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 FRIED RICE
I’m sitting at in Bristol airport as I write this, waiting to board a plane flight to Krakow. I have not visited since the cold snap, so I am looking forward to touching down and seeing all my family and friends. as always before any holiday, I’ve been working double hard in preparation for it, so I’m really looking forward to putting my feet up.
I plan on catching up with my family, leisurely sipping coffee with friends in town, checking out some new vegan food joints, watching the world go by and enjoying beautiful September weather. While the UK feels rather cold at the moment, Poland has been pulling some beautifully sunny days (well above 20° C (68° F)) out of the bag. I’m so excited to be able to wear summer clothes for a touch longer.
INGREDIENTS
- SaUCE
- 2 tbsp soy sauce or tamari (if GF)
- 2 tbsp rice wine vinegar
- 1 tbsp mirin or 2 tsp maple syrup
- 2 tsp Sriracha sauce, more to taste
- 2 tsp toasted sesame oil
- 1 small garlic clove, grated finely
- 2 tsp grated ginger, adjust to taste
- REMaINING INGREDIENTS
- 200 g / 7 oz firm or extra firm cotton tofu*, pressed (I recommend smoky tofu)
- 2 tbsp soy sauce or tamari (if GF)
- 2 tbsp cornflour / cornstarch (optional)
- 4-6 tsp neutral tasting oil (I used rice bran oil)
- 200 g / 7 oz kale or tenderstem broccoli, chopped into equal size pieces
- 100 g / 3.5 oz sugar snap peas or mangetout, sliced into equal size pieces
- 1 carrot, sliced thinly
- 1 ear of corn, kernels shaved off with a sharp knife
- 2 spring onions, sliced thinly
- 3-4 cups cooked and cooled long grain rice, I use (1 cup raw) brown rice
METHOD
Mix all the sauce ingredients together in a small bowl, set aside.
If using tofu, cube it and place it in a medium size bowl. Pour 2 tbsp of soy sauce (or tamari) over it. Mix well, allow it to marinate for 30 minutes or so, spooning the soy sauce over the exposed pieces now and then.
If you intend to fry (rather than bake) your tofu, you could give it a light dusting (a small sieve or teas strainer is good for that) of cornstarch / cornflour just before frying.
Heat up a large wok. add 2 tsp of oil and allow it to get hot (almost smoking).
Heat up a small frying pan. add 2 tsp of oil and allow it to get hot. Pan fry the tofu until lightly charred on all sides. alternatively, bake it in a 200° C / 390° F oven for about 20 minutes.
Once the oil is hot, add the chopped kale or broccoli and stir-fry for 2 minutes.
after 2 minutes, push the veggies to the side of the wok and add another 2 tsp of oil. allow it to heat up and follow it up with sugar snap peas, carrots, corn kernels and sliced spring onions. Stir-fry for another 2 minutes.
Now toss in the cold rice and stir-fry until reheated.
Stir in the sauce and baked or fried tofu cubes.
Divide between two bowls and dress with extra Sriracha if you enjoy things a bit more spicy.
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