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!
LEMON BUTTER SCALLOPS
LEMON BUTTER SCALLOPS
All you need is 5 ingredients and 10 minutes for the most amazing, buttery scallops ever. Yes, it’s just that easy and simple!
As much as I love scallops, I have always been very hesitant to cook with it. After all, at $20 per pound, there is absolutely no room for error when it comes to cooking these. So I just stayed away from scallops and ordered them from fancy restaurants, probably spending 2-3x more.
Little did I know with a few handy tricks, scallops are actually one of the easiest (and quickest) meals to whip up.
And this lemon butter sauce is absolutely unreal, and the perfect accompaniment to these perfectly seared scallops. Just remember – you’ll want to have your side dishes ready to go since these scallops will be ready in just 10 minutes from start to finish!
LEMON BUTTER SCALLOPS
yield: 4 SERVINGS
prep time: 5 MINUTES
cook time: 10 MINUTES
total time: 15 MINUTES
INGREDIENTS:
- 1 tablespoon unsalted butter
- 1 pound scallops
- Kosher salt and freshly ground black pepper, to taste
FOR THE LEMON BUTTER SAUCE
- 2 tablespoons unsalted butter
- 2 cloves garlic, minced
- Juice of 1 lemon
- Kosher salt and freshly ground black pepper, to taste
- 2 tablespoons chopped fresh parsley leaves
DIRECTIONS:
- Melt 1 tablespoon butter in a large skillet over medium high heat.
- Remove the small side muscle from the scallops, rinse with cold water and thoroughly pat dry.
- Season scallops with salt and pepper, to taste. Working in batches, add scallops to the skillet in a single layer and cook, flipping once, until golden brown and translucent in the center, about 1-2 minutes per side. Set aside and keep warm.
- To make the lemon butter sauce, melt 2 tablespoons butter in the skillet. Add garlic and cook, stirring frequently, until fragrant, about 1 minute. Stir in lemon juice; season with salt and pepper, to taste.
- Serve scallops immediately with lemon butter sauce, garnished with parsley, if desired.
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