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!
FISH BALLS – AFRICAN STYLE
FISH BALLS – AFRICAN STYLE
These fish balls made West African style are crunchy on the outside, moist, garlicky and tasty on the inside. Irresistibly good! If you are looking for a special recipe to wow, this is it.
Ingredients
- 12 oz fish fillets (340g) - 5 small fish fillets I used mackerel (see Note 1)
- 3 cloves garlic - minced
- 1/2 medium onion - finely chopped
- 1 stem parsley or cilantro - finely chopped
- 1/2 cup breadcrumbs I used panko breadcrumbs (See Note 2)
- 2 large eggs
- 1/4 cup flour
- 1/2 teaspoon salt
- 1/4 teaspoon white pepper
- 1 seasoning cube (Maggi) 4g cube
Instructions
- Place fish fillets in a pot, add 1/8th of a cup of water (the water should be very little and dry up as the fish cooks), salt and white pepper. Let it simmer on low heat for about 5-10 minutes until the fish is soft and flaky and the water is all dried up.
- Place the fish in a bowl and use a fork to mash up. Add in onion, garlic, parsley, seasoning cube, 1 egg and 2 tablespoons of the flour (reserve the other part of flour). Mix all the ingredients together lightly then shape the mixture into balls.
- Note: I used a cookie scoop to scoop out the mixture and shape into balls - this made sure they were all about the same size. You could do same or use a measuring tablespoon to scoop the mixture. If you don't mind large fish balls, then use an ice cream scoop to scoop the mixture (I prefer my fish balls smaller).
- Also note: the fish ball mixture can get very sticky and hard to handle. If it gets sticky. wet your hands with water and continue forming the balls.
- When all the balls are formed, place the remaining egg in one bowl and beat, place flour in another bowl then place breadcrumbs in another bowl. Roll a fish ball in the flour then place it in the egg mixture to coat it. Place it in the breadcrumbs and ensure the breadcrumbs coat the ball all around. Place the ball on a tray. Repeat process with the rest of the balls.
- Place oil in a pan up to 4 inches then heat up the oil on medium heat to 350 degrees F. Place the balls in the oil, being careful not to overcrowd the pan. Let them cook for about 4 minutes on one side then you flip them to the other side and let them cook for another 3 minutes. Remove and place on paper towel to absorb the excess oil.
- Serve fish balls as they are or with any side of choice. I love serving them with fried plantains and African pepper sauce.
Recipe Notes
1. I used mackerel fish because I found mackerel fillets at an Asian store I shop at. The fish I used is called "salt mackerel) and I had to soak it for several hours to remove the salt from it. HOWEVER, you do not have to use mackerel. You could use any fish fillet you like. Also, if fish fillets are not readily available in your area, then you could get whole fish and use a sharp knife to fillet the fish (seperate the flesh from the bones).
2. You could use regular breadcrumbs if you choose to but I used Panko breadcrumbs because they are much crunchier than regular.
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