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 PINEAPPLE CHICKEN
Winter will coming , and of course the weather will be so cold.We need something which can make our body feel warmer. And this Slow Cooker Pineapple Chicken is perfect , its delicious and so easy to make.
Everyone’s takeout favorite made right in the crockpot! The chicken is so tender and juicy bursting with so much flavor!
This pineapple chicken needs to be made on the daily, guys. It’s sweet, tangy and savory in every bite. And those juicy, flavor-soaked pineapple chunks and veggies are Everything !!
SLOW COOKER PINEAPPLE CHICKEN RECIPEEveryone’s takeout favorite made right in the crockpot! The chicken is so tender and juicy bursting with so much flavor!
INGREDIENTS:- 8 bone-in, skin-on chicken thighs
- Kosher salt and freshly ground black pepper, to taste
- 2 tablespoons unsalted butter
- 1 cup pineapple juice
- 1/2 cup chicken broth
- 1/4 cup brown sugar, packed
- 3 tablespoons reduced sodium soy sauce
- 2 tablespoons honey
- 2 tablespoons apple cider vinegar
- 1 teaspoon Sriracha, optional
- 1 teaspoon garlic powder
- 1/2 teaspoon ground ginger
- 1 (8-ounce) can pineapple chunks, juices reserved
- 1 (8-ounce) can crushed pineapple, juices reserved
- 2 tablespoons cornstarch
- 1 red bell pepper, chopped
- 1 red onion, chopped
- 1/2 teaspoon sesame seeds
- 2 tablespoons chopped fresh parsley leaves
DIRECTIONS:- Season chicken with salt and pepper, to taste.
- Melt butter in a large skillet over medium high heat. Add chicken, skin-side down, and sear both sides until golden brown, about 2-3 minutes per side; drain excess fat and set chicken aside.
- In a large bowl, combine pineapple juice, chicken broth, brown sugar, soy sauce, honey, vinegar, Sriracha, garlic and ginger.
- Place chicken thighs into a 6-qt slow cooker. Stir in pineapple juice mixture. Top with pineapple chunks, crushed pineapple and reserved juices.
- Cover and cook on low heat for 5-6 hours or high for 2-3 hours, basting every few hours.
- In a small bowl, whisk together 1/4 cup water and cornstarch. Stir in cornstarch mixture, bell pepper and onion into the slow cooker. Cover and cook on high heat for an additional 30-60 minutes, or until sauce is thickened.
- Serve chicken immediately, garnished with sesame seeds and parsley, if desired.
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