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!
Oven Roasted Chicken Shawarma
Learn how to make this super Easy Oven Roasted Chicken Shawarma, plus an out of this world garlic sauce and prepare your own chicken shawarma wraps. Beats takeout or fast food!
At the risk of sounding like I’m exaggerating, this chicken truly is the best. I made this last weekend and I couldn’t wait to share this recipe with you guys. Hubs loves chicken shawarma and he loves going to Extreme Pita almost every week to get his chicken shawarma wrap with tabbouleh salad. It’s his favorite there, but no surprise there since he loves his sandwiches and wraps.
Learn how to make this super Easy Oven Roasted Chicken Shawarma, plus an out of this world garlic sauce and prepare your own chicken shawarma wraps. Beats takeout or fast food!
Ingredients
- Chicken Shawarma
- 3 chicken breasts boneless and skinless
- 2 tsp smoked paprika
- 1/2 tsp turmeric
- 2 tsp cumin powder
- 1/2 tsp cinnamon
- 2 tsp ground black pepper
- 1 tsp salt
- juice from 2 lemons
- 1/2 cup olive oil
- 1 tsp red pepper flakes
- 1 large onion sliced
- fresh parsley for garnish
- 4 cloves garlic minced
- Garlic Sauce
- 1 cup vegetable oil
- 1/3 cup lemon juice
- 6 cloves garlic peeled
- 1 egg white*
- 1 tsp salt
- Chicken Shawarma Wraps
- hummus
- tabbouleh salad
- garlic sauce
- pita wraps
Instructions
- Chicken Shawarma
- In a large bowl add the lemon juice, olive oil, salt, cumin, black pepper, paprika, turmeric, red pepper flakes, cinnamon, garlic, and whisk well. Add the chicken and toss making sure the chicken is well coated in the marinade. Cover with plastic wrap or foil and refrigerate for at least an hour. The longer the meat marinates the more flavour you'll have.
- Preheat oven to 425 F degrees. Add sliced onion to bowl with chicken and toss well so that the onion is fully coated in the marinade. Add everything to a 9x13 baking dish. I didn't have much marinade leftover since the chicken absorbed most of it, so that's why I added everything to the baking dish. Spread everything evenly over the baking dish.
- Bake in the oven until the chicken is browned and crisp on the edges, for about 40 to 45 minutes. If you want the chicken crispier on top, turn the broiler on to high and broil for 3 minutes until nice and crispy on the outside.
- Let the chicken rest for about 5 minutes, then slice it into bits.
- Garlic Sauce
- Add all the ingredients to a blender and blend until smooth, it should take 1 to 2 minutes. This recipe will make about 1 1/2 cups of sauce, refrigerate leftover sauce.
- Chicken Shawarma Wraps
- To make the chicken shawarma wraps, warm up the wraps first in the microwave for about 30 seconds, then spread some hummus over each wrap, spoon about 2 or 3 tbsp of tabbouleh salad, add chicken shawarma, and drizzle with garlic sauce and serve.
Recipe Notes
Prep time does not include time for marinating chicken.
*If you don't want to use raw egg whites in the garlic sauce, you can omit it, just add the oil little by little to the blender until it thickens and should have the consistency of mayonnaise.
You can find the homemade hummus recipe here. You can find the tabbouleh salad recipe here.
Please keep in mind that nutritional information is a rough estimate and can vary greatly based on products used.
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