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!
SPICY CREAMY SHRIMP PASTA RECIPE
SPICY CREAMY SHRIMP PASTA RECIPE
This Spicy Creamy Shrimp Pasta Recipe is simply spaghetti made heavenly with a white wine, Parmesan cream sauce. Then spiked with paprika, cayenne, thyme and garlic. Just add sauteed shrimp and you’ve got a beautiful dinner that you’ll want to make over and over again. Plus, a conversation about finding and buying quality shrimp and tips for pan frying shrimp.
Spicy Creamy Shrimp Pasta
Prep Time 30 mins
Cook Time 20 mins
Total Time 50 mins
A wonderful shrimp and pasta dinner recipe. With just enough heat to spice things up.
Course: Main Course Pasta
Cuisine: American
Servings: 4
Ingredients
- 1 pound Spaghetti
- 1/4 cup extra virgin olive oil divided
- 1/4 cup hot water from cooked pasta
- 1/2 small onion diced
- 3 cloves garlic minced
- 1 teaspoon paprika
- 1 teaspoon cayenne pepper
- 1 teaspoon dried thyme
- 1 teaspoon salt
- 1 pound shrimp peeled and deveined
- 1/2 cup dry white wine Room temperature
- 2 cups Heavy cream room temperature
- 1 tablespoon fresh lemon juice
- 1/8 cup fresh parsley leaves chopped
- 1/2 cup Parmesan cheese grated
Instructions
- Cook the pasta in a large pot of boiling salted water until al dente, about 8 minutes. Drain, reserving 1/4 cup of the cooking liquid. Return to the pot and toss with the 1/8 cup olive oil and reserved cooking liquid. Cover to keep warm.
- In a large sauté pan, heat the remaining olive oil over medium heat. Add the onions and cook, stirring, until soft, about 5 minutes. Add the garlic, paprika, cayenne, thyme, and salt. Cook, stirring for 1 minute.
- Add the white wine and cook over high heat until nearly all evaporated. Reduce heat to medium low, add the cream, cooking and stirring occasionally until slightly reduced. Remove from heat, stir in lemon juice and keep warm.
- In the meantime, toss the shrimp with some additional paprika. Heat oil in a pan and cook for 1 - 2 minutes per side. Set aside, cover and keep warm.
- Add the cooked pasta to the cream mixture and toss to coat. Cook until the pasta is warmed through, about 1 minute. Remove from the heat and add the Parmesan Cheese. Stir in some of the shrimp into the pasta mixture, reserving a few to garnish. Serve with more grated Parmesan, small pieces of parsley.
Recipe Notes
Please don't try to skimp on fat and calories and use half and half or milk. Half and Half can be finicky and curdle if not added properly. If the heat is too high, and the half and half is not at room temperature.
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