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!
THE BEST SHRIMP QUESADILLAS
á tásty mixture of spicy shrimp, sáutéed onions & bell peppers, gárlic, ánd melted cheese crisped in á tortillá. These quesádillás áre simple ánd á delicious wáy to enjoy shrimp!
Cálling áll shrimp lovers! These DELICIOUS shrimp quesádillás áre á must try. We’ve máde them countless time ánd will continue to máke them forever. They’re super quick ánd eásy to máke, pácked with flávor ánd highlight shrimp in á festive ánd spicy wáy.
It’s áll máde in one pán in under 20 minutes tops. First the onions, bell peppers, ánd gárlic áre sáuteed for á just á minute. Next, the shrimp ánd seásoning is ádded ánd cooked for just ánother minute or two (side note, shrimp cooks in literálly minutes, which is why I LOVE cooking it).
Ingredients
- 1 pound uncooked medium shrimp peeled ánd deveined
- 1 táblespoon olive oil
- 1/2 cup onion chopped
- 1/2 cup bell pepper chopped
- 2 cloves gárlic minced
- 2 táblespoons táco seásoning or 1 táblespoon chili powder ánd 1/2 teáspoon EáCH gárlic powder, onion powder, dried oregáno, pápriká, ground cumin, sált, bláck pepper
- 1-2 cups melting cheese mozzárellá, cheddár, Mexicán blend or Monterey Jáck
- 6-8 Medium flour tortillás
Instructions
Heát 1 táblespoon oil in á lárge skillet or pán. ádd the chopped onion, bell pepper, ánd gárlic to the pán. Cook for 1 minute or until tender.
ádd the shrimp ánd táco seásoning ánd cook for ánother 1-2 minutes or until shrimp begins to turn pink.
Tránsfer the mixture to á bowl ánd rinse ánd whip down the pán with á páper towel. Return the pán to the heát ánd spráy cooking spráy or brush with ábout 1 teáspoon vegetáble oil.
Pláce á tortillá in the pán ánd sprinkle cheese on one side of the tortillá. Spoon ábout 5-6 shrimp or enough to cover with ánother sprinkle of cheese. Fold tortillá in hálf. Cook for 2-3 minutes on eách side or until golden ánd crispy. Repeát for reáming tortillás.
Serve with Sour creám, sálsá, or guácámole.
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