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!
Food Court Bourbon Chicken Copycat Recipe
A copycat recipe for the bourbon chicken served at many food court Chinese restaurants. This may not be authentic Chinese food, but it is delicious.
We live about 30 minutes from an outlet mall, so we go there more often than we should. Becca absolutely loves the bourbon chicken at the Chinese restaurant in the food court, and I have made special trips to the mall just to get the chicken! Most of the recipes out there are either attempts to copy the New Orleans original (this is really nothing like that) or some sort of barbecue type sauce. After much tinkering, trial and error I finally came up with a recipe that is nearly identical (close enough) to what is served at the food court.
If your house is like ours, there are probably some General Tso’s fans sitting next to the Bourbon Chicken fans. You can find my General Tso’s copycat recipe here. You might also want to try some of my delicious and easy homemade egg rolls.
INGREDIENTS :
- 1 Tbsp olive oil
- 2 LB chicken thighs, skinless.
- 1 tsp ground ginger
- 1/2 tsp garlic powder
- 1/4 tsp black pepper (I used 4 turns on the pepper mill)
- 1/3 Cup soy sauce
- 1/3 Cup Bourbon (or whatever brown whiskey you have sitting around. Dark rum would probably work too). If you don’t keep alcohol in your house you can substitute apple juice or cranberry juice. If you use juice, use a little less brown sugar. It really is delicious with just apple juice and no Bourbon.
- 1/2 Cup water
- 1 Tbsp rice vinegar (white wine vinegar or plain white vinegar would do if you don’t have rice vinegar)
- 1/2 Cup brown sugar, tightly packed
- 1 Tbsp cornstarch dissolved in 3 Tbsp cold water
INTRUCTIONS :
- Cut the chicken thighs into 1 inch pieces, and remove any excess fat or skin.
- In a small bowl combine the ginger, pepper, soy sauce, whisky, water, garlic, vinegar and brown sugar. Set aside.
- In a large saute pan or skillet heat the oil on medium high heat.
- Add the chicken and cook until the juices have cooked off and the chicken starts to brown, about 8-10 minutes. Stir the chicken every 1-2 minutes so it doesn’t burn and browns evenly.
- Add the bourbon mixture and stir well. Allow the liquid to come to a boil and then turn the heat down to medium. Simmer uncovered for about 15 minutes. Don’t rush this as you want the alcohol to cook off from the whiskey.
- Add in the cornstarch liquid and stir briskly. The sauce will thicken quickly.
- Serve over rice.
Recipe Adapted From
Food Court Bourbon Chicken Copycat Recipe
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