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!
Crunchy Coconut Shrimp with Lime
Who doesn’t love coconut shrimp? They’re crunchy, sweet and savory all in one shrimp-sized package. And so versatile, they’re perfect as an appetizer, to top a green salad or as an entrée served with rice and stir-fried vegetables. Using natural coconut oil to quick-fry the coated shrimp enriches the coconutty goodness and ensures a crisp, crunchy outcome every time.
Now, because you love shrimps and coconuts so much, we’ll introduce you to one flavorful recipe that makes use of both delicious ingredients. Warning, this tastes so good that you might end up asking for more. Here you go.
Ingredients
- 4 tablespoons Coco Treasure Unrefined Extra Virgin Coconut Oil
- ½ cup Panko bread crumbs
- 1 cup shredded coconut
- ½ teaspoon salt
- ¼ teaspoon chili powder
- 2 egg whites
- 1 lime cut into wedges
- 1 lb. large shrimp deveined and peeled
Instructions
- In a shallow pan, mix the bread crumbs, shredded coconut, salt and chili pepper until ingredients are well incorporated.
- Use a mixer to whip the egg whites into a soft meringue.
- Dip shrimp into the egg mixture and then into the bread crumb mixture to coat. For best results, you should check if the shrimp is evenly coated with the egg before dipping into the bread crumb mixture.
- Heat coconut oil in a non-stick skillet over medium-high heat. Oil should be hot but not smoking. (After being breaded, the shrimp can hold several minutes while oil comes to temperature.)
- Place shrimp into the skillet without crowding. Cook for approximately two minutes on each side or until the breading is golden and crispy.
- Dress shrimp with a light squeeze of fresh lime juice and serve immediately.
- Looking at the ingredients alone, you’re probably thinking about having it on your lunch and dinner menu. It just perfectly pairs with rice, indeed, a great weekend meal option. To taste is to believe!
Crunchy Coconut Shrimp with Lime
Calories 389
Calories from Fat 207% Daily Value*
Total Carbohydrates 18g
6%* Percent Daily Values are based on a 2000 calorie diet.
