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 Parmesan Cod with Garlic Butter
Lemon Parmesan Cod with Garlic Butter
Lemon Parmesan Cod with Garlic Butter is so delicious, even toddlers and people who don’t like fish love it! Plus, it’s gluten free and low carb.
This Lemon Parmesan Cod with Garlic Butter has blown me away and become an instant family favorite.
I added fresh parsley and lemon zest to the Parmesan-garlic-paprika mixture, dipped the fish in melted butter, then coated the cod with the incredible lemon-Parmesan blend.
Then, I baked the cod at 400 degrees for 15 minutes on a sheet pan. Just like the chicken, it comes out of the oven in a nice pool of garlic butter begging for bread to be dipped in it.
Lemon Parmesan Cod with Garlic Butter Recipe
Lemon Parmesan Cod with Garlic Butter is sure to become a favorite meal and is fit for company. Serve with bread to dip into the luscious garlic butter.
Ingredients
- 3/4 cup freshly grated Parmesan cheese
- 1/2 lemon zest, plus juice
- 2 tablespoons fresh parsley cut small or chopped
- 1/2 teaspoon garlic powder
- 1 1/4 teaspoon paprika
- 3 tablespoons butter melted
- 1 1/2 pounds fresh cod
Instructions
- Preheat the oven to 400 degrees F. Grease a rimmed baking sheet with cooking spray. Place the grated Parmesan on a dinner plate and add the garlic powder and paprika.
- Wash the lemon and pat it dry. Cut it in half and make zest from one of the halves by using a zester or grater to shave off the yellow part of the skin, adding it to the cheese mixture.
- Rinse the parsley and pat it dry. Cut it with scissors or chop it before adding it to the cheese mixture. Toss the cheese mixture with a fork to blend it.
- Rinse the fish in cold water and rub your thumbs along the surface to see if there are any bones to remove. Pat the fish dry with paper towels.
- Melt the butter in a small pan on the stove or microwave it in a bowl. Set up an assembly line from left to right with the fish, the butter, the cheese mixture, and the sheet pan.
- Use a fork to dip each piece of fish in the butter on both sides, then in the cheese mixture, coating both sides and patting the topping onto the cod with the fork. Place the coated fish onto the sheet pan and bake for 15 minutes. The cod is done when it can be easily flaked with a fork.
- Squeeze lemon juice over the fish and serve with bread for dipping in the garlic butter (you can place the pan on the table for informal dinners) or spoon the butter over rice, mashed potatoes or polenta. Store leftover cod in the refrigerator for up to three days.
