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!
Shrimp and Avocado Taco Salad
Shrimp and Avocado Taco Salad is a delicious gluten-free salad recipe with a shrimp marinade that doubles as the salad dressing. Fresh, easy, and filling!
The experience reminded me that dinner doesn’t have to be complicated to be completely satisfying (because, wowie wow wow, it was!) so I decided to make my own taco salad back at home, Shrimp and Avocado Salad to be exact, to share with you today!
Shrimp are the star of this scrumptious salad because I’ve been craving them for weeks and had a big bag in the freezer to use up. I thawed then marinated them in a simple yet scrumptious mix of extra virgin olive oil, honey, cilantro, lime juice, and chili powder to give them a tangy-chili-sweet-taste. Bonus? The same dressing used to marinate the shrimp is tossed with the salad saving loads of time. I mean, you don’t use the marinade as the dressing because, gross, rather the tangy dressing is divided in half killing two birds with one stone. I’ll take it!
Ingredients
- 1/3 cup packed cilantro leaves, roughly chopped
- 1/4 cup fresh lime juice
- 1/4 cup extra virgin olive oil
- 1 Tablespoon honey
- 1/2 teaspoon chili powder
- salt and pepper
- 1/2lb jumbo shrimp, peeled and deveined
- 10oz chopped romaine lettuce
- 1/2 cup shredded red cabbage
- 1/2 cup grape or cherry tomatoes, halved
- 1 avocado, chopped
- coarse sea salt (optional)
- blue corn tortilla chips, crushed
Directions
- Combine the first six ingredients in a food processor or blender then process until smooth. Place shrimp in a plastic bag then add 3 Tablespoons of the dressing and marinate in the refrigerator for 10 minutes (no longer.) Reserve remaining dressing for salad dressing.
- After the shrimp have marinated, spray the bottom of a skillet with extra virgin olive oil or nonstick spray then saute in two batches to avoid overcrowding the pan, for 1-2 minutes a side, or until just barely cooked through. Set aside to cool slightly. Discard remaining marinade.
- Divide lettuce and red cabbage between plates then top with avocados, tomatoes, sauteed shrimp, and crushed tortilla chips. Sprinkle with sea salt, if desired, then drizzle dressing on top and serve.
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