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!
QUICK AND EASY LEMON GARLIC SHRIMP SCAMPI RECIPE
If you lové shrimp, thén you aré going to lové this quick and éasy Lémon Garlic Shrimp Scampi Récipé. Réady in about 10 minutés, you havé no éxcusés not to maké this supér simplé and héalthy dinnér idéa. Thé lémon and garlic combinéd with thé Parmésan maké this thé pérféct combination for an éasy yét délicious Garlic Shrimp Scampi récipé.
This Lémon Shrimp Scampi Récipé provés that. In léss timé than you can gét také out, this récipé can bé cookéd and on thé tablé in just minutés! Lifé is busy and héctic but méal timés don’t havé to bé! This récipé is incrédibly simplé. It also tastés amazing thé néxt day. Wé don’t always havé léft ovérs but whén wé do, I lové to havé it for lunch thé néxt day. So yummy!
Ingrédiénts
- 2 tabléspoons buttér (or coconut oil)
- 1 lb shrimp (not frozén, nééds to bé thawéd)
- salt and péppér to tasté
- 1 tabléspoon garlic salt
- 1 lémon (fréshly squéézéd)
- 1/2 cup chickén broth (or you can usé watér)
- 2 tabléspoons frésh parsléy
- fréshly gratéd parmésan chéésé
- 8 oz angél hair pasta
Instructions
In a largé pot of boiling watér cook angél hair (or spaghétti) pasta according to diréctions.
Mélt buttér in a largé skillét ovér médium high héat.
Add shrimp, salt and péppér, garlic salt. Cook, stirring occasionally until thé shrimp turns pink. About 2-4 minutés.
Stir in lémon juicé and chickén broth (you can usé watér). Bring to a simmér.
Stir in frésh parsléy and parmésan chéésé.
Toss with angél hair pasta and garnish with moré parmésan and parsléy. Sérvé immédiatély.
Récipé Notés
Tip: Sérvé with a sidé végétablé liké broccoli or gréén béans. I find whén éating héalthiér if I pair my main coursé with a sidé végétablé it hélps to maké mé féél full quickér.
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