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!
POACHED SALMON PASTA SALAD
As much as I love all Italian food and it’s mixture of rich deep dishes and light simple ones, sometimes serving cold pasta is what hits the spot especially if it’s this salmon pasta salad!
As summer starts to beat down on us and the dusty grill covers get lifted off, the temptation to eat al fresco returns. I love eating outdoors including any time we go camping. It doesn’t have to be a fancy pants dinner but It always seems way more relaxed under the stars. My barbecue grill and smoker get their workout for sure and I’m looking into making my own outdoors pizza oven.
Before I became a stay-at-home dad I worked in food service. I remember making huge containers of pasta salads and always selling out of them first. I recently found a stash of recipes from those days in the store, so you can bet you’ll be seeing a lot more simple summer salads coming at ya! Cold pasta salads are always a hit for back yard parties- easy, fast to make, simple ingredients and you can make a huge bowl that can easily last the whole party. Pasta salads are also a great pot luck item, just turn up and put the bowl on the table to go back later and see it empty -voila, you’re a hero!
I poached my salmon but you could just as easily grill it or sear it in a pan. Poaching is low maintenance, just chuck it in the oven set the timer and go skateboarding with your kid (like I did). I brought a new board home from Hawaii and Miranda fell in love with it. Today was her birthday so what to get her was pretty easy to figure out.
Try this salmon pasta salad, you’ll love it…
POACHED SALMON PASTA SALAD
CALORIES: 225 KCAL
AUTHOR: FOODNESSGRACIOUS
Poached salmon with pasta and capers, perfect for summer parties!
FOR THE DRESSING
- 2 tbsp lemon juice
- 1 tbsp red wine vinegar
- 1 tbsp white wine vinegar
- 1 tsp dry mustard powder
- 3/4 tsp minced garlic
- 1 tsp chopped fresh dill
- 1/2 tsp dried tarragon
- 1/2 cup olive oil
- Salt and pepper to taste
FOR THE SALAD
- 12 ounce salmon
- 1/2 cup white wine
- 1 cup water
- 8 ounce uncooked penne pasta
- 3/4 cup peeled and diced cucumber
- 2 roma tomatoes seeded and diced
- 1 cup thinly sliced red onion
- 2 tbsp plus 1 tsp capers
- 1 tbsp lemon zest
Preheat the oven to 375 degrees F.
Add all of the dressing ingredients to a bowl and whisk until well combined. Season with salt and pepper to taste.
Place the salmon on a baking dish and add the water and the wine to it. Season with salt and pepper and place in the oven.
Bake for about 20-25 minutes or until slightly firm to the touch.
Cook pasta per directions on the pack. Drain and set aside.
Once the salmon is cooked let cool and then crumble gently into a separate dish, set aside at least 2 cups of it.
Place all of the other ingredients in a large bowl and gently toss together.
Add the salmon to the bowl and add the dressing in stages, mixing well until you feel you have enough dressing mixed in.
Garnish with some more fresh chopped dill sprinkled on top. Serve at once or store in the fridge.
Nutrition Facts
Poached Salmon Pasta Salad
Amount Per Serving
Calories 225
* Percent Daily Values are based on a 2000 calorie diet.
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