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!
Thai Shrimp Cake
Thai Shrimp Cake – best Thai shrimp cakes recipe loaded with shrimp, red curry, long beans and served with sweet chili sauce. So good!
It’s very easy to make these shrimp cakes. All you need are some peeled and deveined shrimp (size doesn’t really matter in this recipe), Thai red curry paste, long beans, coconut milk. Roughly chopped up the shrimp and shape them into a patty, pan-fried and serve with the ever pleasing Thai sweet chili sauce.
Ingredients:
- 8 oz (250g) peeled and deveined raw shrimp, roughly chopped
- 2 tablespoons red curry paste
- 1 large egg
- 2 teaspoon fish sauce
- 1 tablespoon sugar
- 2 tablespoons coconut milk
- 1/4 cup (25g) chopped long bean/green beans
- 2 tablespoons roughly chopped Thai basil leaves
- 2 tablespoons oil
Sweet Chili Sauce:
- 1/4 cup (65ml) Thai sweet chili sauce
- 1 tablespoon fresh lime juice
- 2 teaspoon chopped coriander leaves (cilantro)
- 1 teaspoon minced ginger
Method:
1. Prepare the Sweet Cilantro Sauce by whisking all the ingredients together in a small bowl and then set aside.
2. Spread the shrimp on a plate and chill the shrimp in the freezer for 15 minutes(this can ensures the springy texture of the shrimp cakes). Meanwhile get all your other ingredients ready. Combine the chilled shrimp, red curry paste, egg, fish sauce, sugar and coconut milk in a food processor or blender. Process until smooth, about 30 seconds. Transfer the mixture to a mixing bowl. Mix in the green beans and basil.
3. Because different brands of curry pastes have differing amounts of salt you’ll want to make a sample shrimp cake first by saute 1 tablespoon of the mixture in a skillet(frying pan). Taste, and if necessary, adjust the seasoning with fish sauce and salt.
4. Heat a large skillet over medium heat. First use 1 tablespoon of the oil to coat the skillet, use a measuring spoon to drop 1 tablespoon of the paste into the skillet. With a damp finger, flatten the paste slightly to about 1/2″ thick. Make about 10 of these shrimp patties in the skillet.Cook the cakes until they are golden brown on each side and cooked through, about 2 minutes per side. Wipe out the skillet with a paper towel, make more patties from the remaining paste and cook the same way. Serve with a side bowl of the Sweet Chili Sauce.
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