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!
Lemon Garlic Butter Shrimp with Zucchini Noodles
Lemon Garlic Butter Shrimp with Zucchini Noodles – HEAVENLY! These delicious shrimps make a fantastic complete meal with healthy zucchini noodles. The aroma and flavor of the lemon garlic butter sauce are seriously the best! Low carb, paleo, keto, and gluten-free, enjoy for a light lunch, dinner, or even meal prep.
LEMON GARLIC BUTTER SHRIMP WITH ZUCCHINI NOODLES
INGREDIENTS- 1 pound (450g) raw medium shrimp, peeled and deveined
- 4 medium zucchini
- 1 tablespoons olive oil
- 4 tablespoons softened butter, or ghee, divided
- 4 garlic cloves, finely chopped
- 1 teaspoon Italian seasoning
- Pinch of red pepper flakes
- Juice of 1/2 fresh lemon
- 1/4 cup (60ml) chicken or vegetable stock (or white wine)
- Hot sauce of your choice, to taste (we used Sriracha)
- Salt and fresh cracked pepper, to taste
- 1/4 cup chopped fresh parsley, for garnish
HOW TO MAKE :
1. Wash and trim the ends of the zucchini. Make the zucchini pasta using a spiralizer or julienne peeler and set aside.
2. Heat 1 tablespoon oil and 2 tablespoons butter in a large skillet over medium-high heat. Add the shrimp in one layer and sprinkle with salt and pepper. Cook for one minute without stirring, so the bottom of the shrimps get slightly browned.
3. Add the chopped garlic, Italian seasoning, and red pepper flakes and then stir the shrimp for another minute or two to cook the other side. Transfer the shrimp to a shallow plate.
4. In the same pan, add remaining butter, lemon juice, chicken or vegetable stock, and hot sauce to the pan. Bring the sauce to a simmer for 2-3 minutes, stirring regularly.
5. Stir in the zucchini noodles and cook until done, about 2 minutes, stirring regularly. Allow the sauce to reduce a bit if it’s too watery. Add the shrimp back to the pan and stir for another minute. Serve immediately with lemon slices, extra parsley, and pepper. Enjoy!
Notes: Sometimes, zucchini tends to render some water while cooking, so you can sprinkle zucchini pasta with salt and let sit in a colander while you’re cooking shrimp. Press with your hands to remove excess water; then rinse and drain thoroughly before adding to the pan.
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