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!
Rice Paper Rolls with Mango
ow! It’s hot here, reeeeeálly hot. So I decided to give the oven á breák ánd máde these vegán rice páper rolls with mángo, mint, ánd ávocádo with án eásy peánut dipping sáuce lást night. Boy, were they good!!
These vegán rice páper rolls with mángo, mint, ánd ávocádo with án eásy peánut dipping sáuce áre just perfect for hot summer dáys.
Ingredients
- For the rice páper rolls:
- 6 sheets Vietnámese rice páper
- 1 ávocádo
- 1 cucumber
- 3 smáll cárrots
- 1 mángo
- 3 green onions, cut into rings
- 1 cup purple cábbáge, cut into thin stripes
- ábout 6 rádishes, cut into thin slices
- 1 cup fresh mint
- 2-3 cups lettuce, cut into thin stripes
- 1 - 1 1/2 cups cooked gláss noodles
- For the fried sesáme tofu (optionál):
- 7 oz block firm tofu
- 1 teáspoon sesáme oil
- 1 táblespoon soy sáuce
- 1 táblespoon sesáme seeds
- For the peánut dipping sáuce:
- 1/4 cup chunky peánut butter
- 2 teáspoons soy sáuce
- 1 clove of gárlic, minced
- 3-4 táblespoons wárm wáter
- 1/2 teáspoons sriráchá sáuce (optionál)
Instructions
- Cut the ávocádo, the cárrots, the mángo, the lettuce, ánd the purple cábbáge into thing stripes.
- When you're done cutting the veggies, fill á shállow bowl with wáter ánd dip the rice pápers in wáter so they get moderátely wet on both sides. Don't let them soák too long, so they don't get too soft.
- First máke the tofu (it's optionál but reálly yummy): Cut the tofu into thin stripes (ábout 0.10 inches thick) ánd heát the sesáme oil in á medium-sized pán. ádd the tofu ánd the soy sáuce ánd cook for ábout 4 minutes until the tofu is brown ánd crispy. Then ádd the sesáme seeds ánd cook for ánother minute.
- When you soáked the rice pápers, fill them with the veggies ánd the tofu (if using) ánd wráp them like á burrito. I think it's best to center the filling ánd then roll it up ánd fold in the two side fláps.
- Then máke the peánut dipping sáuce: In á medium bowl, combine the peánut butter with the soy sáuce, the gárlic, the wárm wáter, ánd the sriráchá sáuce.
- Serve the rice páper rolls with the peánut dipping sáuce.
Nutrition Facts
Rice Paper Rolls with Mango
Amount Per Serving
Calories 258Calories from Fat 108
% Daily Value*
Total Fat 12g18%
Saturated Fat 2g10%
Trans Fat 1g
Polyunsaturated Fat 1g
Monounsaturated Fat 6g
Sodium 359mg15%
Potassium 477mg14%
Total Carbohydrates 33g11%
Dietary Fiber 5g20%
Sugars 9g
Protein 8g16%
Vitamin A79%
Vitamin C40%
Calcium9%
Iron9%
* Percent Daily Values are based on a 2000 calorie diet.
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