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!
SPICY GRILLED SHRIMP TACOS WITH ALL THE FIXINS!
SPICY GRILLED SHRIMP TACOS WITH ALL THE FIXINS!
Summer calls for grills, shrimp and tacos galore! Make it Mexican night with these Spicy Grilled Shrimp Tacos with all the fixins for your next summer bbq or party! No one will believe you that they’re healthy too!
SPICY GRILLED SHRIMP TACOS WITH ALL THE FIXINS! Prep Time: 1 hour
Cook Time: 15 minutes
Total Time: 1 hour 15 minutes
Yield: about 10 tacos
INGREDIENTS
For the Spicy Grilled Shrimp:
- 1 lb raw, organic shrimp
- 1 tsp olive oil
- juice, 1 lime
- 1 garlic clove, minced
- 1 tsp chili powder
- 1/4 tsp paprika
- 1/4 tsp cumin
- 1/8 tsp cayenne pepper (adjust depending on spice tolerance)
- 1/2 tsp dried oregano
- salt and pepper, to taste
For the Simple Slaw:
- 2 cups of coleslaw
- 1/2 medium red onion (about 1/2 cup), thinly sliced
- 1 tsp olive oil
- 1 tsp honey
- juice, 1 lime
- salt and pepper, to taste
For the Guacamole:
- 1 avocado (from mexico!)
- 1/2 medium red onion, finely chopped
- 1 garlic clove, minced
- 1/2 jalapeno, seeded and chopped
- 1 lime, zest and juice
- 1/4 tsp cumin
- salt and pepper, to taste
- For the Pico de Gallo:
- Get the full recipe here
- 10 organic corn tortillas (I love these ones!)
INSTRUCTIONS
For the Spicy Grilled Shrimp:
- Place shrimp in a bowl and top with all ingredients.
- Let marinate for at least 1 hour (longer is even better!).
- Once marinated, heat up grill or grill pan to high heat.
- If using a grill pan, spray with olive oil. If using a bbq grill, place a piece of tinfoil down and spray that with olive oil.
- Add shrimp and cook for 2 minutes on each side.
- Remove tails before serving.
- For the Simple Slaw:
- Place coleslaw in a medium bowl and add onion.
- Top with olive oil, honey, lime juice and salt and pepper.
- Let marinate for at least one hour.
For the Guacamole:
- Mash up the avocado in a medium bowl.
- Add in chopped onion, garlic and jalapeno.
- Top with lime juice and zest, cumin and salt and pepper.
Assembling the Tacos:
- Heat up each tortilla in the microwave for 15-20 seconds (or in the oven or stove top).
- Top with 3-4 pieces of shrimp, a scoop of pico de gallo, a scoop of guacamole and top with a small handful of simple slaw.
- Feel free to add hot sauce for an additional kick.
- Dig in!
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