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!
SHRIMP AVOCADO QUINOA BOWLS
Healthy quinoa, avocado, and blackened Cajun shrimp bowls are loaded with flavor and texture. They make a light and fresh lunch or dinner!
These shrimp, avocado, and quinoa bowls are my go to when I’m craving a flavorful filling meal but want to eat clean and keep the calories as low as possible. You can’t really go wrong with this delicious blackened Cajun shrimp. It makes a great addition to the quinoa and the creamy avocado. This nutritious meal is loaded with vitamins and will keep you full without adding to your waistline!
Shrimp Avocado Quinoa Bowls Recipe
Ingredients- 1 avocado pitted and sliced
- 2 cups chopped romaine lettuce or your favorite greens
- 1/2 cup tomato diced
- 1/4 cup onion diced (optional)
- Lime for dressing
For the qunioa- 1/2 cup uncooked quinoa any variety white or golden, red, or black
- 1 cup water
- 1/4 teaspoon salt
For the Shrimp- 1/2 pound shrimp shelled and deveined
- 1 tablespoon olive oil
- 1 teaspoon paprika
- 1 clove garlic crushed (or 1/2 teaspoon garlic powder)
- 1/4 teaspoon each salt onion powder, thyme, oregano, black pepper, cayenne pepper
Instructions- To cook quinoa: boiling water for the quinoa. Bring 1 cup of water to boil in a large saucepan. Rinse quinoa under cold water and drain well. Stir in salt and quinoa. Lower heat and cook, covered, for 15 minutes. Turn off heat and let rest, covered, for 5 minutes.
- To Cook the shrimp: While the quinoa is cooking, In a medium bowl, combine the shrimp, oil, and spices. Heat a large heavy-duty non-stick pan medium-high heat for 2 minutes. Once the pan is hot, coat the pan with a light drizzle of oil (if using a non-stick pan) and cook the shrimp in batches for 2 minutes per side or until charred and cooked through. Do not over-crowd the pan.
- Divide lettuce (or greens) into two large serving bowls. Top each bowl with half the quinoa, shrimp, avocado, tomato, and onion. Drizzle with lime, sour cream, or your favorite dressing or try our healthy avocado dressing!
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