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!
Bang Bang Shrimp Egg Rolls
Bang Bang Shrimp Egg Rolls are filled with delicious shrimp, slaw, and the super popular Bang Bang sauce! Perfect game day snack or appetizer!
You have the option to use fried shrimp or boiled shrimp, it’s up to you. I don’t think it makes THAT big of a difference in the recipe, because you get a lot of crunch from the fried egg roll, so leaving the shrimp boiled is okay in my opinion. However, you can also fry the shrimp before adding them.
Bang Bang Shrimp Egg Rolls Recipe Bang Bang Shrimp Egg Rolls are filled with delicious shrimp, slaw, and the super popular Bang Bang sauce! Perfect game day snack or appetizer!
IngredientsFor shrimp- 1 lb small/medium pre-cooked shrimp, shells and tails removed, devained (can buy already like this), defrosted
- 2-3 TBS cornstarch
- 2 cups canola oil, for frying-optional
For sauce- 1/4 cup mayonnaise
- 1 TBS sriracha
- 1 TBS rice vinegar
- 1 TBS sugar
For egg rolls- 12 egg rolls wrappers
- 2 cups pre-shredded cabbage mix
- 12 slices pepper jack cheese
- bang bang sauce , from above
- shrimp , from above
- 3-4 cups canola or vegetable oil
For serving:
- 2 stalks green onions, chopped
InstructionsFor shrimp:- If frying: Pat defrosted shrimp dry. Toss in cornstarch until covered. Heat oil in a shallow skillet, until hot. Carefully cook shrimp in batches until done-do not overcrowd the skillet- then place onto a paper towel lined plate. Cook all.
- If not frying: run defrosted shrimp under cold water for 5 minutes. Pat dry. Set aside.
- For sauce:
- Add all ingredients into a jar/bowl and stir until combined. Cover and place into fridge until ready to use.
For Egg Rolls:- Lay out the egg roll wrapper. Add about 2 TBS of cabbage mix to the center, then 2 TBS shrimp, cheese slice, and some sauce.
- Carefully wrap the egg roll, being careful to keep it tight so the ingredients don't fall out. Dip finger in water, then run it along the final/top corner of the egg roll, and press to seal the wrapper. Repeat for all egg rolls.
- In a frying skillet/pot, add oil and heat over medium for about 5 minutes - to 325 degrees. Carefully drop egg rolls into the skillet, cooking 4-5 at a time, not crowding them. Cook 2-3 minutes per side, until golden brown, then carefully flip over and cook another 2 minutes or until browned. Remove and place on a paper towel lined plate. Repeat for all egg rolls.
- Serve on a platter and top with bang bang sauce and green onions. Serve immediately!
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