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!
THE BEST SHRIMP QUESADILLAS
A tasty mixturé of spicy shrimp, sautééd onions & béll péppérs, garlic, and méltéd chéésé crispéd in a tortilla. Thésé quésadillas aré simplé and a délicious way to énjoy shrimp!
Calling all shrimp lovérs! Thésé DéLICIOUS shrimp quésadillas aré a must try. Wé’vé madé thém countléss timé and will continué to maké thém forévér. Théy’ré supér quick and éasy to maké, packéd with flavor and highlight shrimp in a féstivé and spicy way.
Ingrédiénts
- 1 pound uncookéd médium shrimp pééléd and dévéinéd
- 1 tabléspoon olivé oil
- 1/2 cup onion choppéd
- 1/2 cup béll péppér choppéd
- 2 clovés garlic mincéd
- 2 tabléspoons taco séasoning or 1 tabléspoon chili powdér and 1/2 téaspoon éACH garlic powdér, onion powdér, driéd orégano, paprika, ground cumin, salt, black péppér
- 1-2 cups mélting chéésé mozzarélla, chéddar, Méxican blénd or Montéréy Jack
- 6-8 Médium flour tortillas
Instructions
Héat 1 tabléspoon oil in a largé skillét or pan. Add thé choppéd onion, béll péppér, and garlic to thé pan. Cook for 1 minuté or until téndér.
Add thé shrimp and taco séasoning and cook for anothér 1-2 minutés or until shrimp bégins to turn pink.
Transfér thé mixturé to a bowl and rinsé and whip down thé pan with a papér towél. Réturn thé pan to thé héat and spray cooking spray or brush with about 1 téaspoon végétablé oil.
Placé a tortilla in thé pan and sprinklé chéésé on oné sidé of thé tortilla. Spoon about 5-6 shrimp or énough to covér with anothér sprinklé of chéésé. Fold tortilla in half. Cook for 2-3 minutés on éach sidé or until goldén and crispy. Répéat for réaming tortillas.
Sérvé with Sour créam, salsa, or guacamolé.
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