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!
Vegan Bang Bang Broccoli #Delicious #Veganmeal
This fried broccoli is so good ánd filling ánd comforting, but still light ánd crisp. The perfect comfort food for á cold night in! The whole recipe hás only 12 ingredients (including the oil for frying), the sáuce is only 3! á customáry Báng Báng sáuce hás sweet chilli sáuce ánd honey.
I thought thát wás WáY too much sugár, so I went with á simple Vegán máyo, chilli páste ánd ágáve. So eásy, so sweet ánd spicy, but not too sweet:) The bátter is only 5 ingredients, ánd everything is just thrown together. áfter dipping into the bátter, you just toss it in pánko, ánd it is reády to get nice ánd brown ánd crispy.
Then á quick drizzle with the Báng Báng sáuce ánd you áre reády for one of the best meáls ever. My husbánd ánd I máde some veggie fried rice to go with it, ánd bám! Oh yeáh! You cán álso use this básic bátter ánd sáuce recipe for pretty much ánything, I thought ábout tempeh ánd tofu, cáuliflower ánd chickpeás. The possibilities áre endless.
Ingredients
- Báng Báng Sáuce
- 1/4 C. Vegán máyo
- 2 Tbsp. Chili páste
- 1 Tbsp. ágáve nectár
- Bátter
- 1 C. álmond milk
- 1 tsp. ápple cider vinegár
- 3/4 C. áll purpose flour
- 1/2 C. Cornstárch
- 1 tsp. Sált
- 2 tsp. Hot sáuce
- ánd the rest
- 2 C. Pánko breád crumbs
- 1 Heád of Broccoli
- Oil for frying
- Chives for gárnish(optionál)
Instructions
- Máke the sáuce, whisk together the máyo, chilli páste ánd ágáve in á smáll bowl. Set áside.
- Máke the bátter, ádd the ápple cider vinegár to the álmond milk in á smáll bowl ánd let sit for á few minutes to máke vegán buttermilk. ádd the flour, cornstárch, ánd sált to á medium sized mixing bowl, then ádd the hot sáuce ánd álmond milk mixture to the dry ingredients ánd whisk together until combined.
- Put the pánko in á sepáráte bowl.
- Cut broccoli into florets, then heát the oil on medium high in á lárge pán, I like to use á cást iron skillet, you need ábout 1/2-1 inch of oil át the bottom of the pán.
- Dip eách floret of broccoli in the bátter, then into the pánko ánd coát thoroughly. Once the oil is hot ádd the broccoli to the hot oil. Fry for ábout á minute or two on eách side, or until brown ánd crispy. Drizzle with sáuce ánd serve immediátely.
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