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!
BAKED ORANGE CHICKEN
This Baked Orange Chicken tastes better than any Chinese take-out you’ll get at a restaurant. Crispy coating of egg & cornstarch and then it’s baked in a sweet and delicious orange sauce. This is a dish that you will want to make over and over again.
When it comes to dinner recipes I like to keep it simple with easy, 30-minute recipes. But on those activity-free weeknights or weekends I love making this crispy baked orange chicken.
Orange chicken is a restaurant favorite and now you can make it at home. Not only will it be healthier, but it’s so much better and tastes fresh!
This baked orange chicken is tastes better than any Chinese take-out you'll get at a restaurant. Crispy coating of egg & cornstarch and then it's baked in a sweet and delicious orange sauce. This is a dish that you will want to make over and over again.
INGREDIENTS :
crispy chicken
- 4 boneless, skinless chicken breasts
- 1 teaspoon salt
- 1/4 teaspoon pepper
- 1 1/2 cups cornstarch
- 4 large eggs
- 1 cup canole oil
orange sauce
- 2/3 cup brown sugar
- 2/3 cup orange juice
- 1/4 cup low-sodium soy sauce
- 1/4 cup rice wine vinager
- 1 teaspoon garlic salt
- 1 teaspoon cornstarch
- zest of one orange
INTRUCTIONS :
- Preheat oven to 325 degrees. Spray a 9x13 baking dish with cooking spray. Set aside.
- Heat the canola oil in a large skillet pan over medium-high heat.
- Cut chicken into bite-sized pieces and sprinkle salt and pepper over the chicken pieces. Add chicken pieces to a gallon-sized Ziploc bag (or you can do this in a bowl) and add the cornstarch. Close the Ziploc bag and shake to mix it together and coat the chicken pieces in cornstarch.
- Crack the eggs into a bowl and beat with a fork.
- Take a handful of cornstarch coated chicken pieces out of the bag and place in the egg. Coat both sides of each piece and then place in the hot oil. Let cook for 2-3 minutes per side. You just want a nice crispy crust, you do not have to cook them all the way through. Repeat with the remining chicken pieces in several batches. It takes me about 4 batches to cook them.
- ** Once chicken pieces are done place them on a plate lined with paper towels so they can drain.
- Add the crispy chicken pieces to the prepared 9x13 baking pan.
- Combine all the ingredietns for the orange sauce into a small bowl and stir with a whisk until mixed together. Pour over the chicken and stir to coat all the chicken pieces in the sauce.
- Bake, uncovered for 1 hour. Turning and mixing the chicken every 15 minutes to make sure it stays coated in the sauce.
- Serve over rice and garnish with green onions.
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