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!
THE BEST SHRIMP QUESADILLAS
A tasty mixture of spicy shrimp, sautéed onions & bell peppers, garlic, and melted cheese crisped in a tortilla. These quesadillas are simple and a delicious way to enjoy shrimp!
Calling all shrimp lovers! These DELICIOUS shrimp quesadillas are a must try. We’ve made them countless time and will continue to make them forever. They’re super quick and easy to make, packed with flavor and highlight shrimp in a festive and spicy way.
It’s all made in one pan in under 20 minutes tops. First the onions, bell peppers, and garlic are sauteed for a just a minute. Next, the shrimp and seasoning is added and cooked for just another minute or two (side note, shrimp cooks in literally minutes, which is why I LOVE cooking it).
Now, all that’s left is to add some shrimp mixture in a tortilla, top with cheese, and toast until crispy. The outcome is crispy quesadillas filled with cheesy shrimp and a mouth-watering flavor combo that is out of this world
Serve the quesadillas with sour-cream, your favorite salsa or guacamole. I served them with my cilantro sour-cream sauce. They store very well in the fridge and can be re-heated in a pan to melt the cheese and crisp the tortilla.
- 1 pound uncooked medium shrimp peeled and deveined
- 1 tablespoon olive oil
- 1/2 cup onion chopped
- 1/2 cup bell pepper chopped
- 2 cloves garlic minced
- 2 tablespoons taco seasoning or 1 tablespoon chili powder and 1/2 teaspoon EACH garlic powder, onion powder, dried oregano, paprika, ground cumin, salt, black pepper
- 1-2 cups melting cheese mozzarella, cheddar, Mexican blend or Monterey Jack
- 6-8 Medium flour tortillas
Heat 1 tablespoon oil in a large skillet or pan. Add the chopped onion, bell pepper, and garlic to the pan. Cook for 1 minute or until tender.
Add the shrimp and taco seasoning and cook for another 1-2 minutes or until shrimp begins to turn pink.
Transfer the mixture to a bowl and rinse and whip down the pan with a paper towel. Return the pan to the heat and spray cooking spray or brush with about 1 teaspoon vegetable oil.
Place a tortilla in the pan and sprinkle cheese on one side of the tortilla. Spoon about 5-6 shrimp or enough to cover with another sprinkle of cheese. Fold tortilla in half. Cook for 2-3 minutes on each side or until golden and crispy. Repeat for reaming tortillas.
Serve with Sour cream, salsa, or guacamole.
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