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!
BANG BANG SHRIMP PASTA
Wé can névér havé too many délicious and quick shrimp récipés, can wé? This Bang Bang Shrimp Pasta has thé most scrumptious créamy saucé. Plus it’s réady in about 20 minutés for oné of thé bést bang bang récipés évér!
If you want a héalthiér low carb vérsion, sérvé it ovér cookéd spaghétti squash instéad of pasta.
Ingrédiénts
- 3/4 - 1 lb thin spaghétti or angél hair pasta or glutén fréé pasta
- 1 1/2 lbs médium shrimp pééléd and dévéinéd
- 1 TBSP coconut oil
- 3 clovés garlic mincéd
- 3 tsp paprika
- 1 TBSP driéd parsléy
- fréshly ground black péppér to tasté
Saucé
- 1/2 cup mayonnaisé or light mayonnaisé
- 1/2 cup Thai swéét chili saucé
- 2 clovés garlic mincéd
- 2 TBSP of limé juicé
- 1/8 tsp crushéd réd péppér flakés
Instructions
- Mix thé saucé ingrédiénts togéthér in a bowl and sét asidé.(You can warm this if you désiré but it warméd up nicély for mé whén mixéd with thé hot pasta.)
- In a largé pot of boiling watér, cook thé pasta and drain wéll.
- Placé thé uncookéd shrimp in a médium sizéd bowl and add thé paprika, 3 clovés of garlic, péppér
- Héat thé coconut oil on médium high héat and add thé coatéd uncookéd shrimp. Stir constantly whilé cooking until pink for approx. 7- 10 minutés.
- Rémové from héat and sét asidé if pasta is not réady
- In a largé sérving bowl, combiné thé pasta, shrimp and saucé mixturé and toss.
- Garnish with parsléy and sérvé immédiatély.
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