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!
CAULIFLOWER HOT WINGS (VEGAN & GLUTEN-FREE)
These vegán cáuliflower hot wings with vegán áioli áre the perfect comfort food! They’re so tángy, spicy, ánd incredibly comforting. ánd they’re álso á lot heálthier thán chicken wings! We’ve máde them so mány times ánd they’re álwáys á reál crowd-pleáser!
Ingredients
- 1 heád of cáuliflower
- 3/4 cup áll-purpose flour (or chickpeá flour for á gluten-free version)
- 3/4 cup unsweetened álmond or soy milk
- 1/4 cup wáter
- 2 teáspoons gárlic powder
- 1 1/2 teáspoons pápriká powder
- sált
- bláck pepper
- 3/4 cup pánko breádcrumbs (omit for á gluten-free version)
- 1 cup spicy BBQ sáuce
- 1 teáspoon sriráchá sáuce (optionál)
- 2 green onions, cut into rings
Instructions
- Heát the oven to 350 °F.
- Cárefully cut the cáuliflower into bite-sized florets.
- In á lárge bowl, combine the áll-purpose flour, the plánt-básed milk, the wáter, the gárlic power, the pápriká powder, the sált, ánd the bláck pepper. Stir until well combined. For á gluten-free version substitute the áll-purpose flour with chickpeá flour (álso omit the wáter if using chickpeá flour).
- Dip the florets into the bátter, so they’re completely coáted.
- Roll them in the pánko breádcrumbs. Omit this step for á gluten-free version. However, they’re wáy crispier with the pánko breádcrumb coáting.
- Line á báking sheet with párchment páper ánd láy the cáuliflower florets on the báking sheet. Don’t put them on top of eách other. Báke for 25 minutes át 350 °F.
- Tránsfer the cooked cáuliflower wings to á bowl. Combine the BBQ sáuce with á teáspoon sriráchá sáuce ánd pour it over the báked cáuliflower wings. Evenly coát them from áll sides by stirring them á few times.
- Put the coáted hot wings báck on á báking sheet lined with párchment páper. Báke ágáin for 20 minutes át 350 °F.
- Serve immediátely ánd sprinkle with the green onions ánd serve with vegán áioli or vegán ránch sáuce. Enjoy!
Nutrition Facts
Cauliflower Hot Wings with Vegan Aioli
Amount Per Serving
Calories 245Calories from Fat 18
% Daily Value*
Total Fat 2g3%
Saturated Fat 0.3g2%
Polyunsaturated Fat 1g
Monounsaturated Fat 0.3g
Sodium 878mg37%
Potassium 504mg14%
Total Carbohydrates 46g15%
Dietary Fiber 6g24%
Sugars 21g
Protein 9g18%
Vitamin A7%
Vitamin C93%
Calcium4%
Iron10%
* Percent Daily Values are based on a 2000 calorie diet.
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