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!
Chicken Yakitori Recipe
Chicken yakitori recipe is an easy Japanese grilled dish served on skewers. The chicken is basted with a savory sweet Asian sauce as it cooks on the hot barbecue.
Course: Appetizer
Cuisine: Japanese
Calories: 309 kcal
- 2/3 cup soy sauce
- 1/2 cup water
- 2 tablespoons mirin
- 2 tablespoons rice vinegar
- 2/3 cup light brown sugar
- 1 teaspoon ginger , minced
- 1 clove garlic , minced
- 5 teaspoons cornstarch
- 2 pounds chicken thighs , boneless, skinless, cut into 1” by 1 ¼” pieces
- 8 bamboo skewers , soaked in water for 30 minutes or metal skewers
- kosher salt , as needed for seasoing
- black pepper , as needed for seasoning
- 2 tablspoons vegetable oil
- 1 teaspoon sesame seedsPowered by Chicory
In a medium-size pot whisk together soy sauce, water, mirin, rice vinegar, sugar, ginger, garlic, and cornstarch.
Bring mixture to a boil, constantly whisk until sauce is slightly thickened, about 1 minute.
Transfer 1 cup of the sauce to a bowl to use for basting the chicken.
Thread cut pieces of chicken on skewers. Season with salt and pepper on both sides.
Drizzle both sides of skewers with a small amount of oil to prevent sticking when cooking.
Preheat grill over medium-high heat. Clean grill and then use a paper towel dipped in oil to grease the grill.
Once the grill is hot add the skewers and cook for 4 minutes. Flip over and baste the cooked side with the sauce. Cook 4 minutes.
Flip skewer over, baste with sauce, cook 2 minutes covered.
Flip skewer over again, baste, cook 2 minutes covered.
Repeat flipping, basting and covered cooking 2 additional times, 16 minutes total cooking time.
Sprinkle chicken yakitori skewers with sesame seeds. Serve chicken skewers immediately with additional sauce.
Honey may be substituted for brown sugar.
Nutrition Facts Chicken Yakitori Recipe
Amount Per Serving
Calories 309 Calories from Fat 72
%Daily Value*
Total Fat 8g 12%
- Saturated Fat 2g 10%
- Polyunsaturated Fat 0.03g
- Monounsaturated Fat 0.01g
Cholesterol 85mg 28%
Sodium 1248mg 52%
Potassium 96mg 3%
Total Carbohydrates 30g 10%
- Dietary Fiber 1g 4%
- Sugars 18g
Protein 21g 42%
- Vitamin C 4%
- Calcium 1%
- Iron 8%
* Percent Daily Values are based on a 2000 calorie diet.
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