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!
STUFFED SALMON WITH CREAM CHEESE AND CRABMEAT
Since discovering Northwest Wild Caught Salmon earlier this year, I’ve been having fun finding different ways to prepare and enjoy this lovely fish. I was lucky enough to pick up some nice sockeye salmon at Sam’s Club.
This week Stuffed Salmon was on the menu at home, and I decided to try something a little different with the stuffing using cream cheese in my stuffing mix.
My Stuffed Salmon is a great way to turn an ordinary night into a special occasion and is great for entertaining as it can be made up ahead of time and cooked before your guests arrive. You may also try stuffing a whole side of salmon and roasting it for a buffet. It will look spectacular!
I love recreating restaurant style dishes in my home and sharing them with my friends. This easy to make Stuffed Salmon with Cream Cheese and Crabmeat will wow your family and friends.
INGREDIENTS
- 4 salmon fillets
- 8 ounces of crabmeat drained well I used claw meat
- 4 ounces cream cheese softened use regular not whipped
- 1 large egg whipped
- 1 tablespoon mayonnaise
- 1 1/2 cups baby spinach
- 1 tablespoon roasted red peppers diced
- 1/2 cup shredded mozzarella cheese or your favorite cheese
- 1 teaspoon old bay seasoning
- sea salt and black pepper to taste
- 2 tablespoons seasoned bread crumbs
INSTRUCTIONS
- Preheat oven to 350 degrees
- cook spinach in a little bit of water till fully cooked, take off heat and allow to cool
- When spinach is cool squeeze out all of the water from the spinach (excess water will make the stuffing loose)
- in a mixing bowl add in the softened cream cheese, mayonnaise, egg and old bay seasoning. Whip together until well blended.
- fold in the spinach, roasted peppers, shredded mozzarella and crab meat (make sure crab meat has been well drained, squeezing out any excess water). Mix gently and if mixture is too loose you may add a little bread crumb to tighten it up.
- place salmon on baking sheet and season with salt and pepper
- portion stuffing out and place on top of salmon fillet, then sprinkle breadcrumbs on top.
- pour a little water on the baking dish to help keep the salmon moist while its cooking
- cook salmon at 350 degrees for 18-22 minutes. salmon should be done but not overcooked
- serve with your favorite sides
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