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!
Slow Cooker Basil Chicken in Coconut Curry Sauce
Slow Cooker Basil Chicken in Coconut Curry Sauce
This recipe uses bone-in, skin-on chicken thighs that you sear on the stove before slow cooking. By the time they are done cooking, they are falling off the bone, and the caramelized flavor from the searing step has transformed the meat into something simply amazing. You could absolutely use chicken breasts in this recipe, but the meat won’t be quite as flavorful. You just can’t replace that dark meat. Make this soon! Slow cooking ftw!
If you make this curry, snap a photo and share on Instagram using #TheFoodCharlatan! I’d love to see it!
Ingredients
- 6 bone-in skin-on chicken thighs, skin removed* (about 2 and 1/2 pounds)
- salt and pepper
- 1 teaspoon oil
- 2 (13.5 ounce) cans coconut milk (lite coconut milk is great too)
- 2 tablespoons dried basil leaves
- 2 teaspoons salt
- 3/4 teaspoon pepper
- 1 and 1/2 tablespoons yellow curry powder
- 1/2 or 3/4 teaspoon chili powder
- 1 large red onion, chopped
- 8 cloves garlic, minced
- 2 jalapenos, seeded and finely chopped
- 1 tablespoon cornstarch
- 1 tablespoon COLD water
- 1 teaspoon fresh ginger, grated or minced
- 1/3 to 1/2 cup fresh cilantro, chopped
Instructions
- Remove the skin from the chicken using your fingers and a serrated knife. Salt and pepper each thigh.
- Heat a large skillet to medium-high heat. Add 1 teaspoon oil (or you can use nonstick spray).
- When the oil is hot, add 3 chicken thighs. Don't put them too close together, you want to avoid steaming.
- Cook for about 2 minutes, until nicely browned on the bottom. Then flip the chicken over to brown the other side for about 1-2 minutes.
- Remove the chicken to a plate.
- Repeat searing process with the other 3 chicken thighs. If there is still enough grease in the pan then you don't need to add more oil.
- Meanwhile, in a crock pot combine coconut milk, basil, 2 teaspoons salt, 3/4 teaspoon pepper, yellow curry, and chili powder (to taste). Stir to combine.
- Add the chopped red onions, garlic, and jalapenos.
- Add the browned chicken and stir to combine.
- Cook on high for 4-5 hours, or on low for 6-8 hours.
- Remove the chicken from the slow cooker and transfer to a plate or cutting board. Let cool for a couple minutes.
- Add the ginger to the slow cooker.
- In a small bowl, combine cornstarch and 1 tablespoon COLD water. Stir until it's not lumpy. Add this to the crock pot and stir.
- Shred the chicken, removing the bones and any tough bits. It should just be falling apart.
- Return the meat to the slow cooker and stir. Return the lid and cook for another 10 minutes.
- Season with salt and pepper to taste. Stir in the cilantro.
- Serve with rice, cauliflower rice, or naan.
Recipe Notes
*I know the photos show that I seared the meat with the skin on. I tried it both ways and liked it better with the skin removed, but only got photos with the skin on.
You can replace the thighs in this recipe with chicken breasts. Use about 1 and 1/2 to 2 pounds. (Chicken breasts are less fatty and won't reduce as much while cooking, so you need less meat to start with.)
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