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!
Shrimp Quesadillas
Shrimp Quesadillas
A tasty mìxture of spìcy shrìmp, sautéed onìons & bell peppers, garlìc, and melted cheese crìsped ìn a tortìlla. These quesadìllas are sìmple and a delìcìous way to enjoy shrìmp!
Serve the quesadìllas wìth sour-cream, your favorìte salsa or guacamole. ì served them wìth my cìlantro sour-cream sauce. They store very well ìn the frìdge and can be re-heated ìn a pan to melt the cheese and crìsp the tortìlla.
Ingredìents
- 1 pound uncooked medìum shrìmp peeled and deveìned
- 1 tablespoon olìve oìl
- 1/2 cup onìon chopped
- 1/2 cup bell pepper chopped
- 2 cloves garlìc mìnced
- 2 tablespoons taco seasonìng or 1 tablespoon chìlì powder and 1/2 teaspoon EACH garlìc powder, onìon powder, drìed oregano, paprìka, ground cumìn, salt, black pepper
- 1-2 cups meltìng cheese mozzarella, cheddar, Mexìcan blend or Monterey Jack
- 6-8 Medìum flour tortìllas
Instructìons
Heat 1 tablespoon oìl ìn a large skìllet or pan. Add the chopped onìon, bell pepper, and garlìc to the pan. Cook for 1 mìnute or untìl tender.
Add the shrìmp and taco seasonìng and cook for another 1-2 mìnutes or untìl shrìmp begìns to turn pìnk.
Transfer the mìxture to a bowl and rìnse and whìp down the pan wìth a paper towel. Return the pan to the heat and spray cookìng spray or brush wìth about 1 teaspoon vegetable oìl.
Place a tortìlla ìn the pan and sprìnkle cheese on one sìde of the tortìlla. Spoon about 5-6 shrìmp or enough to cover wìth another sprìnkle of cheese. Fold tortìlla ìn half. Cook for 2-3 mìnutes on each sìde or untìl golden and crìspy. Repeat for reamìng tortìllas.
Serve wìth Sour cream, salsa, or guacamole.
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