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!
PARMESAN CRUSTED WHITE WINE DIJON SALMON
PARMESAN CRUSTED WHITE WINE DIJON SALMON
PARMESAN CRUSTED SALMON is our very favorite way to enjoy seafood! I love making salmon because it's delicious AND good for you. This White Wine Dijon Salmon is coated with a crispy garlic Parmesan crust and drenched in an amazing white wine sauce.
PARMESAN CRUSTED WHITE WINE DIJON SALMON
PREP TIME 10 MINS
COOK TIME 15 MINS
TOTAL TIME 25 MINS
COURSE: MAIN COURSE
CUISINE: SEAFOOD
KEYWORD: BAKED SALMON, PARMESAN SALMON
SERVINGS:
CALORIES: 645 KCAL
AUTHOR: BECKY HARDIN | THE COOKIE ROOKIE
INGREDIENTS
FOR THE SALMON:
- 2 lb Alaskan salmon filet or 4-6 salmon fillets
- 1/3 cup Panko breadcrumbs
- 1/3 cup Parmesan cheese grated
- 2 garlic cloves minced
- 1 teaspoon each; fresh parsley thyme and chives; finely chopped
- ½ teaspoon salt
- 1 teaspoon ground black pepper
- 4 tablespoons 1/4 cup unsalted butter, melted
- 1 fresh lemon
FOR THE WHITE WINE DIJON CREAM SAUCE:
- 2 tablespoons unsalted butter
- 2 tablespoons all-purpose flour
- 1- cup milk
- ¼ teaspoon ground black pepper
- ¼ cup heavy cream
- 2 teaspoons Dijon mustard
- ½ chicken bouillon granule cube crushed
- ½ teaspoon Worcestershire Sauce
- ¼ cup white wine
INSTRUCTIONS
DIRECTIONS FOR THE SALMON:
- Preheat oven to 400 degrees F. Line a large baking sheet with foil or parchment paper. Place the salmon filet on the baking sheet.
- In a small bowl, combine breadcrumbs, Parmesan, garlic, salt, pepper and herbs. Mix well. Add melted butter and mix.
- Spread herb/butter mixture over the top of the salmon filet and press down slightly.
- Transfer salmon to oven and bake 10-12 minutes or until salmon is cooked through and crust is golden. If necessary, turn the oven to broil for 1-2 minutes, but watch closely so crust doesn’t burn.
DIRECTIONS FOR WHITE WINE DIJON CREAM SAUCE:
- Melt butter in a medium skillet over medium heat. Sprinkle butter with flour and whisk until smooth, 1-2 minutes. Continue whisking while slowly pouring in the milk, cream and pepper. Whisk until sauce is smooth. Add the wine, Dijon mustard, crushed bouillon cube and Worcestershire sauce. Continue cooking over medium-low heat, stirring constantly until the sauce thickens.
- Leave sauce in the pan and cover the pan with a paper towel (to absorb any excess moisture). Be sure paper towel doesn’t touch the sauce. When ready to use, remove the paper towel and reheat the sauce. Serve immediately.
TO SERVE:
- Drizzle salmon with squeeze of fresh lemon juice and serve with White Wine Dijon Cream Sauce – you just might think you have died and gone to Heaven?
- Enjoy!
