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 Scampi with Zucchini Noodles
Zucchini noodles, aka zoodles, have been making their way around the food sphere for a while now and I finally jumped on the band wagon and tried them out and I was pleasantly surprised that they make an excellent substitute for noodles, rice, etc. Not only are zucchini noodles lighter and healthier but but they hold up like real noodles and they are a great way to sneak in some extra vegetables into your meals!
One of the first dishes that I thought to use zoodles in was one of my favourite pasta dishes, shrimp scampi, a dish where shrimp is served on pasta in a lemony, garlicky and buttery sauce. If you are into the lemon, butter and garlic combo (and who isn't???) then this dish is for you and it's so quick and easy to make, taking less than 20 minutes in total! The zucchini version of shrimp scampi is so much lighter and fresher than the pasta version and I think that I may just like it even more than the original!
Shrimp served in a lemony, garlicky and buttery sauce over a bed of light and fresh zucchini noodles, aka zoodles; a lighter take on shrimp scampi.
ingredients
- 1 tablespoon olive oil
- 2 tablespoons butter
- 1 pound (16-24) shrimp, shelled and deveined
- 4 cloves garlic, chopped
- 1 pinch red pepper flakes (optional)
- 1/4 cup white wine or chicken broth or shrimp broth
- 2 tablespoons lemon juice (~1 lemon)
- 3 medium zucchini, cut into noodles
- salt and pepper to taste
- 1 teaspoon lemon zest
- 1 tablespoon parsley, chopped
directions- Heat the oil and melt the butter in a pan over medium-high heat until frothing, add the shrimp, cook for 2 minutes, flip, add the garlic and red pepper flakes and cook for 1 more minute before setting the shrimp aside.
- Add the white wine and lemon juice to the pan, deglaze it, simmer for 2 minutes, add the zucchini noodles and cook until just tender, about 2 minutes, before seasoning with salt and pepper, adding the shrimp, lemon zest and parsley, tossing everything and removing from the heat.
- Enjoy immediately!
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