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!

SPICY LOUISIANA CAJUN SHRIMP WITH CHIPOTLE MAYONNAISE

Now that's a combination...cajun shrimp and chipotle mayo. This may also be served as an appetizer. Adapted from Scrumpdillyicious.


INGREDIENTS           

  • 1 lb medium shrimp, peeled and deveined
  • 2 tablespoons olive oil
  • 1 tablespoon cajun seasoning (homemade or store bought)
  • 1⁄2 tablespoon chipotle chile in adobo, minced
  • 1⁄2 teaspoon brown sugar
  • 1 lemons or 1 lime, sliced in wedges for garnish
  • salt and pepper, for seasoning

CHIPOTLE  MAYONNAISE

  • 1 cup mayonnaise
  • 2 -3 canned chipotle chiles in adobo (to taste)
  • 1 tablespoon adobo sauce
  • 1⁄2lime, juice


DIRECTIONS

  1. In a large bowl, toss together the shrimp with the olive oil, Cajun seasoning, brown sugar and minced chipotles in adobo sauce. Mix well to fully coat the shrimp. Cover and refrigerate for 30-60 minutes.
  2. Grilling Method: Preheat an outdoor grill to medium and barbecue shrimp until they curl up and turn pink. These may be threaded on oil-rubbed or water-soaked wooden skewers.
  3. In the meantime prepare the Chipotle Mayonnaise. Serve shrimp with dip.
  4. Baking Method: Preheat oven to 350°F Spread out the marinated shrimp onto a foil-lined baking sheet and season with salt and pepper. Bake until the shrimp curl up and turn pink, about 10-15 minutes. Serve warm or at room temperature with a garnish of lemon or lime wedges.
  5. Sauteeing Method: Preheat a large skillet over medium to medium-high heat. Add about 1/2 tablespoon of oil and once hot add the shrimp, being careful not to overcrowd the pan. Cook about 2 minutes per side.
  6. To Make Chipotle Mayonnaise: Add all of the ingredients in a food processor and blend. Cover and keep refrigerated until ready to use.
Recipe Adapted From geniuskitchen.com

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