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!
Fast And Easy Shrimp Piccata
Fast And Easy Shrimp Piccata
Shrimp Piccata will become your new favorite go-to weeknight meal. It’s on the table in under 30 minutes. Shrimp sauteed in a lemon-butter-caper sauce. Serve over your favorite pasta, you can’t go wrong. It’s fresh, bursting with flavor and comes together fast.
Start boiling the pasta according to the package directions.(reserve 1/4-1/2 cup of the pasta water) In a medium bowl, whisk together the flour, salt, and pepper. Toss the shrimp in the flour mixture.
In a large skillet over medium heat, melt 3 tablespoons of butter. Add the shrimp to the skillet and saute one for one minute each side. Don’t overcrowd the pan. You might need to do this in two batches. Remove the shrimp to a plate.
Fast and easy shrimp piccata will become your new favorite go-to weeknight meal. It's fresh, bursting with flavor and comes together fast. On the table in under 30 minutes.
Ingredients
- 1 pound medium shrimp, peeled and deveined
- 8 ounces uncooked pasta
- 1/4 cup all-purpose flour
- 1/4 teaspoon salt
- 1/4 teaspoon fresh ground pepper
- Juice of 1 lemon
- Zest of 1 lemon
- 2 cloves minced garlic
- 3 tablespoons capers, drained
- 5 tablespoons butter, divided
- 1/2 cup dry white wine
- Salt and pepper to taste
- 1/4 cup fresh parsley, chopped
- Parmesan cheese to garnish
Instructions
- Boil a pot of salted water. Cook pasta according to package directions.
- While the pasta is cooking, add the first 3 tablespoons of butter to a large skillet over medium heat.
- In a medium bowl, whisk the flour, salt, and pepper together. Toss the shrimp in the flour to lightly coat. Shake off excess.
- When the butter is hot, add the shrimp to the pan and cook them for 1 minute on each side. Do NOT overcrowd the pan. This might have to be done in two batches. Remove to shrimp from the pan.
- Add the garlic to the skillet and cook for about 1 minute.
- Deglaze the pan with the lemon juice, zest, capers, remaining 2 tablespoons of butter, and white wine. Cook for 2 minutes, then add the shrimp back in.
- Cook for another 1-2 minutes until the shrimp are cooked through. DO NOT OVERCOOK.
- Season to taste with salt & pepper, and add the fresh parsley.
- Toss with the cooked and drained pasta. If desired, add the reserved pasta water to increase the sauce a little.
- Serve immediately.
Recipe Notes
You may substitute the white wine with chicken stock or water. It will change the taste.
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