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!
GRILLED SHRIMP RECIPE WITH ROASTED GARLIC-CILANTRO SAUCE
A quick grilled shrimp recipe with a special Mediterranean sauce. Makes a great appetizer; or serve it for dinner with rice or your a favorite pasta! See the step-by-step tutorial below.
Where I grew up, a shrimp recipe–or any seafood recipe for that matter– is deemed successful only if it had loads of garlic.
Today’s grilled shrimp recipe does begin with garlic–a whole head of it, in fact. But, I’m taking more of a modern Mediterranean twist with it.
ingredients
- 1.5 lb uncooked prawns
- Salt and pepper
- Olive oil
roasted garlic-cilantro sauce:
- 1 small head garlic, top trimmed off
- 1 cup chopped fresh cilantro leaves
- 1 lime, juice of
- 1 tbsp dry white wine
- 3 tbsp olive oil
- 2 tbsp chili sauce like this one
instructions
- Preheat your oven to 400 degrees F.
- Peel, devein and rinse the prawns or your choice of shrimp. Pat dry and season with salt and pepper. Place the prawns in the fridge until ready to grill.
- Trim the top of the garlic head off, but leave the garlic intact. Drizzle generously with olive oil. Roast the garlic in the 400 degree F-heated oven for about 10-15 minutes or until slightly tender and fragrant. When ready, remove from the oven. Let cool briefly. Peel and crush or chop the roasted garlic as finely as possible.
- Now prepare the roasted garlic-cilantro sauce. In a small bowl, combine the roasted garlic with the remaining sauce ingredients of cilantro, lime juice, white wine, olive oil and chili sauce. Whisk together and set aside.
- When ready, lightly oil and heat a cast-iron grill or griddle to medium-high. Dress the prawns with a little olive oil and grill for 3-4 minutes on each side. You want to achieve some char, but be careful not to overcook the prawns.
- Remove the prawns from the grill to a bowl and coat well with the roasted garlic and cilantro sauce. Transfer to a serving platter. Alternatively, transfer the grilled prawns to a serving platter and simply add the roasted garlic-cilantro sauce on the side.
- Serve with pasta or rice and a green salad for dinner; or simply as a party appetizer. Enjoy!
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