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 BOIL FOIL PACKS
Easy, tasty shrimp boil foil packs baked or grilled with summer veggies, homemade seasoning, fresh lemon, and brown butter sauce. The BEST and easiest way to make shrimp boil at home!
This Spring has been something else. Around here the weather is known for being totally bi-polar, changing all day long making it near impossible to be able to plan ahead and dress for a day out without having to pack extra options. A sweater for layering, flip flops in case it warms up. Drives me bonkers.
But this Spring has been more crazy than ever and this past week we had a couple of days that ranged from sunny and sweltering, to rain, to snow, to hail, and back to sunshine in the course of an hour or two.
Easy, tasty shrimp boil dinners baked or grilled in foil with homemade seasoning, fresh lemon, and brown butter sauce.
INGREDIENTS
- 1 pound shrimp, peeled and de-veined
- 2 ears of corn on the cob, husked
- ½ pound andouille sausage
- 1 pound baby red potatoes OR baby yellow potatoes
- 3 tablespoons old bay seasoning OR homemade seasoning (see note)
- salt and pepper, to taste
- 3 teaspoons minced garlic
- juice of ½ lemon, plus lemon wedges for serving
- 3 tablespoons, melted + ½ cup butter, divided
- chopped fresh parsley, for topping
INSTRUCTIONS
- Chop corn into thirds, then chop each third in half lengthwise. Chop potatoes into 2 inch pieces. Boil corn and potatoes for 10 minutes. Drain and set aside.
- In a large bowl combine shrimp, sausage, corn, and potatoes. Stir together melted 3 tablespoons butter, Old Bay seasoning, garlic, juice from half a lemon, and salt and pepper to taste and pour over shrimp, sausage, and veggies. Stir to coat.
- Divide between four 12x12 inch sheets of aluminum foil. Fold edges of foil up around the food to create a closed packet.
- Cook on preheated grill over medium-high heat for 8-10 minutes on one side, then flip and cook another 5-6 minutes on the second side. Alternately, you can bake the packets at 400 degrees for 15-20 minutes until corn is tender and shrimp are pink and fully cooked.
- While packets are cooking, melt remaining butter in a medium sauce pan over medium-high heat. Once melted, continue to stir gently over medium heat for 3-4 minutes longer until color changes from pale yellow to a golden amber (but be careful not to burn it).
- Serve shrimp boil packs topped with chopped parsley, lemon wedges for squeezing, and browned butter for drizzling over the top or dipping.
NOTES
Homemade Old Bay Seasoning: whisk together 1 tablespoon celery salt, 1 teaspoon paprika, ½ teaspoon black pepper, ½ teaspoon cayenne pepper, ¼ teaspoon dry mustard, ⅛ teaspoon each allspice, cloves, and a pinch of ground ginger.
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