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!
FIRECRACKER SHRIMP MACARONI AND CHEESE
Firecracker Shrimp Macaroni and Cheese is a homemade copycat version of a popular restaurant dish, but its been lightened up and simplified. Crispy breaded baked shrimp that has been marinated in your favorite hot sauce is scattered over creamy homemade macaroni and cheese for easy and filling comfort food at its best.
Firecracker Shrimp Macaroni and Cheese does an awful lot of talking.This meal packed such a punch I was rendered a little bit speechless.
FIRECRACKER SHRIMP MACARONI AND CHEESE RECIPE
INGREDIENTS- 1 pound raw, peeled & deveined shrimp, tails off
- 1 cup Texas Pete
- 1 cup panko breadcrumbs
- 1 tablespoon crushed red pepper
- 1 teaspoon garlic powder
- ½ teaspoon kosher salt
- ¼ teaspoon cayenne pepper
- 1 pound uncooked pasta (I used cavatappi)
- 1 cup cold milk (I used lowfat milk)
- 1 tablespoon cornstarch
- 1 tablespoon butter
- ¾ cups sharp cheddar cheese, shredded (I used lowfat cheese)
- 2 chopped green onions for garnish
INSTRUCTIONS- At least 30 minutes before you’re ready to cook, pour the Texas Pete over the shrimp in a medium sized bowl, cover, and place in the fridge to marinate. The longer the shrimp sits in the sauce, the spicier it will be.
- Combine the panko bread crumbs, crushed red pepper, garlic powder, cayenne pepper, and kosher salt in a food processor OR cut the ingredients together with a knife.
- Preheat the oven to 350 and lightly oil a baking sheet.
- Dredge the marinated shrimp in the bread crumb mixture and place on the prepared baking sheet in a single layer.
- Bake for about 15 minutes (shrimp will be pink, breading will be crisp).
- While the shrimp cooks, bring a large pot of water to a boil and cook the pasta according to package instructions.
- Whisk the cornstarch into the cold milk and then bring to a boil. Reduce the heat stirring constantly and melt the butter in the liquid. Stir in the cheese, keep stirring until it’s all melted into a happy sauce.
- Pour over the cooked pasta and toss to coat. Cover the macaroni & cheese with the crispy cooked shrimp and garnish with the green onions.
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