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!
Fish Taco Rice Bowls
Fish Taco Rice Bowls
Bon Appetit friends and happy Monday!
FISH TACO RICE BOWLS with avocado & pickled onions, topped with a Cilantro Lime Dressing! The perfect 30 minute meal to satisfy even the pickiest of eaters!
Fish Taco Rice Bowls
Author: Krista @ JoyfulHealthyEats.com
Prep Time: 15 mins
Cook Time: 20 mins
Total Time: 35 mins
Yield: 4 bowls
Category: Gluten Free, Seafood, 30 Minute Meal, Kid Friendly
Method: Stovetop
Cuisine: American
Ingredients
- 1 cup uncooked brown rice
- 1 3/4 cup water
- 1.25lbs. mahi mahi, skin removed
- 1/4 teaspoon chipotle chili powder
- 1 teaspoon garlic powder
- 1 teaspoon smoked paprika
- 1/2 teaspoon salt
- 1/4 teaspoon ground black pepper
- 1 tablespoon canola oil
- 2 avocados, mash
- 2 tablespoons lime juice
- 2 cups purple cabbage, sliced
- 1 cup of sliced jicama
- 1 cup diced roma tomatoes
- Picked Onions
Cilantro Lime Dressing:
- 1 tablespoon red onion
- 1 garlic clove
- 1 cup fresh cilantro
- 1/4 cup canola oil
- 2 tablespoons fresh lime juice
- 2 tablespoons red wine vinegar
- 1 tablespoon honey
- 2 teaspoons dijon mustard
- 1/4 teaspoon of sea salt
- pinch of ground cumin
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Instructions
- Add water and rice to a microwave safe bowl and cover. Cook in microwave on HIGH for 10 minutes. Let sit to cool and then fluff with a fork.
- In a small bowl, add chipotle chili powder, garlic powder, smoked paprika, 1/2 teaspoon of salt, and 1/4 teaspoon of black pepper. Stir to mix.
- Pat the fish dry and rub spice blend on both sides of the fish.
- Heat large skillet to medium high heat. Add 1 tablespoon of canola oil to the pan, then gently place prepared fish in pan. Sear on both sides for 4-5 minutes. Remove from pan and let rest.
- To a food processor add red onion, garlic clove, fresh cilantro, 1/4 cup of canola oil, lime juice, red wine vinegar, honey, dijon mustard, 1/4 teaspoon salt, and cumin. Blend until smooth. Set aside.
- In a small bowl, add mashed avocado and 2 tablespoons of lime juice. Season with salt to taste. Stir everything together.
- Assemble the bowls: add 1/2 cup of rice, one filet of fish, a generous scoop of avocado mash, 1/2 cup purple cabbage, 1/4 cup of sliced jicama, 1/4 cup of diced tomato. Drizzle with dressing mixture and serve!
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