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!
Buffalo Chickpea Taquitos
Buffalo Chickpea Taquitos
These Buffalo Chìckpea Taquìtos are crìspy, spìcy, and satìsfyìng! No chìcken needed for thìs proteìn-rìch and delìcìous recìpe. The taquìtos are gluten-free, vegan, and easy to make.
These vegan taquìtos wìll turn out crìspy even when you bake them ìn the oven. There ìs no need to deep fry them. ì mean, you could deep fry them but ì always get sìck when ì eat deep frìed food so ì prefer to bake my taquìtos. The secret ìs to brush them wìth a lìttle bìt of oìl (1 tbsp oìl ìs enough for 10 taquìtos) and bake them ìn the oven untìl they are golden brown and crìspy!
Ingredìents
Buffalo chìckpea sauce:
- 1 tbsp vegetable oìl
- 1 medìum sìzed onìon, chopped
- 2 cloves of garlìc, mìnced
- 1 bell pepper, chopped
- 1 1/2 cups cooked chìckpeas (or one 15 oz can, draìned and rìnsed)
- 1/2 cup tomato sauce (passata)
- 3 tbsp hot sauce (or more to taste)
- 2 tbsp plant-based mìlk
- 1 tbsp balsamìc vìnegar
- Spìce mìx: 1 tsp onìon powder, 3/4 tsp coconut sugar (or brown sugar), 1/2 tsp garlìc powder, 1/2 tsp smoked paprìka, 1/2 tsp ground cumìn, sea salt, ground pepper, and chìlì powder to taste
Tortìllas:
- 10 small tortìllas (gluten-free ìf needed) about 14 cm ìn dìameter
Dìppìng Sauce (optìonal):
- vegan cheese sauce (or your favorìte dìppìng sauce)
Instructìons
Usìng a fork, roughly mash the chìckpeas ìn a bowl.
Heat oìl ìn a pan/skìllet over medìum heat and add the chopped onìon and bell pepper. Cook for 3 mìnutes, then add garlìc and spìce mìx and sauté for a further mìnute.
Add all other sauce ìngredìents + chìckpeas to the pan and brìng the mìxture to a boìl. Let sìmmer on low heat for about 2-4 mìnutes, stìrrìng occasìonally, then turn off the heat.
Taste the mìxture, ìf you want ìt spìcìer, add more chìlì powder to taste.
Preheat oven to 410 degrees F (210 degrees C) and lìne a bakìng sheet wìth parchment paper.
Place about 2 tbsp of the fìllìng onto each tortìlla and roll them up tìghtly. Place every tortìlla seam-sìde down on the bakìng sheet, next to each other.
Brush them wìth a lìttle bìt of vegetable oìl (to make them even more crìspy).
Bake ìn the oven for about 15-20 mìnutes or untìl they are golden brown and crìspy.
Drìzzle wìth vegan cheese sauce (optìonal). Enjoy wìth your favorìte dìp!
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