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!
Salmon Pasta with a Creamy Garlic Sauce
Salmon Pasta with a Creamy Garlic Sauce
An easy to make and elegant salmon pasta dish.
Salmon Pasta with a Creamy Garlic Sauce
Course Main Course
Cuisine American
Keyword creamy salmon pasta, salmon pasta
Prep Time 5 minutes
Cook Time 15 minutes
Total Time 20 minutes
Servings 2
Author Salt & Lavender
Ingredients
- 4 ounces fettuccine or other pasta uncooked
- 1/2 pound fresh salmon (skinless if possible)
- Onion powder to taste
- Salt & pepper to taste
- 1 tablespoon olive oil
- 1 tablespoon butter
- 1/2 cup dry white wine
- Juice from 1/2 medium lemon (about 1 tbsp)
- 3/4 cup heavy/whipping cream
- 3 cloves garlic minced
- 1/2 cup freshly grated parmesan
- 1 tablespoon flour
- 1 tablespoon fresh parsley chopped
Instructions
- Boil a large salted pot of water for your pasta. Cook using package directions until it's al dente.
- Grate parmesan and set aside. Season the salmon lightly with onion powder and salt & pepper on both sides.
- Add the olive oil and butter to a skillet on medium high heat. Once it's hot, add the salmon. Cook salmon for a couple of minutes on each side.
- Take the salmon out of the pan and set aside. Add the white wine, lemon juice, cream, garlic, and parmesan, and scrape the bottom of the pan so the brown bits get incorporated into the sauce.
- Slowly add the flour to the sauce, while stirring, to avoid any lumps.
- Add the salmon back in the pan and break it up with your cooking spoon so it's in bite-size chunks. Gently mix it in with the sauce. Cook for an additional five minutes or so until the sauce is thickened and salmon is cooked through.
- Drain pasta and add it to the skillet, along with 1 tablespoon of the water you cooked the pasta in. Gently mix the sauce and pasta. Serve immediately with parsley and extra parmesan cheese if desired.
Recipe Notes
If you can't buy skinless salmon, you can easily remove the salmon from the skin just before you add the salmon back into the pan (step 6), or use a sharp knife to remove the skin prior to seasoning it. Or keep it on if you don't mind it.
This recipe is easily doubled. I used one piece of fish when making this recipe for two people.
The sauce is fairly lemony, so if you're not into that, halve the amount of lemon, then add more in once you've tasted it if it's not lemony enough for you.
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