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!
BLACK SEA BASS WITH ZUCCHINI NOODLES (GLUTEN FREE + LOW CARB)
Delicious and healthy mediterranean seasoned Black Sea Bass served with grain free and low carb zucchini noodles. SO easy to make and ready to serve in under 30!
INGREDIENTS:
- 2 4oz black sea bass filets **see notes for substitutions
- 2 tsp seasoning mix (see ingredients below)
- 1 tbsp butter or ghee
- 2 large zucchini
- 1 tbsp Avocado Oil, coconut oil or extra virgin olive oil
- 1.5 tbsp of diced pimentos
- 2 tbsp capers
- 5 whole pitted kalamata olives, chopped
- 1/2 tbsp unsalted butter or ghee
- splash of lemon juice
- Extra sea salt and pepper for the zucchini noodles
- Spice Mix
- 1/2 tsp ground coriander
- 1/2 tsp garlic powder
- 1 tsp paprika
- 1 tsp ground cumin
- 1/2 tsp sea salt
- 1/2 tsp ground black pepper
DIRECTIONS:
- MAKE THE SPICE MIX. Combine all spice mix ingredients and mix well.
- PREPARE THE SEA BASS. Dry the filets and then sprinkle each sea bass filet with 1 tsp of the seasoning mix. Set aside.
- PREPARE AND COOK THE ZUCCHINI NOODLES. Spiralize the zucchini noodles with the small noodle attachment. Sprinkle with sea salt, pepper and 1 tbsp of oil. Toss to coat. Heat a 10 inch cast iron skillet over medium heat and add the zucchini noodles. Cook until tender, about 5 minutes, mixing often. Tongs work well for this. After cooking reduce the heat to the lowest setting you can – you just want to keep the noodles warm. Add the pimentos, capers, chopped kalamata olives, 1/2 tbsp butter and splash of lemon juice. Toss to combine.
- COOK THE SEA BASS. Heat 1 tbsp of butter in a 12 inch cast iron skillet over medium heat. If your sea bass has skin, place skin side down first and cook for 3 minutes. Flip over and cook for another 3 minutes. Flip back over and cook until the fish is flaky, 4-5 minutes.
- PLATE YOUR MEAL. Divide the zucchini noodles among two bowls. Top with the seared sea bass. You can remove the skin from the sea bass before placing on top of the zucchini noodles, if desired Sprinkle with parmesan cheese or feta cheese if desired.
NOTES :
NUTRITION: Calories: 345; Fat: 21g; Carb: 20g; Dietary Fiber: 4g; Net Carb: 16g; Protein: 22g
Nutrition information calculated using My Fitness Pal and is an estimate. These calculations do not include the spices. Here is a link to the recipe in My Fitness Pal for your reference. Black Sea Bass.
**you may use Chilean Sea Bass, Haddock or Halibut if you cannot find Black Sea Bass.
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