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!
creamy spinach stuffed salmon in garlic butter
Filled with an incredible cream cheese, spinach, parmesan and garlic mixture, this Stuffed Salmon beats anything found in a restaurant. Each fillet is PACKED with so much flavour! Our new low carb salmon recipe includes pan fried AND oven baked methods!
Use up any remaining cream cheese mixture by turning it into a creamy sauce (included in the Notes section of the recipe). Alternatively, you can save the reserved mixture to serve as a dip later. Simply refrigerate it up to 4 days OR freeze up to 3 months in a plastic container.
Creamy Spinach Stuffed Salmon in garlic butter is a new delicious way to enjoy salmon! Filled with cream cheese, spinach, parmesan cheese and garlic, this salmon beats anything found in a restaurant. A low carb salmon recipe that includes pan fried AND oven baked methods!
Ingredients
Salmon:
- 4 skinless salmon fillets
- salt and pepper to season
- 2 tablespoons lemon juice
- 2 tablespoons olive oil divided
- 1 tablespoon unsalted butter
Filling:
- 4 oz (120 g) cream cheese at room temp
- 4 oz (120 g) frozen spinach thawed
- 1/4 cup finely grated parmesan cheese
- 2 teaspoons minced garlic
- Salt and pepper, to taste
- Optional Garlic Butter:
- 1 tablespoon unsalted butter
- 1 tablespoon minced garlic
- 1 tablespoon lemon juice
Instructions:
- Place each salmon fillet on a flat surface. Season both sides with salt, pepper, 1 tablespoon olive oil and lemon juice. Cut a slit or pocket about 3/4 quarter of the way through, being careful not to cut all the way.
- Squeeze excess liquid out of the spinach discard liquid. In a medium-sized bowl, mix together the spinach, cream cheese, parmesan cheese and garlic. Season with salt and pepper.
- Fill salmon 'pockets' with 1-2 tablespoons of the spinach dip, spreading evenly with the back of the spoon.
For Stove Top:
- Heat butter and remaining oil in a skillet (or non stick pan) over medium-high heat. Add the salmon and fry until golden (about 6 to 7 minutes). Carefully flip and allow to cook on the other side until golden and cooked through (another 6-7 minutes, depending on the size of your fillets).
- Optional: cover with a lid and continue cooking for a further 2-3 minutes, if necessary, until cooked through.
- Transfer to a warm plate to make garlic butter.
- Garlic Butter: Melt the butter in the remaining oil/juices in the pan leftover from the salmon. Add the garlic and lemon juice; saute until garlic is fragrant (about 30 seconds). Remove and serve with the salmon.
For Oven Baked Salmon:
Preheat oven to 350°F (175°C). Place stuffed salmon fillets in a shallow lightly greased baking pan. Bake for 10-15 minutes or until salmon is cooked through, opaque in centre and flakes easily with fork.
Pour pan juices out into a skillet or frying pan. Add butter, garlic and lemon juice; saute until garlic is fragrant (about 30 seconds). Remove and serve with the salmon.
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