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 scampi seafood lasagna
A creamy shrimp scampi lasagna featuring shrimp, veggies, and plenty of melted cheese. A hit at family parties!
My favorite way to prepare this meal is to layer the ingredients in a pan on the weekend (or during the weekdays) and bake at night whenever it works best for our family. That’s what makes it so simple. Well, that and the yummy shrimp from SeaPak. Just heat them up and toss them in for a fresh coastal taste of seafood.
A creamy seafood lasagna featuring SeaPak® Scampi and Popcorn Shrimp.
Ingredients
- 1/4 cup all-purpose flour
- 9 no-boil lasagna noodles
- 1/4 cup butter or margarine
- 1/2 cup celery chopped
- 1/2 cup carrots chopped
- 2 cloves garlic finely chopped
- 2 cups half-and-half
- 1 and 1/3 cup chicken broth
- 1/2 teaspoon salt
- 1/4 teaspoon pepper
- 1 egg slightly beaten
- 1/2 cup grated Parmesan cheese
- 1 container 15 oz ricotta cheese
- 1 package SeaPak Scampi 12 oz., heated according to package instructions
- 1 package SeaPak Popcorn Shrimp Party Size, heated according to package instructions
- 3 cups shredded mozzarella cheese
- 1 teaspoon dried parsley
Instructions
- Heat oven to 350°F.
- In 3-quart saucepan, melt butter over medium heat. Add garlic, carrots, and celery; cook about 5 minutes, stirring occasionally, until veggies are crisp-tender.
- Stir in flour; cook and stir until bubbly.
- Gradually stir in half-and-half, broth, salt and pepper.
- Heat to boiling, stirring constantly. Boil and stir 1 minute. Remove from heat and set aside.
- In medium bowl, mix egg, Parmesan cheese, and ricotta cheese; set aside.
- In ungreased 13x9-inch (3-quart) glass baking dish, spread 3/4 cup of the sauce. Top with 3 noodles. Spread half of the scampi and half of the popcorn shrimp over noodles; spread with 3/4 cup of the sauce. Sprinkle with 1 cup of the mozzarella cheese; top with 3 noodles. Spread ricotta mixture over noodles; spread with 3/4 cup of the sauce. Sprinkle with 1 cup of the mozzarella cheese; top with 3 noodles. Spread with remaining scampi and popcorn shrimp. Sprinkle with remaining 1 cup mozzarella cheese.
- Sprinkle with 1 teaspoon parsley.
- Bake 40 to 45 minutes or until cheese is light golden brown. Let stand 15 minutes before cutting.
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