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!
Scampi-Style Steak & Scallops with Roasted Asparagus
Scampi-Style Steak & Scallops with Roasted Asparagus
Scampi-Style Steak & Scallops with Roasted Asparagus is an impressive dish, takes only a few minutes to prepare, and the cost is easier to stomach too.
The key is quality ingredients, so choose fresh lemon and herbs, large scallops, and tenderloin steaks—beef tenderloin (the wider end of the loin) or filet mignon (the small, forward end of the loin) is the ideal cut for its tenderness and ease of preparation.
Scampi-Style Steak & Scallops Recipe
Tenderloin steak and scallops seared in butter then finished in subtle accents of lemon zest, white wine, garlic, and fresh basil.
Ingredients
For the Steak & Scallops
- 2 beef tenderloin steaks, 1 1/2-inch thick, 4-6 ounces each
- Sea salt and freshly ground pepper
- 3 tablespoons butter
- 6 large sea scallops, rinse and pat dry
For the Sauce
- 2 tablespoons extra-virgin olive oil
- ¼ cup finely chopped green onions (about 4 scallions), white and light green part
- 3 large cloves garlic, minced
- ¼ cup dry white wine
- 3 tablespoons butter
- 2 tablespoons freshly squeezed lemon juice
- 2 tablespoons fresh basil, cut into thin strips
- 1 tablespoon minced parsley
- ¼ teaspoon lemon zest
- Dash hot pepper sauce
- Sea salt and freshly ground pepper, to taste
Instructions
- Season steaks with salt and pepper. In a 10 to 12-inch skillet, heat 2 tablespoons of butter over medium heat until hot and bubbly (more can be added, if needed). Add steaks to skillet and brown on one side for 4 to 5 minutes. (At this point, begin the sauce in another small, non-reactive skillet or wide sauce pan as described in step 2.)
- Turn the steaks on end and rotate to brown the sides (this will take about 3 minutes), then turn over to brown the final side for 4 to 5 minutes. When turning the steak to brown the last side, add scallops to the skillet to brown at the same time, about 2 minutes on each side.
- To make the sauce in the separate skillet, sauté onion and garlic in 2 tablespoons olive oil over medium heat 3-4 minutes, until fragrant. Add wine and lemon juice; simmer to reduce slightly, 1-2 minutes. Add 3 tablespoons butter and stir until melted into the sauce. If the steak and scallops are not yet done, slide the sauce off heat until they are ready.
- The easy steps for browning the steak and scallops.Save
- Once the scallops are browned on each side, stir the fresh basil, parsley, lemon zest, and hot pepper sauce into the scampi sauce. Reduce heat to low, add the scallops, spooning the sauce over the scallops. Once the steaks reach an internal temperature of 125°F (the rare side of medium-rare), add to the pan with the scampi sauce and spoon sauce over the steaks.
- Divide the steaks and scallops evenly between two plates and serve immediately, spooning more sauce over both the scallops and the steak.
Notes
You’ll need two skillets for this recipe so the steak and scallops can cook at the same time as the sauce. I recommend cast iron for the searing the steak and scallops and stainless steel (non-reactive) for the sauce.
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