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!
Brazilian Seafood Stew – Moqueca Baiana
Brazilian Seafood Stew – Moqueca Baiana
When traveling through Rio de Janiero, Brazil, we found that the food was just as colorful as the scenery. You can’t go far without hearing the sound of music or people laughing. And you rarely find people wearing drab colors. This seafood dish, called Moqueca Baiana, lives up to its surroundings with bold flavors and a bright yellow color that it gets from the use of palm oil. Most things here come with rice (in this case spiked with garlic). We were told that in Brazil, the first lesson you learn is to talk, then to walk. Next you learn to dance the Samba, and then to make rice. I am sure that learning to make Moqueca is not far behind. (The stew is pictured here with banana farofa, a simple side dish made with manioc flour).
Ingredients
- 2 cups white rice (washed)
- 3 cloves garlic – minced
- 1 teaspoon cumin
- juice of one lime
- 2 tablespoons olive oil
- 1 1/2 pounds of deboned white fish fillets (such as tilapia, halibut or snapper) cut into large pieces
- 1 onion – diced
- 1 yellow bell pepper
- 1 red bell pepper
- 2 tablespoons palm oil
- 1 cup coconut milk
- 1/2 cup fish stock
- 2 tablespoons tomato paste
- Salt and pepper to season
Method
- Place the fish is a non-reactive bowl and add the cumin and juice of one lime. Salt and pepper lightly, mix and then set aside in the refrigerator for 10 minutes.
- Place the garlic in a frying pan over medium heat with the olive oil and saute until it is golden brown. Add the rice and saute for about 4 minutes. Add 4 cups of water and bring the mixture to a boil. Then reduce the heat to a simmer, cover and cook until the liquid has been absorbed and the rice is cooked through (approximately 25 minutes).
- Cut the peppers into rings and remove the seeds and white membrane.
- Add the palm oil to a fry pan with the onions and saute for about 5 minutes. Add the peppers and continue to cook for another 5 minutes. Now add the fish, stock, tomato paste and the coconut milk. Bring the pot to a boil and then reduce to heat to a simmer. Simmer until the fish is cooked all the way through (approximately 20 minutes).
- Serve with the rice and garnish with fresh lime wedges and cilantro.
- In Brazil, this dish is most often accompanied with Farofa, a dish made with by sauteing a diced onion with mandioca powder and then adding sliced bananas. It is also traditionally served with marinated Malagueta peppers. You can find this on most restaurant tables in Brazil. It adds a distinctive and spicy flavor and elevates the dish to match the colorful tropical surrounding of Brazil.
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