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!
Spicy Shrimp Dip
Spicy Shrimp Dip is so creamy and cheesy and makes a great appetizer for New Year’s or game day. It’s full of diced shrimp and flavored with both cajun seasoning plus red pepper flakes for plenty of spice.
This shrimp dip is full of diced shrimp so it’s best to use very fresh shrimp if possible. If not I would buy frozen shrimp and be sure to defrost them and then blot them well with paper towels to get rid of any excess moisture.
A combination of cream cheese and mayonnaise makes this dip supremely creamy. And lots of mozzarella cheese plus some Parmesan cheese give it lots of gooey cheese flavor. I like how well mozzarella melts in a dip, but you could also use Monterey Jack cheese or a combo of Monterey Jack and cheddar cheese.
I like to serve Spicy Shrimp Dip with toasted baguette slices or tortilla chips. This dip really packs the flavor and if you are a fan of shrimp, you will have a hard time pulling yourself away from it. It will be a hit at your next party!
Spicy Shrimp Dip is so creamy and cheesy. It's full of diced shrimp and flavored with both cajun seasoning plus red pepper flakes for plenty of spice.
Ingredients
- 1 1/4 pounds fresh medium shrimp, peeled and deveined (If desired leave the tails on 3 shrimp to put on top of the dip)
- 1 tablespoon butter
- 1/2 cup diced red bell pepper
- 3 green onions, white and green parts sliced
- 1 garlic clove, minced
- 2 teaspoons Creole or cajun seasoning, divided
- 1 (8-ounce) pacakge cream cheese, softened
- 1/3 cup mayonnaise
- 1 1/2 teaspoons lemon juice
- 1 teaspoon Worcestershire sauce
- 1/4 to 1/2 teaspoon crushed red pepper flakes
- 1/3 cup freshly grated Parmesan cheese
- 1 1/2 cups shredded mozzarella cheese
Instructions
- Preheat oven to 375 degrees and lightly grease an 8x8-inch baking dish.
- Set the 3 shrimp with tails left on aside and cut remaining shrimp into bite-sized pieces. (I cut each shrimp in 3 to 4 pieces).
- Add butter to a large nonstick pan and place over medium-high heat.
- Add red bell pepper and cook for 2 minutes.
- Add green onion, shrimp (including the 3 whole shrimp) and garlic. Sprinkle with 1 teaspoon Creole seasoning. Cook for about 2 to 3 minutes. Shrimp will cook more in the oven so you want it just barely cooked through or even slightly undercooked. Transfer mixture to a bowl to cool slightly. Return the 3 whole shrimp to the pan to cook a little longer if they need it. You want them fully cooked.
- In a large bowl, mix together cream cheese, mayonnaise, lemon juice, and Worcestershire sauce. Use a wooden spoon or hand-held electric mixer to mix until smooth.
- Add remaining Creole seasoning, crushed red pepper flakes, shrimp mixture, and both cheeses and hand mix together.
- Transfer mixture to prepared baking dish and bake for 20 to 25 minutes.
- Garnish with the 3 whole shrimp and serve.
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