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!
SPICY SMOKED CHICKEN THIGHS
I think it is SAFE to say that grilling/smoking season is finally here. Yay! Today was a beautiful day outside. I came home from work and fired up the smoker for these chicken thighs and asparagus. It has been so dry here lately, that I’ve been afraid to turn on the smoker or grill. There’s fire hazard warnings posted all over the state and they don’t want people starting fires. One did break out by the Canadian border the other day ago
My favorite chips to smoke with are applewood. That might have something to do with applewood smoked bacon. I’ve tried other wood chips and applewood is always what I end up going back to. These chicken thighs smoke on a low heat from 200 to 25o degrees for 4 hours. They can probably go longer than that too. The longer something smokes, the better it gets and you know it’s really good when you can see the smoke line in the piece of meat. I did not use any barbeque for this because the chicken thighs were tasty by themselves. Next time, though…. use some barbeque sauce for dipping. If you’re going to smoke or grill chicken of any kind it needs SOME kind of rub on it.
INGREDIENTS
- 6 chicken thighs with the skin on
- 1 cup olive oil
- 2 tablespoons paprika
- 2 tablespoons chili powder
- 1 tablespoon thyme
- 1 tablespoon garlic powder
- 2 tablespoons cayenne (see notes)
- 1 tablespoon salt
- 2 tablespoon black pepper
INSTRUCTIONS
- Light your smoker and allow it to come up to a temperature of 200-220 degrees.
- Mix all dry rub seasoning ingredients thoroughly.
- Rub olive oil to fully coat the chicken thighs.
- Sprinkle the mixed seasonings all over the chicken thighs to ensure they are fully coated with rub.
- Lay your chicken thighs on the smoker rack and add smoker wood chips at the same time you add the meat. Apple, pecan, or cherry wood is ideal for this recipe.
- It is recommended to ensure there is enough wood every hour. Smoke your chicken thighs for 2 hours and rotate them to ensure they cook evenly.
- Total cooking time is 3 to 4 hours total depending on a variety of factors such as size of the thighs, temperature of the grill and outside, how windy it is, and how often you open the smoker lid which will let the heat out. Use an instant-read meat thermometer to check for an internal temperature of 165 degrees.
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