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!
European Style Garlic Shrimp
This recipe is a dish that is savory, spicy and with a lot of garlic, some of you will enjoy it as an appetizer before their meals, while others like me like to finish off seafood as a dessert. This traditional dish has been passed down the family tree, at times I even enjoy it as a quick snack with a side of bread for dipping. This recipe goes great as one of your holiday dishes, your guests will thank you for including it. I prefer to use jumbo shrimp in the recipe and with the cost of seafood continuously on the way up, I would recommend that you purchase a large bag to save on the cost. Sazon goya powder with coriander and annatto is one of the main ingredients in this recipe and can be picked up at most latin grocers, some big box grocery stores or online. I love garlic in my food, for those that would prefer a little less you can cut the garlic cloves in half, a large skillet should be used to cook the peeled and deveined shrimp, plus make a small incision along the back of the shrimp to absorb some of the sauce and you can leave the tail on.
Ingredients- 1 pound of raw shrimp, peeled and deveined
- 2 tbsp of unsalted butter
- 2 tbsp of olive oil
- 4 cloves of garlic, chopped
- 1 tbsp of garlic powder
- 1 tbsp of lemon juice
- 1 tsp of all purpose seasoning
- 1 package of sazon goya powder
- 1/4 cup of water
Instruction- Peel and devein shrimp, wash shrimp and make small incision along back of shrimp pat dry.
- In large skillet add olive oil, butter and garlic cloves, heat on medium for two minutes.
- Add shrimp to skillet, stir to mix and cook one minute.
- Add all seasoning powder, garlic powder, stirring for an additional meeting.
- Add goya powder, lemon juice and water, reduce heat to simmer and cook for 2 more minutes or until shrimp is cooked.
- Enjoy !!!
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