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!
CREAMY PESTO SHRIMP AND ZOODLES
I LOVE pesto. 😍 And creamy pesto? Oh, now we’re talkin’.
While most pesto is made with cheese, this pesto is actually dairy-free. But still super creamy because I pack it with pine nuts. This creamy pesto is the perfect addition to zoodles. Let’s be honest, zoodles are pretty bland and kind of boring. It’s all about the sauce.
You’re going to love how easy and quick this recipe is. It takes less than 25 minutes. I know making your own pesto may seem a little daunting, but really it couldn’t be easier!
As far as equipment goes, you’re going to need a large skillet, a spiralizer, and a food processor. I have been using the Paderno spiralizer for years and love it! It really makes consuming more vegetables easy and fun. You’d be surprised at all the things you can spiralize! And if you’re in the market for a new food processor, the Cuisinart 11-cup is where it’s at.
INGREDIENTS
Creamy Pesto
- 3 cups (21g) basil leaves, loosely packed
- ¾ cup (100g) pine nuts
- 2 cloves garlic
- ½ lemon, juiced
- Zest of 1 lemon
- ½ tsp sea salt
- ⅛ tsp black pepper
- ¼ cup extra virgin olive oil
Shrimp & Zoodles
- 3 medium zucchini
- ½ tsp sea salt
- 1 lb (450g) shrimp, peeled
- 2 Tbsp grass-fed butter, ghee, or avocado oil, divided
INSTRUCTIONS
Creamy Pesto
- Add all ingredients except olive oil to a food processor.
- Blend until fairly smooth, scraping down the sides as needed (about 1-2 mins).
- With the food processor running, slowly drizzle in olive oil. The consistency should be similar to the picture above.
Shrimp & Zoodles
- Pat the shrimp completely dry and set aside.
- Spiralize the zucchini and place it in a colander.
- Sprinkle with ½ tsp sea salt and toss gently.
- Place colander in a large mixing bowl. The purpose of this is to drain some of the water from the zoodles before cooking. They will release water while sitting in the colander.
- Sprinkle shrimp with a little salt and pepper.
- In a large skillet, melt 1 Tbsp butter over medium-high heat.
- When the pan is hot, add shrimp one by one to the pan and cook for about 1 minute per side for medium-sized shrimp. Adjust cooking time based on the size of your shrimp.
- Remove shrimp to a plate.
- Squeeze water from the zoodles by pressing with a clean dish towel or paper towel.
- Melt the remaining butter in the same skillet over medium heat.
- When it's hot, add the zoodles and cook for about 3-5 minutes or until just heated through, tossing occasionally with tongs. If any more water comes out, make sure to drain it before adding the pesto.
- Add the pesto and shrimp to the skillet and toss gently until everything is coated in pesto.
- Season to taste with sea salt.
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