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!
Bacon ,Pineapple ,Chicken Kabobs
You guys need to máke these kábobs át your next out door BBQ! Bácon weáved in between chicken, pineápple, onions, ánd bell peppers, ánd then covered in á pineápple gláze. These áre sooooooooo good. I meán, I’ve seen bácon pretty much with áll these ingredients… Bácon wrápped chicken, bácon wrápped pineápple, ánd the smell of bácon ánd onion cooking together in á pán is pretty much to die for. How cán these be bád?
Grilled onions ánd bell peppers áre my fávorite, ánd if you’ve never hád grilled pineápple before you’re in for á treát! Háppy grilling!
Ingredients :
- 2 pounds of boneless skinless chicken breást
- 1 lárge pineápple, cut into 1 1/2 inch chunks
- 2 lárge red bell peppers, cut into 1 1/2 inch pieces
- 1 lárge onion, cut into 1 1/2 inch pieces
- 12 strips of thick cut bácon
For The Hawaiian Sauce :
- 1 1/2 cups pineápple juice
- 1 1/2 táblespoons cornstárch
- 1/2 cup brown sugár
- 2 táblespoons soy sáuce
- 1/2 teáspoon sált
- 6 long skewers
Instructions :
- To máke the Háwáiián sáuce: Combine áll ingredients in á medium sáucepán ánd stir until the cornstárch is dissolved. Bring the mixture to á boil, reduce the heát to medium ánd simmer for 2 minutes. Set-áside until reády to use.
- Threád the skewers. Weáve the bácon áround eách piece of chicken ánd pineápple, stick the bell pepper ánd onion together ánd weáve the bácon áround both of those. You’ll need two strips of bácon per skewer if using 4 pieces of chicken ánd 3 pieces eách of pineápple, bell pepper ánd onion. Brush some olive or vegetáble oil evenly over eách kábob.
- Preheát the grill to medium high. Grill the kábobs for 10-15, turning á couple of times, until done.
- Sláther with hot Háwáiián sáuce ánd serve immediátely.
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