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!
Sticky Sesame Cauliflower
Sticky Sesame Cauliflower – the sweet, sticky, & addictively delicious dish that tastes like a better-for-you version of Panda Express!
A few weeks ago, I got a text from a friend saying his sister was trying to add more vegan meals to her diet and asking if I had any good tips.
The first advice I had was something I always recommend to anyone who wants to incorporate more plant-based meals into their diet, especially for non-vegans just trying to eat more meatless meals in general.
The best part of sesame chicken has always been the sauce… it’s the sauce, not the chicken, that makes you crave Panda Express every time you walk past the food court in the mall. It’s the sauce, not the chicken, that makes sesame chicken so addictive.
And this healthy meatless makeover of the classic recipe keeps all the goodness of that sticky-sweet sesame sauce intact. Plus, since you’re not using a fake meat substitute, there’s no expectation—subconscious or otherwise—that the dish will taste like chicken. Non-vegan dinner guests won’t be wary of trying a taste.
Ingredients
- 1 small head cauliflower, chopped (6 1/2 cups florets)
- 1/3 cup low-sodium soy sauce
- 1/4 cup pure maple syrup, honey, or agave
- 1/4 cup rice vinegar
- 1 tbsp minced garlic
- 1 ½ tsp toasted sesame oil
- ½ tsp powdered ginger
- 1 1/2 tbsp cornstarch or arrowroot
- 1/4 cup water
- sesame seeds and scallions, for garnish
Instructions
- Preheat your oven to 450 F. Grease a baking pan or line with parchment. Cut cauliflower into florets, then slice so one side of each floret is flat. Arrange in a single layer in the greased pan. Bake 10 minutes on the center rack. Meanwhile, whisk together the soy sauce, sweetener, vinegar, garlic, sesame oil, and ginger in a saucepan. Bring to a boil. While waiting, stir together the cornstarch and water until cornstarch dissolves fully, then slowly whisk this into the saucepan as soon as it boils. Turn heat to medium and cook 2 minutes, stirring more frequently once it returns to a boil. Cook until thick. You can also make the sauce ahead of time if desired, and it thickens more as it sits in the fridge. Flip cauliflower florets and bake 10 additional minutes. If desired, you can now move the pan to the top rack and broil 1-2 minutes. Pour sauce over florets. Sprinkle sesame seeds and optional scallions on top, and serve.
- *A few readers have commented to say this works in the instant pot, but I’ve not tried it. Reader Alex did it this way: Whisk soy sauce, sweetener, vinegar, garlic, sesame oil, and ginger in a bowl. Whisk in cornstarch and water. Add the cauliflower to the instant pot, toss with the sauce, and cook on high-manual 5 minutes. Then do a 10 minute natural pressure release. If you try her version, let me know how it goes
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