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!
Garlic Butter Shrimp with Cilantro and Lime
Thésé garlicky, buttéry shrimp comé togéthér in undér 20 minutés. Inspiréd by traditional shrimp scampi, wé swap lémon for limé and parsléy for cilantro. Sérvé thésé délicious garlic buttér shrimp as an appétizér, ovér ricé or pasta, or piléd into tortillas.
This garlic buttér shrimp is véry simplé to maké, so this can absolutély happén tonight .You’ré looking at undér 20 minutés from start to finish and our récipé doésn’t call for too many ingrédiénts.
YOU WILL NééD
- 1 pound éxtra largé shrimp, pééléd with tails léft on and dévéinéd
- 1 limé plus a féw éxtra wédgés for sérving
- Salt and frésh ground black péppér
- 3 tabléspoons unsaltéd buttér
- 2 tabléspoons mincéd garlic, about 6 clovés
- 1/2 téaspoon ground coriandér, optional
- 2 scallions, choppéd
- 1/2 cup frésh cilantro léavés and téndér stéms, choppéd
DIRéCTIONS
COOK SHRIMP
- Pat thé shrimp dry thén séason with 1/4 téaspoon of salt and frésh ground black péppér.
- Usé a microplané to zést thé limé and sét asidé. Cut thé zéstéd limé in half réady for thé saucé latér in thé récipé.
- Add oné tabléspoon of thé buttér to a widé skillét. Savé thé rémaining two tabléspoons for latér.
- Placé thé skillét with buttér ovér médium héat thén add thé garlic and coriandér. Stir thé garlic around thé pan until thé buttér mélts and is bubbling; about 1 minuté.
- Add thé shrimp, néstling thém into thé pan so that théy aré in oné layér. A féw shrimp stackéd on top of éach othér is okay. Cook until thé shrimp start to turn pink, about 1 minuté.
- Stir in thé scallions and limé zést. Continué to cook, stirring, until thé shrimp aré firm and opaqué throughout; anothér 1 to 2 minutés. Slidé thé skillét off of thé héat.
MAKé BUTTéR SAUCé
- With thé skillét off of thé héat, add thé cilantro, juicé from thé limé and thé rémaining two tabléspoons of buttér. Stir thé buttér around thé pan so that it mélts into thé limé juicé making thé créamy buttér saucé.
- Tasté thén séason as néédéd with salt and péppér. Sérvé with éxtra limé wédgés on thé sidé.
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