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!
BANGIN GOOD SPICY SHRIMP BOWLS
So this happened.
I was craving Bonefish Grill’s ever so popular bang bang shrimp and decided to make my own at home and OMG. You guys…
I’m so in love with this spicy shrimp bowl, I might have to make it again tomorrow, and the next day, and probably the day after that, because I figured it out. That secret ingredient in the sauce that makes you go hmm…
See this isn’t the first time I’ve tried making a copycat version of bang bang shrimp. I’ve tried a few popular pinned variations that I found on Pinterest over the years but something was always off in the sauce. It was either too sweet or too mayonnaisey, and I always felt like it was missing something and it was! Peanut Butter.
I know it sounds weird but stay with me…It’s so spot on and ridiculously good. 🙂
The beautiful thing about making this dish at home is you can customize the heat. Want it super spicy? Add as much Sriracha sauce as you can stand. I made this meal for myself and my 8 1/2 year old daughter so I made it pretty tame, but go nuts with the spice if that’s what you like. 🙂
I just can’t get enough of this and will most definitely be making it again, but I just had to share the recipe with you guys first! It’s a keeper…
Enjoy!
If you like Bonefish Grill's ever so popular Bang Bang Shrimp than you will love this recipe! Quick fried shrimp in a creamy spicy mayo over rice. Its the perfect week night meal!
INGREDIENTS
for the shrimp
- 1/2 lb. medium raw shrimp peeled and deveined
- 1 cup corn starch
- salt and pepper
- 2 cups vegetable oil
for the sauce
- 1/4 cup mayonnaise
- 2 tablespoons sweet Thai chili sauce
- 2-4 tablespoons Sriracha Asian hot chili sauce*
- 1 tablespoon creamy peanut butter
- 1-2 tablespoons water this is to thin out the sauce if it's too thick
to make the bowls
- 2 cups cooked brown rice
- 1/2 avacado sliced
- 1 cup shredded iceberg lettuce
- 2 tablespoons scallions thinly sliced
INSTRUCTIONS- Heat vegetable oil in a large skillet over medium high heat. In a bowl, add cornstarch, salt and pepper and dredge the shrimp in it, tapping off excess.
- Working in batches, add shrimp to the skillet and cook until evenly golden and crispy, about 2-3 minutes. Transfer to a paper towel-lined plate.
- To make the sauce, whisk together mayo, sweet Thai chili sauce, sriracha, and peanut butter. Add a tablespoon or two of water if it's too thick.
- Toss the shrimp into the sauce until evenly coated and serve immediately over rice, topped with lettuce, scallions and avacado. Drizzle any remaining sauce over top.
- Enjoy!
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