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!
MEAL-PREP SHRIMP BURRITO BOWLS
Meal-prep just got a whole lot tastier with these shrimp burrito bowls. They’re loaded with spicy shrimp, charred fajita veggies, beans, corn, brown rice and topped with a tasty creamy sauce.
The entire dish comes together very quickly and can be all done in under 30 minutes. I first cook the bell peppers in a tablespoon of olive oil until they are soft and tender, then remove them and add the shrimp and cook for just 2 minutes or until done! The shrimp is seasoned with chili powder, cumin, garlic powder, salt, and pepper. If you don’t have all the spices on hand, taco seasoning works great too!
For the corn, canned, cooked, or frozen works great. I like to use the frozen roasted corn from Trader Joes! It’s sweet and charred and makes a great addition to any salad or Mexican dish.
For the brown rice, I use quick cook brown rice. The kind that cooks in 15 minutes. Traditional brown rice, quinoa, or your favorite type of rice will also work.
Ingredients
- Spicy Shrimp & Fajita Veggies:
- 1 pound raw shrimp deveined & shelled
- 1 tablespoon olive oil
- 1 clove garlic minced
- 2 teaspoons chili powder
- 1 teaspoon cumin
- ½ teaspoon garlic powder
- ½ teaspoon cayenne pepper
- Salt & Pepper
- 1-2 bell peppers sliced (colors of choice)
- For the assembly:
- 2 cups cooked brown rice
- 1 cup black beans drained and rinsed
- 1 cup corn drained and rinsed
- 1/2 cup Greek yogurt or sour cream
- 1/2 cup salsa
- 4 meal prep containers
- 4 2 oz sauce containers
Instructions
- To Cook Fajita Veggies and Shrimp: Combine the shrimp, garlic, and spices. In a large skillet over medium-high heat, add 1 tablespoon of olive oil. Add the shrimp and cook for 2-3 minutes or until tender. Remove the shrimp from the pan and add the sliced bell peppers (add more oil if needed) and cook for 2-3 minutes or until tender.
- To assemble: Divide brown rice into 4 meal prep containers (1/2 cup each). Top each container with 1/4 of the shrimp, 1/4 of the bell peppers, a scoop of black beans, and a scope of corn. In a small bowl whisk the yogurt and salsa and divide into 4 small 2 oz sauce containers or pour into 4 small snack size ziplock bags.
- To serve: Heat bowls (do not heat sauce) in the microwave for 2 minutes or until thoroughly. Drizzle with cold sauce. Enjoy!
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