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!
HONEY LIME TILAPIA
This honey lime tilapia is unbelievably delicious. The flavor is so fresh and light and fantastic. Honey and lime basically belong to each other forever.
Admittedly, I’m a big time tilapia lover.
However I’m telling you, even if I didn’t love the fish, this flavor pairing and cooking method would convince me otherwise.
This honey lime tilapia is unbelievably delicious.
I’m no stranger to the honey lime flavor combo.
It’s trending presence in recipes is justified because honey and lime basically belong to each other forever and ever.
Even though this delectable, tender fish looks as if it’s been battered and fried, it’s actually a fairly healthful dish.
INGREDIENTS:
FISH AND MARINADE:
- 4 tilapia fillets (about 4-5 ounces each)
- 2 tablespoons lime juice (from 1 large lime)
- Zest of 1 lime
- 1 tablespoon olive oil
- 1 1/2 tablespoons honey
- 1/2 teaspoon salt
- 1/2 teaspoon black pepper
- 1 clove garlic, finely minced
COATING AND COOKING:
- 1/2 cup all-purpose or whole wheat flour
- 1/4 teaspoon salt
- 1/4 teaspoon black pepper
- 1-2 tablespoons olive oil
DIRECTIONS:
- In a small bowl, whisk together the lime juice, lime zest, olive oil, honey, salt, pepper and garlic. Place the tilapia in a gallon-sized ziploc bag and pour the marinade on top of the fish. Press the air out of the bag and seal. Refrigerate the fish for at least an hour and up to 4 hours. It helps to lay the bag in a flat dish and turn it over once or twice during the marinading time since the marinade won’t completely cover the fish.
- Before cooking, whisk together the flour, salt and pepper in a shallow dish like a pie plate. Heat the olive oil in a large nonstick skillet over medium heat until rippling and hot. Dredge each tilapia fillet in the flour, coating both sides lightly. Cook the fillets for 3-5 minutes per side without moving the fish while it cooks on each side; this will ensure a more even browning. Adjust the cooking time as needed depending on the thickness of the tilapia and the heat of the skillet and work in batches if necessary so the skillet isn’t overcrowded.
- Serve immediately with lime wedges.
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