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!
Scallops With Butternut Squash And Snow Peas
a delicious and quick scallop dinner.
I try to use the word perfect carefully. It's an absolute and my absolutes most certainly won't match up with your absolutes. But when it comes to scallops, I will drop that word left and freaking right. They are perfect - a utopian food. I mean that so much so that I'd even capitalize, bold and italicize the word for emphasis.
I wish I had some grand story to take you back to the first time I had them but truth be told, it wasn't love at first taste. Scallops are a scrupulous food. Pair them with the wrong ingredients and the whole dish flops. My first encounter with scallops was mehhh. I liked them fine, but it wasn't a divine experience by any means.
Ingredients:
- 1 large butternut squash peeled and cubed
- 2 tbsp extra virgin olive oil
- 1/4 tsp pure vanilla extract
- 4 tbsp unsweetened cashew or almond milk
- 1/2 salt plus additional for scallops
- 1/4 tsp pepper plus additional for scallops
- 4-6 scallops per person
- 1 tbsp ghee
- 1/2 lb snow peas
- 1/2 cup water
Equipment:
- large baking sheet
- large cast iron or non stick frying pan
- parchment paper
- medium sauce pan
- food processor
Directions:
- Pre-heat oven to 400 degrees. Line baking sheet with parchment paper and spread cut squash into an even layer. Combine with extra virgin olive oil and sprinkle with 1/2 tsp salt and 1/4 tsp pepper. Mix well and roast for 25-30 minutes ensuring that you toss the squash from time to time.
- Rinse scallops and pat dry with paper towels (This step is important otherwise you'll end up with excess water in the pan). Season both sides pf the scallops with salt and pepper and set aside.
- Once butternut squash is fork tender, transfer to a food processor along with vanilla, almond or cashew milk and a pinch of salt and puree until creamy.
- Meanwhile, trim your snow peas and add them to sauce pan along with water. Steam for about 5 minutes, drain and return to pan along with 1 tsp extra virgin olive oil, salt, pepper and cover keep warm.
- Pre-heat cast iron pan over medium-high heat, add ghee and scallops and cook for 3-4 minutes per side, depending how well you like your scallops cooked. Near the end, add lemon juice and cook for another minute.
- To assemble, layer the snow peas, squash puree and scallops. You can top with micro greens if you want it extra pretty.
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