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!
Pan-Seared Cod in White Wine Tomato Basil Sauce
A quick and easy recipe for Pan-Seared Cod in White Wine Tomato Basil Sauce!
Tips and Tricks for Recipe Success:- Due to the delicate nature of cod, I highly suggest using a non-stick pan or skillet when making this recipe. If the cod sticks, it will likely break apart when you try to flip it, which isn’t a huge deal (it still tastes delicious) but try to avoid it if you can.
- A quick and easy recipe for Pan-Seared Cod in White Wine Tomato Basil Sauce!
- A quick and easy recipe for Pan-Seared Cod in White Wine Tomato Basil Sauce!
- I haven’t tried this recipe with frozen cod, but I imagine it would work as long as it’s thawed first. I suggest reading the package instructions before trying it with this recipe.
- If possible, purchase thicker fillets of cod, since the thin tail is very delicate and flakes easily.
- When it comes to choosing your white wine, I suggest using one that is crisp and dry, such as Pinot Grigio or Sauvignon Blanc.
- Cod cooks very fast, so be sure not to over cook it. It really only needs 4 to 5 minutes on each side.
- You will have plenty of pan sauce leftover, so I suggest serving this recipe with rice, quinoa, or even mashed potatoes.
Pan-Seared Cod in White Wine Tomato Basil Sauce Recipe
A quick and easy recipe for Pan-Seared Cod in White Wine Tomato Basil Sauce!
Ingredients
For the White Wine Tomato Basil Sauce:
- 2 tablespoons olive oil
- 1/2 teaspoon crushed red pepper flakes
- 2 large cloves (or 3 smaller cloves) garlic, finely minced
- 1 pint cherry tomatoes, sliced in half
- 1/4 cup dry white wine
- 1/2 cup fresh basil, finely chopped
- 2 tablespoons fresh lemon juice
- 1/2 teaspoon fresh lemon zest
- 1/2 teaspoon salt (more to taste)
- 1/4 teaspoon fresh ground black pepper (more to taste)
For the Cod:
- 2 tablespoons olive oil
- 1 and 1/2 pounds fresh cod, cut into 4 fillets (or four 6 ounce fillets)
- Salt and pepper
Instructions
- Preheat oven to 375 degrees (F).
For the White Wine Tomato Basil Sauce:
- Heat oil in a large saute pan over medium heat. Add crushed red pepper flakes and garlic and saute for 1 minute, or until garlic is fragrant. Add the cherry tomatoes and cook, stirring occasionally, until they're soft and blistering, but still hold their shape, 9 to 12 minutes. Add in the white wine, stir, and allow the mixture to come to a gentle simmer. Stir in the basil, lemon juice, lemon zest, salt, and pepper and cook for 2 minutes. Transfer the sauce into a bowl and set aside until needed.
For the Cod:
- Heat oil in a large saute pan over medium heat. Season both sides of cod with salt and pepper. Place cod in the oil and cook until golden brown, about 5 minutes. Carefully flip the cod over and place the pan in the oven to continue cooking for another 5 minutes, or until it's cooked through.
- Pour the white wine tomato basil sauce over the cod and serve at once.
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