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!
Crab Stuffed Salmon
Crab Stuffed Salmon
Salmon with a Parmesan crab stuffing fill with crabs, celery, breadcrumbs, cheese and mayo.
Crab Stuffed Salmon
Prep Time 10 mins
Cook Time 30 mins
Total Time 40 mins
Salmon with a Parmesan crab stuffing fill with crabs, celery, breadcrumbs, cheese and mayo.
Course: Dinner
Servings: 4 servings
Author: Valentina's Corner
Ingredients
- 2 lbs salmon
- Salmon seasoning-
- 1 tsp thyme
- 1 tsp rosemary
- ¼ tsp pepper
- 1 tsp salt
- 1 tsp parsley flakes
- 2 garlic cloves, minced
- 2 Tbsp extra virgin olive oil
- Crab stuffing-
- 8 oz crab meat
- 1 celery stick
- 1 ½ Tbsp breadcrumbs
- 1 ½ Tbsp parmesan cheese
- 1/4 cup mayo
- 1/4 cup cheese, I use four cheese, mozzarella is too fine
- 1/8 tsp pepper
- 1/4 tsp salt
- 1 tsp parsley flakes
- 3 Tbsp butter
Instructions
- Prepare the salmon seasoning: Add thyme and rosemary to a small bowl. With your fingers crush the herbs a bit to get them into smaller pieces. Add the pepper, salt, parsley flakes, mix. Add the minced garlic, mix. Add the oil, mix.
- Turn salmon upside down. Brush the bottom with the salmon seasoning.
- Turn salmon back over and cut the salmon into four equal pieces. Make an opening in the middle of each salmon (don’t cut in half, crab stuffing will just fall apart).
- Distribute the rest of the salmon seasoning between the pieces of salmon. Add to sides as well as tops.
- Prepare the crab stuffing:
- Cut the crab meat into smaller pieces (don’t chop too thin though).
- Chop the celery into tiny pieces. As small as you can get them.
- Add all of the ingredients for the crab stuffing in a bowl. Mix.
- Gently open salmon. Stuff completely with crab stuffing. Do this to all four pieces. Add the rest on top but keep the meat together in the middle. You can sprinkle some freshly grated pepper or parsley flakes atop the crab if you would like.
- Bake covered 15 minutes in preheated oven to 365°F. Remove foil and bake another 15-20 minute. DON’T over bake. Salmon will be too dry.
- Right before serving, pour melted butter over each salmon/crab.
- Dig in. Oh but do share with your loved ones, it’s very tempting to just devour it all yourself. I know the feeling… Hehe;)..
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