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!
Avocado Salmon Rice Bowl
Avocado Salmon Rice Bowl
Beautiful honey, lime, and cilantro flavors come together is this tasty salmon rice bowl. Slightly sweet cilantro lime rice topped with juicy salmon roasted in honey, lime, cilantro glaze and fresh cilantro avocado.
Well, that is exactly how this Avocado Salmon Rice Bowl is going to make you feel! This sweet and citrusy flavor experience is a treat for your taste buds. Honey, lime, and cilantro flavors are carried throughout the whole dish and works beautifully with salmon, avocado and rice.
Aside from being delicious, the second best thing about salmon is how fast and easy it is to prepare. It takes a couple of minutes to come up with the glaze or a seasoning for the salmon and into the oven it goes. After 12-15 minutes in the oven, you have a juicy, delicious piece of salmon.
Avocado Salmon Rice Bowl Recipe
Ingredients
Rice
- 1 cup jasmine rice
- 1 1/2 cups water
- Salt
- 1/2 lime, juice only
- 2 Tbsp minced fresh cilantro
- 1 Tbsp honey
- 3 Tbsp chicken or vegetable stock
Salmon:
- 1 lb salmon fillets skin on
- 1 Tbsp lime juice
- 1 Tbsp honey
- 2 Tbsp minced fresh cilantro
- Salt to taste
Avocado Topping:
- 1 ripe avocado
- 1 tbsp lime juice
- 1 tbsp minced fresh cilantro
- 1/4 tsp chili powder less for milder topping
- Salt to taste
Instructions
Rice:
- Cook rice in salted water per package instructions. Take off heat when it's just done.
- Preheat a medium cooking pan over medium-high heat. Mix stock, lime juice, honey, and cilantro together. Pour the mixture into the preheated pan and let it simmer for about a minute. Take the pan off heat and mix rice into the liquid. Season with a little bit more salt, mix well, and set aside.Salmon:
- Preheat oven to 425 and cover a rimmed baking sheet with aluminum foil and grease it.
- Rub the salmon skin with some oil and place the fillets skin down on the prepared baking sheet.
- Mix lime juice, honey, and cilantro together and rub salmon fillets with it on all exposed sides. You can pour more glaze over the top and season with some salt. (Some glaze will likely run down onto the baking sheet, it will most likely get quite scorched in the oven. Don't be scared it's not your salmon burning, it's the glaze that ran down.)
- Bake salmon for 12-15 minutes, depending on the thickness of your salmon fillets.
Avocado:
- Cut avocado in half, take out the pit, and take off the skin. Chop avocado and add it to a small bowl. Add lime juice, cilantro, chili powder, and salt. Gently mix.
- To assemble the rice bowls: divide rice among two bowls, top it off with a salmon fillet, and top each bowl with half the avocado mixture.
