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!
Easy Creamy Shrimp Enchiladas
Not everyone is a shrimp lover but for those of us who are this is a must try. These Easy Creamy Shrimp Enchiladas are a shrimp lovers dream and really only require about twenty-twenty five minutes and are worth every minute. Fresh shrimp, sweet red bell pepper, jalapeno (don’t panic the amount can be adjusted) garlic and shallots are all sauteed with just a tad of seasoning for just a couple of minutes.
This mixture is then rolled in flour tortillas. Meanwhile you are going to make a creamy cheese sauce with just a few ingredients including sour cream and Monterey Jack cheese. They are popped in the oven for just a few minutes to brown off the cheese and reheat. Sprinkle with fresh chopped cilantro and you are your loved ones are ready to chow.
Ingredients
- 1 tablespoon of olive oil
- 1 pound raw shrimp peeled deveined and cut in half
- 1/2 cup very thin sliced shallots
- 1 red pepper diced very small
- 1/2 jalapeno minced
- 2 cloves garlic minced
- 1/2 teaspoon cumin
- 6 flour tortillas
- 3 tablespoons butter
- 3 tablespoons flour
- 1 1/2 cups chicken broth
- 1/2 cup sour cream
- 1 cup shredded Monterey Jack cheese
- 2 tablespoons fresh chopped cilantro
Instruction
- Preheat oven to 400 degrees. Spray casserole dish with nonstick cooking spray.
- Heat olive oil over medium high heat in large skillet. Add shrimp, shallots, red pepper and jalapeno. Stir several times. Cook until shrimp are pink and centers of them are opaque; about 4 minutes.
- Divide the shrimp mixture evenly between the tortillas, roll and place in casserole dish.
- In same skillet over medium low heat melt butter. Whisk in flour and cook for 2-3 minutes; whisking constantly. Slowly whisk in chicken broth and cook until slightly thickened; 2-3 minutes whisking constantly. Slowly whisk in Monterey Jack cheese until melted. Whisk in sour cream. Spoon over shrimp enchiladas.
- Place in oven for 7-10 minutes. Sprinkle with cilantro and serve.
Notes
The oven step can be skipped and you can assemble and spoon cheese sauce over them as you serve them.
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