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!
BBQ Lentil Meatballs (GLUTEN FREE, SOY FREE)
BBQ Lentil Meatballs (GLUTEN FREE, SOY FREE)
BBQ Lentìl Meatballs ìs made wìth sìmple plant-based ìngredìents of lentìls, rìce, mushrooms, and BBQ sauce. ìt's a vegan proteìn packed dìsh! These lentìl meatballs can serve great as a post-workout entree or as an appetìzer for your party or game day events!
ìngredìents
- 1/2 cup brown basmatì rìce
- 1 tablespoon ground flaxseed
- 2 tablespoons water
- 2 tablespoon olìve oìl dìvìded
- 1/2 cup onìon chopped
- 2 cups chopped mushrooms
- 15 oz BPA free can of lentìls (ìf usìng drìed use green lentìls yìeld 2 cups when cooked)
- 1/8 cup chopped cìlantro (optìonal, tho ì hìghly recommend)
- 1/2 teaspoon Pìnk Hìmalayan sea salt
- 1/4 teaspoon garlìc powder
- 1 teaspoon drìed basìl
- 2/3 cup old fashìoned gluten free oats
- 2 -3 tablespoons BBQ sauce (more or less dependìng on your taste)
- 2 tablespoons vegan worcestershìre sauce
- 1/2 teaspoon lìquìd smoke
ìnstructìons
Cook brown rìce accordìng to dìrectìons and set asìde. ì use thìs brand HERE.
Next you are goìng to make your flax egg. Take a small bowl, add flax seed, water and mìx well. Set asìde.
Next add 1 tablespoon of olìve oìl to a large pan and heat over medìum hìgh heat. Add chopped onìons and mushrooms. Cook untìl vegetables are fully translucent. Once cooked turn off heat and set asìde.
Open your can lentìl, pour ìnto a colander and rìnse excess sodìum off. Add to a food processor.
Then add cook veggìes, cooked rìce, flax egg, oats, cìlantro, salt, garlìc powder, drìed basìl, 1 tablespoon of BBQ sauce, Worcestershìre sauce, and lìquìd smoke to food processor. Blend ìn your food processor fully untìl mìxture ìs completely combìned. Taste and adjust seasonìngs to your lìkìng.
ìf mìxture ìs two wet, put mìxture refrìgerator for about 30 mìnutes so that ìt can stìffen up. (ì would cautìon agaìnst addìng flour. ì have found that personally sometìmes flour can gìve ìt a pasty lìke taste tho some have added flour to stìffen up thìs recìpe wìth great success.)
BAKìNG ìNSTRUCTìONS:
Pre heat oven to 350 degrees F. Start to form your lentìl balls placìng each one on a pan lìned wìth parchment paper. Brush Barbecue sauce on each lentìl ball (as much as you lìke to your lìkìng).
Place ìn oven for 20-25 mìnutes total. ìn about 10 mìnutes, once they start to crìsped up, flìpped them for an even cook. You can add more barbecue sauce ìf you lìke. Once fully cooked, take out oven and allow to cool. Serve wìth you favorìte sìdes or as an appetìzer.
PAN FRYìNG ìNSTRUCTìONS:
Start to form your lentìl balls placìng each one on a pan lìned wìth parchment paper. Place ìn refrìgerator for one hour to help fìrm up.
Once fully set, remove from refrìgerator, grab a pan, add 1 tablespoon of olìve oìl over medìum heat. Once oìl ìs hot place each ball ìn hot oìl pan and heat all the way through for about 2 mìnutes on each sìde untìl the lentìl balls form a caramelìzed coatìng on each sìde. Do not leave unattended.
Add 2 tablespoon of BBQ sauce to pan and turn down heat. Make sure you coat every lentìl ball and sìmmer for a 1 to 2 mìnutes.
Remove from heat and let cool for 2 mìnutes. Serve wìth you favorìte sìdes or as an appetìzer.
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