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!
HONEY LEMON CHICKEN AND GREEN BEANS
HONEY LEMON CHICKEN AND GREEN BEANS
This Honey Lemon Chicken and Green Beans Stir Fry has a ton of flavor and can have dinner on the table in just 20 minutes!
Prep Time: 15 minutes
Cook Time: 10 minutes
Total Time: 25 minutes
Servings: 3 -4 servings
Author: Kristin
INGREDIENTS
- Honey Lemon Chicken and Green Beans
- 1 1/2 pounds boneless skinless chicken breasts, cut into bite-sized pieces (2 large chicken breasts)
- 3 tablespoons low sodium soy sauce
- 2 tablespoons rice wine vinegar
- salt and pepper
- Olive oil
- 12 ounces green beans trimmed and cut into bite sized pieces (about 2 cups)
- Honey Lemon Sauce see below
- Honey Lemon Sauce:
- 3/4 cup low sodium chicken broth
- Juice and zest from 1 large lemon
- 1/4 cup honey or more/less to taste
- 2 tablespoons cornstarch
- 1/4 teaspoon ground ginger
- 1/2 teaspoon red pepper flakes
- 1 garlic clove minced
INSTRUCTIONS
- Combine the chicken, soy sauce and rice wine vinegar in a large zip-top bag, and toss until the chicken is evenly coated. Refrigerate for at least 30 minutes, or up to 8 hours. (If no time to marinate, just toss the chicken, soy sauce and vinegar in a small bowl and let sit while you prep the rest of the recipe).
- In a small bowl, whisk the sauce ingredients together until combined (cornstarch should no longer be visible). Set aside.
- Heat a tablespoon of oil in a large skillet over medium-high heat. Add green beans and season with a pinch of salt. Stir and cook for 3-4 minutes, until beans are bright green but still crisp. Transfer to a large plate or bowl and set aside.
- Add another tablespoon of oil to the skillet over medium-high heat. Pour the chicken from the bag into the hot skillet. Season the chicken with a pinch of salt and pepper.
- Add the chicken and saute for 5-7 minutes or until cooked through and no longer pink, stirring and turning the chicken occasionally for even browning. Using a slotted spoon, add the chicken to the plate with the green beans.
- Pour the whisked honey lemon sauce into the empty saute pan. Cook over medium-high heat for 2-3 minutes, or until the sauce reaches a low boil and thickens. Taste and adjust seasonings to your liking (salt, pepper, honey, lemon).
- Add the chicken and green beans back into the pan and toss until evenly coated with the sauce. Remove from heat and serve immediately, topped with green onions and sesame seeds, if desired. Can be served over steamed white or brown rice, or on it’s own.
recipe video
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