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 SHRIMP PASTA WITH MUSHROOMS
Creamy Shrimp Pasta with Mushrooms in a delicious homemade alfredo sauce. This recipe has all the flavors you want and need: shrimp, mushrooms, garlic, basil, crushed red pepper flakes, paprika, Parmesan and Mozzarella cheese.
Delicious seafood pasta in a homemade alfredo sauce. This creamy shrimp pasta has all the flavors you want: garlic, basil, crushed red pepper flakes, paprika, Parmesan and Mozzarella cheese. Mushrooms make this pasta really special!
Ingredients
- 8 oz fettuccine pasta (for gluten free version, use gluten free brown rice pasta)
- 1/2 cup cooked pasta water (optional)
- 2 tablespoons olive oil
- 1 lb shrimp (10 big shrimp or 20 small shrimp without shells, deveined)
- 3 garlic cloves , minced
- 1/4 teaspoon dried basil
- 1/4 teaspoon paprika
- 1/4 teaspoon salt
- 1/4 teaspoon red pepper flakes
- 8 oz mushrooms , thinly sliced
- 1 cup half and half
- 1/2 cup Parmesan cheese shredded
- 1/2 cup Mozzarella cheese shredded
Instructions
- Cook pasta:
- Cook pasta according to package instructions. Drain. Reserve some of pasta water. While the pasta is cooking, prepare shrimp alfredo sauce as described in the next steps.
- How to make shrimp Alfredo sauce:
- Heat a large skillet until hot - add 2 tablespoons of olive oil and immediately add garlic and shrimp. Cook on one side for about 1 minute until pink, on medium-high heat. Flip the shrimp to the other side, sprinkle the top of cooked side of shrimp with dry basil, paprika, crushed red pepper flakes, and salt, cook for another 1-2 minutes, occasionally stirring, until shrimp is pink on both sides. Remove the shrimp from the skillet. If shrimp is a little undercooked - it's OK because you will continue cooking it in the sauce.
- To the same, now empty, skillet add sliced mushrooms. Add more olive oil if necessary. Cook on high heat for about 2 minutes, occasionally stirring, until mushrooms become soft and release juices. Sprinkle with a small amount of salt midway through cooking.
- To the skillet with mushrooms, add cooked shrimp. Immediately add 1 cup half and half. Bring to boil, add all of the cheese (1/2 cup shredded Parmesan and 1/2 cup shredded Mozzarella) - bring to boil, then reduce to medium-simmer, and cook, constantly stirring, until the cheese melts. Cover with lid and remove from heat. Taste, and add more salt if needed.
- Add cooked and drained pasta from step 1 to the skillet with shrimp and mushrooms and cream sauce. Reheat on medium heat. Stir well. If the cream sauce is too thick and you want it thinner - add some pasta water in small amounts to the cream sauce (while the sauce is simmering on low-medium heat) until you reach desired consistency. Season with more salt and add more crushed red pepper flakes and basil, if desired.
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