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!
ASIAN BBQ SALMON
ASIAN BBQ SALMON
Sweet and Tangy Asian BBQ Salmon dripping with flavor from the most INCREDIBLE glaze but one of the easiest meals to throw together!
That’s it! Now, just when you didn’t think the tender, flavor effusive salmon could get any better, drizzle with your leftover sweet and tangy Asian BBQ glaze.
INGREDIENTS
- 4 skinless salmon filets , 4-6 oz. each*
- 1 tablespoon toasted sesame oil, divided
Marinade/Glaze
- 2 tablespoons Asian sweet chili sauce (like Mae Ploy)
- 3 tablespoons ketchup
- 3 tablespoons quality hoisin sauce (like Lee Kum Kee or Kikkoman)
- 2 tablespoons cider vinegar
- 2 tablespoons brown sugar
- 2 tablespoon soy sauce
- 2 teaspoons freshly grated ginger
- 1/2 teaspoon garlic powder
- 1/2 teaspoon sriracha
INSTRUCTIONS
- Whisk together all of the marinade/glaze ingredients plus 2 teaspoon sesame oil. Add 1/3 cup of marinade to a freezer bag with salmon. Refrigerate the rest separately. Marinate salmon for one hour up to overnight (longer the better).
- SKILLET DIRECTIONS: When ready to cook, let salmon sit at room temperature for 10 minutes. Separate reserved glaze in half. You will use half while cooking salmon and the other half after salmon has cooked.
- Heat 1 teaspoon sesame oil in a 12-inch nonstick skillet over medium high heat until very hot. Add salmon and turn heat down to medium and sear until side is browned, about 4 minutes.
- Flip salmon over and spoon half of the remaining Glaze over salmon. Cook an additional 4-7 minutes depending on thickness and desired doneness (or until salmon reaches an internal temperature of 135° for medium). Spoon desired amount of remaining Glaze over individual servings and season with freshly cracked salt and pepper. Note the Glaze is very strong so you will want to taste before adding too much more Glaze.
- GRILL DIRECTIONS: When ready to cook, let salmon sit at room temperature for 10 minutes. Lightly grease grill and heat grill to medium heat. Pat salmon dry. Grill, uncovered, for 4 to 6 minutes per 1/2-inch thickness or until fish begins to flake when tested with a fork, flipping once halfway through grilling. When done, remove from grill and brush with Glaze and season with freshly cracked salt and pepper.
RECIPE NOTES
*You don't have to worry too much about the size of your filets and can even only cook 2 filets, because you spoon desired amount of Glaze on the filets at the end.
**This salmon pairs beautiful with fresh pineapple!
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