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!
SHEET PAN THAI PEANUT-CHILI CHICKEN
There were only a few vegetables leftover from this Sheet Pan Thai Peanut-Chili Chicken yesterday and as James and I were trying to divvy up our dinners, I couldn’t help but laugh at how passionately we were making our cases to have the lion’s share of them. We were each ready to sleep on the couch if it meant we got some extra broccoli. We were willing to fight dirty for the snow peas.
And of course the veggies aren’t the only things to love about this sheet pan recipe: let’s just talk for a second about this saucy, slightly sticky, perfectly cooked chicken breast.
INGREDIENTS
- 3 large boneless skinless chicken breasts, cut in half lengthwise
- Kosher salt and black pepper, to taste
- 1/2 cup sweet Thai chili sauce
- 1/4 cup lime juice
- 1/4 cup low sodium soy sauce
- 3 tablespoons natural peanut butter
- 1 inch piece fresh ginger peeled and grated
- 4 cloves garlic, minced
- 2 bell peppers, stemmed and chopped
- 1 medium bunch of broccoli, separated into florets
- 2 handfuls snow peas
- 2 carrots, sliced
- 1/2 white onion, chopped
- 2 tablespoons oil
- Lime wheels, to top
- 1/4 cup unsalted peanuts, chopped
- Fresh cilantro and/or thai basil, to serve
- Basmati rice, to serve
INSTRUCTIONS
- Preheat the oven to 400°F.
- Season the chicken breast pieces generously with salt and pepper and place in a large, sealable plastic bag.
- In a medium-sized bowl, combine the sweet Thai chili sauce, lime juice, soy sauce, peanut butter, ginger, and garlic. Pour enough to cover the chicken into the sealable plastic bag. Close, shake around, and allow the chicken to marinate for at least 30 minutes.
- Remove the chicken from the marinade and place the chicken on a large nonstick baking sheet. Brush the chicken with additional marinade, if desired.
- In a separate large bowl, toss the bell peppers, broccoli, snow peas, carrots, and onion with the oil and about 1/3 cup’s worth of the chicken marinade. Season with salt and pepper. Lay the vegetables around the chicken and top with lime wheels. Discard all of the remaining marinade that has touched raw chicken.
- Bake for about 20 minutes, or until chicken is cooked through and the vegetables are tender.
- Drizzle the chicken and vegetables with additional marinade, if desired, sprinkle the chicken with the crushed peanuts, and broil to further crisp the vegetables and toast the peanuts, about 2 minutes.
- Top with cilantro and/or thai basil, and serve over basmati rice with additional sauce, if desired.
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