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!
BLACKENED TILAPIA TACO BOWLS
Who loves seafood? Honestly, confession time…. I don’t. Eeeeek! Or at least, I thought I didn’t. This Blackened Tilapia Taco Bowl changed my mind… big time 🙂
Look at all those pretty colors! The freshness of these bowls is just amazing.
You can make fish taco bowls with any type of fish that you like, although I would recommend that it’s a white, flaky fish… tilapia, cod, etc.
Taco bowls get a healthy twist with the addition of spicy blackened tilapia filets, garnished with buttery avocados and a splash of fresh lime juice!
INGREDIENTS
- 1 Tbsp chili powder
- 1 Tbsp cumin
- 1/2 tsp cayenne pepper
- 1/2 tsp smoked paprika
- 1/4 tsp onion powder
- Pinch of oregano
- Zest of 1 lime
- 4 tilapia filets or other white fish filet of your choice
- 3 cloves garlic minced
- 1 cup frozen corn kernels thawed (fresh corn from the cob would be awesome)
- 1 small red onion diced
- 1 red bell pepper diced
- 1 can black beans drained and rinsed
- 2 cups cooked cilantro lime rice
- Fresh cilantro diced avocado, shredded lettuce, shredded purple cabbage, lime wedges
INSTRUCTIONS
- Combine spices in a small dish. Sprinkle seasonings over tilapia filets, season with salt and pepper, rubbing the spices into the fish.
- Heat a large cast iron skillet to medium high heat with a drizzle of olive oil. Add minced garlic and saute for about 20 seconds, then add in your tilapia filets. Careful not to add too many and crowd your pan, I cooked just 2 filets at a time. Once you add your fish, don't move them around, let them really sear. Cook for 2-3 minutes, then flip and cook another 2 minutes or so. Check to be sure fish is completely cooked (fish will be completely white and flaky throughout). Remove to plate and repeat with additional fish filets. Sprinkle fish with lime zest.
- Add a drizzle of olive oil, corn, red onion and red bell pepper to the same skillet. Cook for 1-2 minutes without stirring to allow them to roast and sear. Then stir and let them cook again another couple minutes until vegetables are tender and caramelized.
- Add in drained and rinsed black beans and heat for 1 minute
RECIPE NOTES
** Additional toppings could include shredded cheese, sour cream, chopped tomatoes, salsa, or pico de gallo.
** Additional ways to serve would be laid out on a plate, mixed together in a bowl, in a soft taco, on a salad, or with shrimp, chicken or pork.
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