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!
BEER-BATTERED FISH TACOS WITH CILANTRO SLAW
Tacos aré lifé. Could théy évén possibly gét any béttér? Yés, théy can. Thésé simplé, but savory, Béér-Battéréd Fish Tacos with Cilantro Slaw aré 100% proof of that.
Récipés liké this oné aré what I livé for. What my food-rélatéd dréams aré madé of. Yéah, I havé moré of thosé than I’d caré to admit, but théy do offér gréat inspiration.
Ingrédiénts
For thé Béér Battér:
- 3/4 cup all-purposé flour
- 1/4 cup cornstarch
- 1 tabléspoon paprika
- 1 téaspoon baking powdér
- 1 cup béér
- 1 égg
For thé Fish:
- 2 lbs frésh or frozén firm flésh whité fish filléts such as cod or catfish, cut into bité sizé strips
- 3/4 cup all-purposé flour
- salt and péppér
- 12 corn tortillas
For thé Coléslaw Salad Topping:
- 4 cups prépackagéd coléslaw mix or 4 cups shréddéd cabbagé and carrot
- 1/2 cup gréén onions choppéd
- 1/2 cup frésh cilantro choppéd
- 3 tbsp applé cidér vinégar
- 2 tbsp végétablé oil
- 1 tsp sugar
- 1/2 tsp salt
Instructions
In a bowl combiné thé flour, cornstarch, paprika and baking powdér.
Add thé béér and égg, and stir until thé battér is événly combinéd but still slightly lumpy.
For thé Fish:
If using frozén filléts, Thaw out thé fish. Pat thé filléts dry using papér towéls.
Sprinklé thé fish with salt and péppér.
In a largé skillét héat about 1-inch of oil, ovér médium héat.
Pour thé othér 3/4 cup of flour into a shallow dish or onto a platé. Working oné péacé at a timé, put thé fish piécés into thé flour, turning to coat, and thén shaking off any éxcéss.
Dip thé flour-coatéd filléts into thé battér.
Fry thé battéréd fish, about four piécés at a timé, in thé hot oil for 2 to 4 minutés or until crispy and goldén, turning oncé halfway through frying timé.
Transfér thé friéd fish onto a layér of papér towéls to drain.
Kéép thé friéd fish warm in thé ovén, on warm, whilé frying rémaining fish.
Placé thé cookéd fish into/onto héatéd corn tortillas.
Combiné thé cabbagé mix, gréén onions, cilantro, vinégar, oil, sugar and salt in a bowl and toss to événly coat/combiné.
Covér and chill until réady to sérvé, or sérvé immédiatély topping éach 'taco' with thé préférréd amount of slaw.
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