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!
Korean Style Spicy Chicken (Paleo & GF)
This dish is a total winner and will please both chicken and chilli lovers. It’s inspired by the ever-so-popular Korean Fried Chicken (a different kind of KFC), which is crispy deep-fried chicken smothered in a sauce made with gochujang paste (more on this one later).
This recipe is a healthier version. A) we’re not deep-frying the chicken in unhealthy vegetable oils, and B) my sauce is made with much cleaner ingredients and less sugar. The taste is still A-mazing, and although a little spicy, it won’t make your face sweat. It’s a mild and warm kind of spicy, very flavourful and on par with the original Korean style chicken.
Koren Chicken Recipe - Paleo Style
The sauce of this recipe uses Korean red pepper but you can use another type of mild red chilli powder. Make sure it's mild! Otherwise, reduce the amount to 1-2 teaspoons.
Ingredients
- 600 g / 1.3 lb boneless, skinless chicken thigh meat, cut into medium pieces
- sea salt
- coconut oil
For the sauce
- ½ small red onion, roughly diced
- 2cm long fresh ginger root, peeled and roughly diced (about 1 tablespoon grated)
- 2 cloves garlic, peeled and roughly diced
- 1 tablespoon fish sauce
- 3 tablespoons tamari sauce (or coconut aminos)
- 1 teaspoon sesame oil
- 2 tablespoons honey
- 1 tablespoon mirin or rice wine (optional)
- 3 teaspoons korean red powder
- 1 tablespoon tomato paste
- 4 tablespoons water
- 1 tablespoon lemon juice
Garnish
- 2 tablespoons sesame seeds
- spring onion for garnish
Instructions
- Season chicken with a little sea salt and set aside.
- Add the sauce ingredients to a blender or a food processor. Blend together until fairly smooth, then scrape into a small saucepan. If you don't have a blender, grate the onion, ginger and garlic and mix well with the rest of the ingredients.
- Add the sesame seeds to a clean frying pan. Heat over medium heat. Toast for a minute or two, stirring frequently, until the seeds brown slightly. Remove to a bowl.
- Heat a dollop of coconut oil in a large skillet. Add the chicken pieces and cook over medium-high heat for 5 minutes on each side.
- In the meantime, place the pot with the sauce over medium heat. Bring to simmer and cook for about 2 minutes, stirring frequently. This will thicken the sauce and cook some of the ingredients such as onion, garlic and ginger, making those flavours more subtle.
- Once the chicken has cooked on each side, add the sauce over the top and stir through. Cook together for 2-3 minutes, stirring a few times. The sauce will caramelise and get even more sticky. Finally, sprinkle with some of the sesame seeds and stir through. Then top with green onion and the rest of the sesame seeds.
- Serve with cauliflower rice or white rice if you wish and some greens.
- The sauce should get a little more sticky.
- Serve with cauliflower rice and salad or real rice.
Recipe Adapted : Korean Style Spicy Chicken (Paleo & GF) @ eatdrinkpaleo
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