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!
Salmon with garlic lemon butter sauce
Salmon with garlic lemon butter sauce
In this dish, one of the main ingredients is honey. It gives more taste to the salmon and also provides many health benefits for our body. The flavonoids included in honey can help to prevent the risk of cancer and heart disease. Besides, honey can also be a good anti-bacterial and can strengthen the immune system as well. Thus, use honey in baking the salmon based on the recipe below.
Ingredients:
- 50 gr of butter
- 65 gr of honey
- Four large cloves of crushed garlic
- A half lemon, juiced
- 2 kg side of salmon
- Salt and cracked pepper to taste
Garnish:
- Lemon slices
- Fresh chopped parsley
Directions:
- Heat an oven over 375 Fahrenheit-degree or 190 celsius-degree. Then put a rack in the middle of it. In a baking tray or sheet, put a large foil on it. Make sure that the foil can cover all parts of the tray or you may use two long foil to overlap each other to make salmon packets.
- Prepare a small saucepan, fill with butter and turn on the heat over low-medium heat. Put the honey, lemon, and garlic in it. Whisk the mixture until the honey melts the butter. Stir and cook these ingredients until all of them are completely mixed.
- In a lined baking tray, assemble the salmon then using a pastry brush or spoon, give butter or honey on top of the salmon. Spread evenly. To season, sprinkle with a bit of salt and cracked pepper as well. Next, fold the foil to cover the salmon and seal the closed foil with butter so that it doesn’t leak.
- Bake the salmon for around 15 until 18 minutes depending on the thickness of the salmon until it is cooked through. After it is done, remove the sheet from the oven and open the foil carefully. Then, grill the salmon over medium heat for around two until 3 minutes to make the upper side caramelized.
- After following all the steps above, now it is time to serve your Honey Garlic Butter Salmon In Foil with freshly chopped parsley and slices of lime. For a better taste, enjoy this with steamed rice, salad or pasta.
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