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!
Authentic Doro Wat (Spicy Ethiopian Chicken Stew)
Authentic Doro Wat (Spicy Ethiopian Chicken Stew)
There is a reason why Doro Wat is the national dish of Ethiopia and one of the most famous of all African dishes – it’s fabulous!
Doro Wat is one of the most famous of all African dishes. You will find it in every Ethiopian restaurant and virtually anyone who is familiar with African cuisine will have heard of it. Another version, though not as commonly known here, is Sega Wat, made with beef (fyi, you’ll find recipes online calling it Sik Sik Wat, but I’ve confirmed with the chefs of several Ethiopian restaurants that it’s Sega Wat). You can directly substitute beef for chicken and follow the same cooking instructions.
The national dish of Ethiopia, this spicy chicken stew is simply outstanding!
Ingredients
- 2 ½ to 3 lbs chicken thighs cut into 1 inch pieces, or 3 chicken breasts, cut into 1/2 inch pieces
- 2 tablespoons fresh lemon juice
- 2 tablespoons niter kibbeh
- OR Homemade Niter Kibbeh
- 2 tablespoons extra virgin olive oil
- 3 cups yellow onions finely minced to a chunky puree in food processor
- 3 tablespoons butter
- 1 tablespoon finely minced garlic
- 1 tablespoon finely minced ginger
- 1/4 cup Ethiopian berbere
- or use HOMEMADE BERBERE (HIGHLY recommended!)
- 1 1/2 teaspoons salt
- 1/2 cup Tej Ethiopian honey wine, if you have it, or white wine mixed with 1 teaspoon honey
- 1 cup chicken stock
- 4 hard-boiled eggs pierced all over with fork about 1/4 inch deep
Instructions
- Place the chicken pieces in a bowl and pour lemon juice over. Let sit at room temperature for at least 30 minutes.
- Heat the niter kibbeh or butter along with the olive oil in a Dutch oven. Add the onions and saute, covered, over low heat for 45 minutes, stirring occasionally.
- Add the garlic, ginger, and 1 tablespoon butter and continue to saute, covered, for another 20 minutes, stirring occasionally.
- Add the berbere and the 2 remaining tablespoons of butter and saute, covered, over low heat for another 30 minutes, stirring occasionally.
- Add the chicken, broth, salt and wine and bring to a boil. Reduce the heat to low, cover, and simmer for 45 minutes, stirring occasionally.
- Adjust the seasonings, adding more berbere according to heat preference. Add the boiled eggs and simmer on low heat, covered, for another 15 minutes.
- Half or quarter the eggs and arrange on the plates with the stew. Serve hot with injera, bread or rice.
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