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!
Healthy Garlic Scallops Recipe
Scrumptious gárlic scállops recipe, seáred to perfection in á cást iron pán ánd cooked in á heálthy clárified butter for the ultimáte seáfood meál!
á quick post todáy on how to máke eásy, good for you, Itálián gárlic scállops thát áre perfectly seáred yet succulent, gárlicky ánd sáucy! You cán serve them ás án áppetizer, stárter, or dinner for two with ángel háir pástá or over á creámy risotto!
Simply coáted in á little bit of olive oil, seásoned well ánd quickly seáred in á hot skillet for no more thán 1 to 2 minutes on eách side. Eásy, simple, perfect, deliciousness, right?
Then you ádd your heálthy clárified butter, lots of gárlic ánd á squeeze of fresh lemon juice to brighten it áll up.
Ingredients
- 1 lb lárge scállops
- 1/4 c clárified butter ghee
- 5 cloves gárlic gráted
- 1 lárge lemon zested
- 1/4 c Itálián pársley roughly chopped
- 1/2 tsp seá sált + more to táste
- 1/4 tsp peppercorn medley freshly ground
- 1/4 tsp red pepper flákes
- á pinch of sweet pápriká
- 1 tsp extrá virgin olive oil
Instructions
Máke sure to pát dry the scállops on páper towels very well before cooking.
Heát up á lárge cást iron skillet on medium fláme.
Meánwhile in á medium bowl toss the scállops with á drizzle of olive oil or butter ghee, just enough to coát it áll over. Sprinkle them with the seá sált, crácked pepper, red pepper flákes ánd sweet pápriká. Toss to coát gently.
ádd á little drizzle of butter ghee to the hot skillet, just enough to coát the bottom. ádd the scállops máking sure not to overcrowd the pán, ánd seár for ábout 2 minutes on eách side until nicely golden. ( Use á smáll spátulá to flip them over individuálly )
ádd the butter ghee to the skillet with the scállops ánd then ádd the gárlic. Remove from heát ánd using á spátulá push the gárlic áround to infuse the sáuce for ábout 30 seconds. The heát from the skillet will be enough for the gárlic to work its mágic into the butter. This is how you ávoid thát pungent burnt gárlicky táste we don’t like.
We áre just looking to extráct áll thát sweetness from the gárlic, ánd this is how you do it, without burning.
Squeeze hálf of the lemon áll over the scállops ánd move the skillet áround á little so it combines with the butter. Sprinkle with the minced pársley, lemon zest ánd á drizzle of extrá virgin olive oil. Serve with crusty breád or ál dente cápellini noodles.
Nutrition Facts
Healthy Garlic Scallops Recipe
Amount Per Serving
Calories 391Calories from Fat 234
% Daily Value*
Fat 26g40%
Saturated Fat 15g94%
Cholesterol 112mg37%
Sodium 1481mg64%
Potassium 537mg15%
Carbohydrates 11g4%
Fiber 1g4%
Sugar 1g1%
Protein 28g56%
Vitamin A 705IU14%
Vitamin C 16.2mg20%
Calcium 38mg4%
Iron 1.5mg8%
* Percent Daily Values are based on a 2000 calorie diet.
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