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!
SPICY THAI CHICKEN AND VEGGIE NOODLES
SPICY THAI CHICKEN AND VEGGIE NOODLES
Spicy Thai Chicken and Veggie Noodles – the best and easiest way to make Thai style noodles, loaded with veggies and chicken. Perfect for a busy weeknight!
Spicy Thai Chicken and Veggie Noodles
Prep Time 10 mins
Cook Time 20 mins
Total Time 30 mins
Spicy Thai Chicken and Veggie Noodles - the best and easiest way to make Thai style noodles, loaded with veggies and chicken. Perfect for a busy weeknight!
Course: Main Course
Cuisine: Thai
Servings: 4
Calories: 603 kcal
Author: Joanna Cismaru
Ingredients
- 12 oz Asian style noodles like rice noodles
- 1 tbsp sesame oil
- 6 oz mushrooms cleaned and sliced, I used cremini mushrooms
- 1 red bell pepper sliced
- 1 green bell pepper sliced
- 4 cloves garlic minced
- 2 cups cooked chicken breast cut in small pieces
- 1/4 tsp salt or to taste
- 1/4 tsp pepper or to taste
- 4 green onions chopped
- 1/4 cup peanuts chopped
For Spicy Thai Sauce
- 1 cup chicken broth
- 1/2 cup soy sauce low sodium
- 3 tbsp brown sugar
- 1 tbsp Sriracha sauce
- 1 tsp red chili paste
- 1 tsp ginger minced
US Customary - Metric
Instructions
- Cook the Asian style noodles according to package directions.
- Heat the sesame oil in a skillet over medium-high heat. Add the sliced mushrooms to the skillet and cook for about 5 minutes or until the mushrooms begin to brown, stirring them occasionally.
- Once the mushrooms have browned, add the sliced peppers and garlic and cook for an additional 3 minutes until the peppers begin to soften.
- In the meantime whisk all the sauce ingredients together in a medium size bowl and set aside.
- Add the chopped chicken to the skillet and toss everything together, then pour the sauce and stir. Cook for 2 more minutes until the sauce comes to a boil. At this time you can taste and season with salt and pepper if needed. Add cooked noodles and toss everything together. The noodles will absorb all the extra sauce.
- Garnish with chopped green onions and peanuts.
Recipe Notes
You can increase or decrease the amount of sriracha/ chili paste called for to suit how spicy you'd like the dish to be.
You can use whatever type of chicken you have handy, or just use veggies.
This recipe will work for any type of Asian style noodles.
Please keep in mind that nutritional information is a rough estimate and can vary greatly based on products used.
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