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!
LEMON GARLIC BUTTER SHRIMP WITH ASPARAGUS
Lemon Garlic Butter Shrimp with Asparagus – this is an easy, light and healthy dinner option that is cooked in one pan and can be on your table in 15 minutes. Buttery shrimp and asparagus flavored with lemon juice and garlic. Only 309 calories per serving!
Incredibly easy and incredibly delicious!
Lemon Garlic Butter Shrimp with Asparagus - this is an easy, light and healthy dinner option that is cooked in one pan and can be on your table in 15 minutes. Buttery shrimp and asparagus flavored with lemon juice and garlic. Only 309 calories per serving!
Lemon Garlic Butter Shrimp with Asparagus
Lemon Garlic Butter Shrimp with Asparagus - this is an easy, light and healthy dinner option that is cooked in one pan and can be on your table in 15 minutes. Buttery shrimp and asparagus flavored with lemon juice and garlic. Only 309 calories per serving!
Ingredients
- Shrimp:
- 1.5 lbs medium raw shrimp peeled and deveined, tail-on or tail-off
- 2 tbsp butter
- 1 tbsp minced garlic
- 1 tsp italian seasoning
- 1/4 tsp onion powder
- salt and pepper to taste
- 1/4 tsp smoked paprika or regular
- Asparagus:
- 1 tbsp butter
- 1 tbsp olive oil
- 1 lb asparagus
- salt to taste
- Garnishment:
- 2 tbsp parsley
- 1/2 lemon juiced
Instructions
- Place a large non-stick skillet with butter over medium heat. Once melted, add the shrimp. Season with salt and pepper (to taste). Allow to cook 1-2 minutes on one side.
- Add the minced garlic, italian seasoning, onion powder and smoked paprika. Stir to combine and flipping the shrimp to cook on the opposite side.
- Cook for 1-2 minutes or until the shrimp has turned pink. Transfer to a plate and cover with foil to keep warm.
- Combine the butter and olive oil to the same pan. Once the butter has melted, add the asparagus. Season with salt (to taste). Allow to cook until the asparagus is fork-tender. Approximately 4-6 minutes. Time will be dependent on how thick the asparagus is.
- Add the shrimp back to the pan. Squeeze half of a lemon over the top of the shrimp and asparagus. Allow to cook for 1-2 minutes.
- Remove from heat, garnish with parsley and serve immediately.
Recipe Notes
Tips:
Buy wild caught shrimp. Don't buy farm-raised. I assure you that you are only sacrificing flavor. Aim for the medium to large-sized shrimp, as well. More of a flavor impact!
When buying, pay attention to the packaging. Buy shrimp that has already been deveined, shelled and cleaned. Tail-on or tail-off with this recipe is entirely up to you. I left the tail on for visual effect.
Use as fresh of ingredients as you can. Fresh parsley, freshly squeezed lemon juice, and freshly minced (or pressed if you have a garlic press) garlic. Fresh is always best when it comes to maximizing flavor. Don't short yourself!
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