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!
Creamy Garlic Butter Tuscan Salmon (OR TROUT)
Creamy Garlic Butter Tuscan Salmon (OR TROUT)
Creamy Garlic Butter Tuscan Salmon (OR TROUT) is such an incredible recipe! Restaurant quality salmon in a beautiful creamy Tuscan sauce!
Creamy Garlic Butter Tuscan Salmon
Creamy Garlic Butter Tuscan Salmon (OR TROUT) is such an incredible recipe! Restaurant quality salmon in a beautiful creamy Tuscan sauce!
Ingredients:
- 4 salmon fillets, (skin off)
- Salt and pepper, (to season)
- 2 teaspoons olive oil
- 2 tablespoons butter
- 6 cloves garlic, (finely diced)
- 1 small yellow onion, (diced)
- 1/3 cup DRY white wine
- 5 oz 150 g jarred sun dried tomato strips in oil, (drained of oil)
- 1 3/4 cups half and half, (or milk — reduced fat, skim or full fat milk *SEE NOTES)
- Salt and pepper, (to taste)
- 3 cups baby spinach leaves
- 1/2 cup fresh grated Parmesan cheese, ((do not include for dairy free option))
- 1 teaspoon cornstarch ((cornflour) mixed with 1 tablespoons of water (optional)**)
- 1 tablespoon fresh parsley (chopped)
Instructions:
- Heat the oil in a large skillet over medium-high heat. Season the salmon filets on both sides with salt and pepper, and sear in the hot pan, flesh-side down first, for 5 minutes on each side, or until cooked to your liking. Once cooked, remove from the pan and set aside.
- Melt the butter in the remaining juices leftover in the pan. Add in the garlic and fry until fragrant (about one minute). Fry the onion in the butter. Pour in the white wine (if using), and allow to reduce down slightly. Add the sun dried tomatoes and fry for 1-2 minutes to release their flavours.
- Reduce heat to low heat, add the half and half (or heavy cream), and bring to a gentle simmer, while stirring occasionally. Season with salt and pepper to your taste.
- Add in the spinach leaves and allow to wilt in the sauce, and add in the parmesan cheese. Allow sauce to simmer for a further minute until cheese melts through the sauce. (For a thicker sauce, add the milk/cornstarch mixture to the centre of the pan, and continue to simmer while quickly stirring the mixture through until the sauce thickens.)
- Add the shrimp back into the pan; sprinkle with the parsley, and stir through.
- Serve over pasta, rice or steamed veg.
*Half and half is an American product, made from equal parts light cream and milk. Feel free to use half light cream and half 2% milk (or full fat if not worried about calories and fat counts), in place of half and half.
Alternatively, use all light cream or heavy cream.
**For a gluten free option, find GLUTEN FREE Cornstarch where available
full recipe:
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