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!
Creamy Garlic Shrimp With Parmesan (low carb)
Creamy Parmesan Garlic Shrimp Spaghetti 🦐🍝 . The Shrimp is coated in a delicious creamy parmesan garlic sauce then tossed with pasta and finished with chopped parsley.
creamy garlic shrimp with parmesan is a deliciously easy shrimp recipe! coated in a rustic and buttery sauce ready in less than 10 minutes!
Everyone goes crazy for this simple yet incredible Creamy Garlic Shrimp. Transform ingredients you most likely already have in your refrigerator into an incredible dinner and serve it with low carb OR carb loaded sides for an amazing meal! All tips and suggestions included.
Creamy Garlic Shrimp With Parmesan is a deliciously easy Shrimp Recipe! Coated in a rustic and buttery sauce ready in less than 10 minutes, people will think there is a hidden chef in your kitchen! Transform ingredients you most likely already have in your refrigerator into an incredible dinner!
INGREDIENTS:
- 6 cloves garlic minced
- 1/2 cup dry white wine* or chicken broth
- 1 1/2 cups reduced fat cream**
- 1/2 cup fresh grated Parmesan cheese
- 2 tablespoons fresh chopped parsley
- 1 tablespoon olive oil
- 1 pound (500 grams) shrimp, tails on or off
- Salt and pepper, to taste
- 2 tablespoons unsalted butter
INSTRUCTIONS:
- Heat oil a large skillet over medium-high heat. Season shrimp with salt and pepper and fry for 1-2 minutes on each side, until just cooked through and pink. Transfer to a bowl; set aside.
- Melt the butter in the same skillet. Sauté garlic until fragrant (about 30 seconds). Pour in the white wine or broth; allow to reduce to half while scraping any bits off of the bottom of the pan.
- Reduce heat to low-medium heat, add the cream and bring to a gentle simmer, while stirring occasionally. Season with salt and pepper to your taste.
- Add the parmesan cheese and allow sauce to gently simmer for a further minute or so until the cheese melts and sauce thickens.
- Add the shrimp back into the pan, sprinkle with parsley. Taste test sauce and adjust salt and pepper, if needed.
- Serve over pasta, rice or steamed veg.
NOTES
*Use a good quality dry white wine such as a pinot griot or chardonnay.
White wine can also be substituted for chicken broth or left out completely. The flavour in the sauce will be altered.
**I use reduced fat cream (or light cream) for this recipe. Substitute with half and half if you wish, being careful not to bring the sauce to a boil or it may curdle. You can also use evaporated milk as a low calorie substitution.
Heavy or thickened cream may also be used and will not require thickening with cornstarch. Allow cream to reduce in a gentle simmer until thickened to your liking.
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