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!
Healthy Cilantro Lime Shrimp Burrito Bowls
Start your New Year off right with these healthy, Low Carb Cilantro Lime Shrimp Burrito Bowls, topped with black beans, avocado, and salsa. This low carb shrimp recipe uses cauliflower rice as the base, and here you’ll find tips for making the best cauliflower rice.
Today I’m partnering with Marina Del Rey Foods – Marina Del Rey sells top quality wild, responsibly caught, frozen seafood. Thanks for supporting me and the brands I work with.
If you're on the hunt for low carb shrimp recipes, this one is for you! Packed with flavor, and nutrient dense ingredients, like black beans, avocado, and marinated shrimp.
Ingredients
- Cilantro Lime Marinade
- 1 1/2 cups cilantro loosely packed
- 1/4 cup lime juice
- 1/4 cup olive oil
- 2 tablespoons minced onion
- 1/2 teaspoon sea salt
- 1/2 teaspoon cumin
- jalapeño cut into thin slices, to taste
- Shrimp Burrito Bowls
- 1 head cauliflower large
- 1/2 tablespoon olive oil
- 1/2 teaspoon cumin
- sea salt to taste
- 2 pounds Marina del Rey Jumbo Shrimp thawed
- 1 can black beans rinsed and drained
- 2 avocados sliced
- 1 1/2 cups salsa
- sliced red onion optional, to garnish
- jalapeño optional, to garnish
- cilantro optional, to garnish
Instructions
- Prepare marinade by adding all ingredients to a blender, and blending until cilantro is chopped up finely and the sauce is a nice bright green color. Split your marinade into 2 containers. Use one to marinate the shrimp, and reserve the other to use as a topping.
- Add the marinade to defrosted shrimp. If you're shrimp aren't thawed, it's easy to thaw them by adding them to a colander and running them until slightly warm water for a few minutes. Put the shrimp aside until the rest of the ingredients have been prepared.
- While the shrimp are marinating, chop your cauliflower into chunks (I find smaller chunks work better in my food processor). Add the chunks to the food process, being sure not to overfill it. If you add too much cauliflower at once, it will be hard to get it evenly chopped. If you have a large food processor, you can probably chop all of the cauliflower in 2-3 batches.
- Heat a skillet over high heat, and add 1/2 tablespoon olive oil. Once the skillet it hot, add the cauliflower "rice". Don't overfill the pan for the best results. It only takes a couple of minutes to cook, so if you need to, just cook your "rice" in two batches.
- While the cauliflower is cooking, season with cumin and sea salt. Stir the cauliflower frequently, and remove from heat after 2-3 minutes.
- Heat another skillet over high heat, and add shrimp. Use a spatula to lay the shrimp out across the pan to ensure even cooking. Flip, and cook the otherside, being sure not to overcook. The shrimp will only take a couple of minutes per side.
- Layer cauliflower rice, (heated) black beans, and shrimp, and then top with salsa, avocado, onion, jalapeno and extra cilantro. Drizzle with extra cilantro lime sauce.
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