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 BAKED COD WITH PARMESAN CHEESE
A simple, healthy weeknight recipe for baked cod coated in parmesan cheese and drizzled with lemon juice. Low carb,
keto friendly, and gluten free.
This recipe is for anyone who finds themselves always making the same chicken dinners every night. You want to break out of the rut, and to expand your repertoire into other meaty entrees. If you like seafood, this lemon baked cod is an excellent choice for a first foray into making fish dinners — all of the cooking is left to the oven, making it a breeze — and it tastes deliciously lemony with parmesan cheese flavors.
It’s fast to make as well, taking only 30 minutes total for prep time and baking, so you can add this to your weeknight dinner rotation. I call this a “pantry dinner” since you don’t need much in the way of fresh ingredients: the cod can be bought frozen and then thawed, paprika is a dried spice, finely grated parmesan cheese is usually in abundance in my cheese drawer, and I always have butter and garlic cloves readily available.
- 1 1/2 pounds cod fillets thawed if frozen
- 3/4 cup finely grated parmesan cheese (sandy consistency)
- 1 lemon zested and juiced
- 4 cloves garlic minced
- 4 tablespoons salted butter melted
- 1 tablespoon chopped fresh parsley
- 1 teaspoon paprika
- salt and pepper
Preheat the oven to 400 F.
Pat the cod fillets dry using paper towels. Remove bones, if any.
Prepare a shallow bowl with melted butter and minced garlic. Stir together until well-mixed.
In another shallow bowl, add parmesan and paprika. Stir together until well-mixed.
Prepare a baking dish large enough for all cod fillets to sit in a single layer. Line the dish with
parchment paper.
Working with one fillet at a time, dip it into the melted butter and flip to coat all sides, then into the parmesan mixture to coat all sides, and then place it onto the lined baking dish.
Repeat for all other cod fillets and keep them evenly distributed on the baking dish. Distribute any remaining parmesan on top of the fillets, pressing down to adhere.
Sprinkle parsley and half of the lemon zest on top of the cod fillets.
Bake at 400 F until the cod is cooked through, about 15 minutes. The cod is cooked when it can be easily flaked using a fork.
Spoon lemon juice on top of the cod, about 2 tablespoons. Sprinkle remaining lemon zest on top. Season with salt and pepper to taste.
This recipe yields 1.5 g net carbs per serving.
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