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 Shrimp Sushi Stacks
Sushi is always a good option for eating out; it’s also fun to make at home and I like to change things up like in these spicy shrimp sushi stacks. This is a really simple change up on sushi where all of the flavours of a sushi roll are served in a stack, in this case a spicy shrimp sushi with avocado and cucumbers. This recipe starts off with sushi rice which is a short grained rice, which when cooked gets sticky, and it’s seasoned with a touch of vinegar, sugar and salt after cooking. The next layer is a cool and creamy avocado and cucumber layer with diced avocado and cucumbers seasoned with lime juice and salt. The final layer is the spicy shrimp with large chunks of cooked, diced shrimp mixed up with mayo and sriracha chili sauce.
The trick to stacking these nicely is to use a circular tube where you place one layer in and pat it down before placing the next layer in. You can buy circular cookie cutter like cylinders specifically designed for this or you could just wing it like I do and use an empty tin can (like a soup can) where you remove the top and bottom. I also like to use a 1 cup measuring cup where I lightly oil it, push each layer down into it and then flip it onto the plate before sliding the cup off. I like to make these with cooked shrimp but feel free to replace it with raw tuna or salmon, etc. This spicy shrimp sushi stacks is sure to impress at you next get-together!
Spicy shrimp sushi stacks with layers of sushi rice, cucumbers and avocado in addition to the spicy shrimp!
ingredients
- For the sushi rice:
- 1 cup uncooked short grained rice, well rinsed
- 2 cups water
- 2 tablespoon rice vinegar
- 1 tablespoon sugar
- 1 teaspoon salt
- For the avocado and cucumber layer:
- 1 cup avocado, mashed
- 1 cup cucumber, diced
- 1 tablespoon lime juice
- salt to taste
- For the spicy shrimp:
- 1/2 pound cooked shrimp, diced
- 3 tablespoons mayonnaise
- 1 tablespoon sriracha
- For the stacks:
- 4 teaspoons furikake
directions
For the sushi rice:
- Bring the rice and water to a boil, reduce the heat and simmer, covered, until the rice is tender and the water has been absorbed, about 20 minutes, before letting it cool for a bit.
- Gently fold the mixture of the rice vinegar, sugar and salt into the rice.
- For the avocado and cucumber layer:
- Mix everything.
- For the spicy shrimp:
- Mix everything.
- For the stacks:
- Place the rice into the stack guides, pat down lightly, top with the avocado and cucumber mixture, followed by the shrimp mixure
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