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!
Simply Amazing Grilled Chicken Marinade
This is my favorite grilled chicken marinade of all time! It’s so simple and only has 6 ingredients (one of them is balsamic vinegar so you know it’s going to be good). Cook up the leftover marinade to make a delicious glaze to drizzle over the chicken after it’s slow grilled to perfection!
Ingredients
- 2 pounds chicken, any cut (I love thighs)
- 2 tablespoons steak seasoning
- 1/2 cup balsamic vinegar
- 1/2 cup olive oil
- 1/4 cup brown sugar
- 2 tablespoons lemon juice*
- 2 tablespoons brown sugar (for boiling with marinade)
Instructions
- In a large gallon size ziplock bag, add the chicken. Sprinkle with steak seasoning and use your hands to work it into the chicken a little bit.
- Add the balsamic vinegar, olive oil, 1/4 cup of brown sugar, and lemon juice.
- Zip it up and shake it a little to make sure everything is coated.
- Marinate in the fridge for 4 hours, or up to 48 hours. (You can even do as little as 30 minutes, but the longer you marinate the tastier it will be!
- Strain the chicken through a colander with a small saucepan underneath to catch the marinade. Set the marinade aside and place the chicken on a plate or cutting board.
- Preheat your grill to high heat. If you are using wood or coals, make sure you leave an area of the grill with fewer coals. After the initial sear you will be cooking the chicken over indirect heat.
- When it's very hot (wait several minutes), place the chicken pieces over direct heat. Be sure to oil the grill so that it doesn't stick. Close the lid and grill for 2-3 minutes, or until the outside is as crisp and brown as you want it.
- Use tongs to flip the chicken and place over the low-heat part of the grill. I have a gas grill, so I just turn off one of the burners. (The chicken should cover the half of the grill that is turned off). Reduce the heat on the other half of the grill to medium-low heat, between 250-275 degrees F.
- Cover and cook for 30-50 minutes, depending on the thickness of your chicken. Brush with marinade once or twice while cooking.
- The chicken is done when it reaches an internal temperature of 165 degrees F on a meat thermometer. Or you can cut it to see if the juices run clear (not pink).
- If you want, you can quickly sear the other side of the chicken over direct high heat before serving.
- Meanwhile, place the saucepan of remaining marinade on the stove over medium high heat. Add 2 tablespoons brown sugar. Bring to a boil, then reduce heat to a simmer. Simmer for 5-10 minutes until the sauce has reduced and thickened somewhat. Serve the sauce over the grilled chicken.
Recipe Notes
* I like the tang that a little lemon juice adds, but if you don't have a lemon don't sweat it. Just leave it out. It's still going to taste amazing!
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