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!
Try This Ultimate Cashew Chicken Stir Fry
Sort out dinner/lunch with this amazing cashew chicken stir fry! So easy to put together,this easy and spicy cashew chicken has amazing cashew chicken sauce with roasted cashews,veggies makes this cashew chicken stir fry recipe the BEST and totally under 30 mins! If you are looking to make some easy stir fry recipe then this cashew chicken recipe is what you need to try!Best Chinese takeout menu dish- this Chinese cashew chicken is the best ever!
This cashew chicken recipe is very easy with roasted cashews and spicy easy cashew chicken sauce to make it better than any takeout menu.
INGREDIENTS:
- 1.5 Cup Chicken, breast meat,cut into small pieces
- 1 tsp Sesame Oil
- 1/4 tsp Baking Soda
- 1 tsp Black Pepper Powder
- 1 Tbsp Sauce Mix
- 1/2 Tbsp Cornstarch
For Cashew Chicken Sauce:
- 1/4 Cup Unsalted Chicken Stock
- 1.5 Tbsp Low Sodium Soy Sauce
- 1 tsp Sugar
- 1 Tbsp Rice Vinegar
- 1 Tbsp Hoisin Sauce
- 1 tsp Sriracha
- 1 Tbsp Oyster Sauce
- A dash of Black Pepper Powder
- 1 Tbsp Tomato Ketchup
- 1 tsp Chili Garlic Sauce
Additional:
- 1 Tbsp Sesame Oil
- 1 Tbsp Vegetable Oil
- 1 tsp Ginger,grated
- 1 Tbsp Garlic,grated
- 1 Small White Onion,chopped
- 3/4 Cup Unsalted Cashews Roasted Whole
- 2 Tbsp Chopped Spring Onion,green
- Sesame Seeds
INSTRUCTIONS:
- In a bowl add the ingredients mentioned for sauce mix.
- Mix well everything and keep aside.
- In another bowl,add the chicken pieces,clean.
- Add the ingredients mentioned and mix well and keep aside.
- Heat a pan/skillet/wok,add the sesame oil and vegetable oil.
- When its hot,add the chicken pieces and immediately stir fry till cooked well.
- Keep this aside.
- In the same pan,add the ginger,garlic and onion.
- Stir fry till soft.
- Add the sauce mix to this and let it cook for few seconds till it slightly thickens.
- Next add the chicken pieces and toss well to coat the chicken with sauce mix.
- Finally adjust salt and add cashews,chopped green onions and sesame seeds.
- Serve with rice or noodles of your choice!
NOTES:
To get more spicy flavor in this recipe increase the sriracha and chili garlic sauce.
Always tenderize the chicken by marinating chicken with cornstarch and baking soda and stir fry the chicken,leaving out any leftover marinade.
Stir fry the chicken quickly once added to pan or it may stick to the pan.
Use roasted cashews or you can roast cashews in oven or on stove top too.
You can reheat the cashew chicken but freshly made chicken tastes amazing - so serving immediately while its warm tastes best.
To make this recipe healthy you can always skip adding cornstarch and reduce the oil in the recipe.
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