up your chicken into 1/2 by 1 inch strips. Place the chicken in the bowl/dish with the marinade. Mix well so that all of the strips are covered with the marinade. Set aside to marinate while you prepare the rest of the ingredients.
- NOTE: You can prepare the marinade and chicken in advance and marinate the chicken for up to 24 hours.
- Chop the onion, bell peppers and garlic as noted.
- Lightly grease a large sheet pan with 1 tbsp avocado oil. Spread the onion and bell pepper out on the sheet pan. Drizzle with 1 tbsp avocado oil and lightly sprinkle garlic, salt and pepper over everything. Toss to coat.
- Next, nestle the chicken pieces in with the veggies in the sheet pan. Spread everything out as evenly as possible.
- Place in the oven to cook for about 15-18 minutes, or until the chicken is cooked through and the vegetables are cooked but still crisp.
- While the fajitas are cooking, prepare lettuce leaves for shells and toppings as noted.
- Once the fajitas are cooked, remove from oven and allow to cool for a few minutes.
- To serve, spoon fajita mixture into lettuce leaves, top with avocado and cilantro and enjoy.
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