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!
ROASTED LEMON CHICKEN AND GREEN BEANS SHEET PAN MEAL
This Roasted Lemon Chicken and Green Beans Sheet Pan Meal is an easy and delicious dinner that’s low-carb, Keto, low-glycemic, gluten-free, dairy-free, and South Beach Diet Phase One, and can be Paleo or Whole 30 with the right ingredient choices! Check out Sheet Pan Meals for more recipes like this one!
INGREDIENTS:
- 6 large bone-in, skin-on chicken thighs
- 1 lb. fresh green beans
- MARINADE/COOKING SAUCE INGREDIENTS:
- 1/3 cup extra-virgin olive oil
- 1/3 cup lemon juice (I used my fresh-frozen lemon juice. If you’re squeezing fresh lemons, be sure to zest one lemon first before you juice it.)
- 2 tsp.Spike Seasoning (or use another all-purpose seasoning blend that’s good on chicken for Paleo / Whole 30)
- 1/2 tsp. dried thyme
- salt and fresh ground pepper to taste
- zest of one lemon
DIRECTIONS:
- Trim all chicken pieces well, leaving some skin covering the top of the piece, but removing most of the skin and extra fat deposits on the back side. (I use kitchen shears to do this, but if you can find a store where the chicken is well-trimmed when you buy it, that makes it a lot easier.)
- Mix olive oil, lemon juice, Spike Seasoning, dried thyme, salt, and pepper to make the marinade. Reserve 3 tablespoons of marinade (to be mixed with the lemon zest later) and put the chicken and rest of the marinade in a Ziploc bag or plastic container with a snap-tight lid.
- Let chicken marinate in the fridge for 30 minutes (or longer if you start dinner early.)
- While chicken marinates, trim both ends of the green beans and put beans in ice water to crisp the beans. (I do this in the salad spinner so it’s easy to spin beans dry but you can crisp beans in a bowl of ice water and drain in a colander if you don’t have a salad spinner.)
- When you’re ready to cook, drain the chicken in a colander placed in the sink and put chicken on a large baking sheet that you’ve sprayed with non-stick spray. Let chicken come to room temperature while you preheat the oven to 425F/220C.
- When the oven is ready, roast the chicken for 20 minutes.
- While chicken cooks, zest the lemon (or use the lemon zest you got earlier if you were using fresh lemons for juice). Add lemon zest to the reserved marinade.
- After 20 minutes, take chicken out of the oven and push it over to the edges of the baking sheet to make room for the beans. Put beans on the baking sheet and brush with the reserved marinade you added the lemon zest to.
- Cook the chicken and beans for 20 minutes more. If your chicken pieces are large, you might want to test with an instant-read meat thermometer to be sure the chicken has reached the safe temperature of 165F/75C. Serve hot.
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