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!
PULLED CHICKEN SANDWICHES WITH ROOT BEER BBQ SAUCE
Amazing Pulled Chicken Sandwiches tossed with a glorious barbecue sauce made with root beer and molasses are sure to delight friends and family this summer! Chicken thighs are generously seasoned with a simple 4 ingredient rub recipe, grilled, and then tossed with an easy from-scratch barbecue sauce that will have you licking your fingers in delight. Enjoy!
A quick drizzle of olive oil really helps the rub adhere to the chicken. You can apply the chicken rub up to 24 hours in advance.
Tips for the Best Pulled Chicken- I love using chicken thighs because they just have so much more flavor and don’t dry out quickly like chicken breasts can do.
- It’s all about the layers of flavor here. I start with the chicken rub and that creates a base flavor. Grilling adds even more flavor and then that root beer bbq sauce – yassss!
- I let my chicken cool for a few minutes before pulling. It makes it a little easier and if you prefer to pull by hand instead of with two forks, you definitely will want it to be cool enough to handle.
- If you are short on time, both the rub and bbq sauce can be made ahead of time. In fact, I recommend it
PULLED CHICKEN SANDWICHES WITH ROOT BEER BBQ SAUCE RECIPE
Pulled Chicken Sandwiches tossed with a glorious barbecue sauce made with root beer and molasses are sure to delight friends and family this summer! Chicken thighs are generously seasoned with a simple 4 ingredient rub recipe, grilled, and then tossed with an easy from-scratch barbecue sauce that will have you licking your fingers in delight!
Ingredients
- 2 lbs boneless, skinless chicken thighs
- 1 tbsp extra virgin olive oil
Dry Rub for Chicken
- 2 tsp paprika
- 1 tsp garlic powder
- 1 tsp ground cumin
- 1 tsp kosher salt
Root Beer BBQ Sauce
- 1 tbsp extra virgin olive oil
- 1/2 large yellow onion, diced
- 1 tsp chili powder
- 1/2 tsp garlic powder
- 1/8 tsp ground cayenne pepper (optional)
- 1/2 cup root beer
- 1 cup ketchup
- 2 tbsp fresh lemon juice
- 2 tbsp molasses
- 8 rolls or buns
- coleslaw, optional
Instructions
- Heat grill to 400F or thereabouts.
- Combine the ingredients for the rub.
- Drizzle chicken with olive oil and generously season both sides with the rub. Chill until ready to grill.
Root Beer BBQ Sauce
- Heat olive oil in a 3 quart saucepan over medium heat. Add diced onion and cook, stirring frequently, until soft and translucent.
- Stir in chili powder, garlic powder and cayenne pepper.
- Pour in root beer and stir to combine.Stir in ketchup, lemon juice and molasses.
- Bring sauce to a boil over medium-high heat and then reduce heat to medium-low and simmer for 15 minutes or until sauce has thickened.
- Place chicken on the prepared grill and grill over direct heat until cooked through, flipping once or twice. Keep the lid closed while grilling. Juices should run clear when done.
- Let chicken cool for a few minutes and then shred the chicken. Add the pulled chicken the barbecue sauce and stir to combine.
- Top toasted buns with chicken mixture and coleslaw if you like.
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