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!
Singapore Chili Prawns
Singapore Chili Prawns
As you probably already know, I am a bit of a shrimp fanatic and I am always looking for tasty new ways to enjoy shrimp. I recently came across a really interesting recipe for Singapore chili prawns on Almost Bourdain that sounded so good that it quickly pushed its way to the top of my to try list. Not that it takes much to get me interested in a shrimp dish but the two things that caught my attention with this recipe were the use of the sweet chili sauce and the egg drop. I picked up a bottle of sweet chili sauce a while ago and I really liked it but I have only used it a few times since. I was looking forward to using the sweet chili sauce with shrimp! A while ago, when I made the Chinese hot and sour soup I was introduced to the concept of slowly pouring an egg into a hot liquid while stirring. The egg quickly cooks into little particles that give the liquid an amazing texture in addition to adding some protein to the sauce itself. Speaking of hot and sour, these chili prawns have both hot and sour elements along with sweet elements.
The Singapore chili prawns were really quick and easy to make and they turned out great! The sweet, hot and sour tomato sauce was so tasty and it went really well with the succulent prawns. I liked this dish so much that I have already made it a second time. The first time I served it with some cilantro and lime rice and the second time I served it with some crusty bread to soak up the extra sauce which saved me from having to lick the plate clean.
Singapore Chili Prawns
Servings: 4
ingredients
- 1 tablespoon peanut oil
- 1 pound shrimp (shelled and deveined)
- 1 tablespoon garlic (chopped)
- 1 tablespoon ginger (grated)
- 1/4 cup shallots (chopped)
- 2 birds eye chilis or cayenne or red jalapenos (sliced)
- 1/2 cup water
- 4 tablespoons tomato sauce
- 3 tablespoons sweet chili sauce
- 1/2 lime (juice)
- 2 teaspoons palm sugar (grated or sugar)
- 1 teaspoon corn starch
- 1 egg (lightly beaten)
directions
- Heat the oil in a pan.
- Add the garlic, ginger, shallots, and chilies and saute until fragrant, about a minute.
- Add the shrimp and saute for a minute on both sides.
- Add the water, tomato sauce, sweet chili sauce, lime juice. sugar and corn starch and bring to a boil.
- Stir the egg into the pan and continue stirring until the egg is cooked.
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