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!
Scallops & Roasted Garlic Cream
Scallops & Roasted Garlic Cream
Love scallops? Well, do I have the dish for you. This sauce was insane. It starts with roasting heads of garlic in the oven until they are as soft and sweet as can be. Then, the cloves get emulsified into your sauce. Wow, talk about great flavor. Of course, adding some cream only makes the sauce richer and more delicious. The original called for a cup of cream but I cut it back to 1/2 cup and it was just perfect. Serve these over your favorite pasta for a wonderful meal. I think hubby truly loved this one. How do I know? He just walked in the house with 2 more bags of scallops and a smile, of course. Looks like I’ll be making this again soon. Think I will invite some company over….they are THAT good!
Here is another killer scallop recipe you may want to try!
Scallops & Roasted Garlic Cream
Ingredients
- 2 heads garlic, sliced horizontally
- 3 tablespoons olive oil, plus 1 tablespoon olive oil
- 2 cups chicken stock
- ½ cup cream
- 2 tablespoons butter
- 1 pound large sea scallops
- Salt and freshly ground black pepper
- Chopped scallions, garnish
Instructions
Sauce
- Preheat oven to 400 degrees F.
- Place garlic on a piece of foil and spoon 3 tablespoons of olive oil on top of cut garlic.
- Wrap tightly to make a pouch and put directly into the oven for 45 minutes or until garlic is soft.
- Once cool enough, squeeze cloves into a pot and add chicken stock.
- Cook on high for 10 minutes or until stock reduces by half.
Add cream.
- Using an immersion blender, puree until smooth and continue to cook on low.
- Scallops
- In a large saute pan over medium-high heat, heat 1 tablespoon of olive oil and 2 tablespoon of butter. Season scallops with salt and pepper.
- Cook scallops to brown on each side.
- Plate scallops, pour on sauce and add scallions.
- Recipe adapted from Emeril
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