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!
BRAZILIAN SAFFRON RICE W/ CHICKEN AND VEGETABLES (GALINHADA MINEIRA)
Recently the weather has started to change noticeably. The temperature has cooled down, but there is also something different in the air– almost as if announcing that fall is about to arrive. At this time of the year, I start to yearn for hearty and comforting dishes, and today I have a specific craving for Galinhada, Brazilian Saffron rice with Chicken and Vegetables. Huh??? 🙂
Galinhada (pronounced gah-leen-YA-dah) is a rice made with chicken, saffron, and vegetables, which is a typical Brazilian dish from both the states of Minas Gerais and Goiás. However, in Goiás guariroba (a sour heart of palm) and pequi (a fruit with a strong taste, native to the Brazilian savanna or cerrado) are added to the dish, distinguishing it from that of Minas Gerais.
Since both the guariroba and the pequi are not so readily obtainable in the United States, I decided to make the version from Minas Gerais. I am telling you: the savory aroma as it simmers on the stove is just unforgettable…
Excuse me, but it’s time to eat this simple but yet super-delicious galinhada. I cannot wait any longer. 🙂
See ya later!
Ingredients:
- 2 lbs (about 1kg) boneless skinless chicken thighs
- 1 teaspoon salt
- Black ground pepper to taste
- 1 teaspoon garlic powder
- 1/2 teaspoon ground cumin
- 2-3 tablespoons vegetable oil
- 1 small white onion, small diced
- 1 large green bell pepper, small diced
- 2 cloves garlic, minced
- 2 cups parboiled rice
- 1/2 cup white wine**
- 3-1/2 cups chicken broth
- 1/2 cup water, hot
- 1 tablespoon saffron threads
- 1 teaspoon tomato paste**
- 1 bay leaf
- Fresh juice of 1/2 lemon**
- 3 large diced tomatoes, skin and seeds removed
- 1 to 1-1/4 cups fresh or frozen peas, cooked
- 1/4 cp green onions, chopped
Directions:
- Season the chicken thighs with salt, pepper, garlic powder, and cumin. Let rest for about 30 minutes. Meanwhile, dice and chop the vegetables. Reserve.
- In a large pan over medium-high heat, sauté the onion and bell pepper for about 2 minutes. Add the chicken and let brown for about 2 minutes each side. Add the garlic and sauté for 30 to 60 seconds. Add the rice and brown quickly. Add the wine and let evaporate.
- Then, add the broth. Dissolve the saffron in the warm water and add to the pan with the tomato paste and bay leaf. Stir, bring to a boil, reduce heat to medium-low, and cover the pan. Let cook for about 15 to 20 minutes, or until the rice is cooked and all the liquid has completely evaporated. Adjust the salt, if necessary. Remove from the stove, add the lemon juice, the tomato, cooked peas, and the green onions. Mix gently. Serve galinhada with a good chardonnay wine. Enjoy!
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