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 PAD THAI

Pad Thai (or Phad Thai) has been one of my favourite dishes for a while now. Apparently, it’s also one of the most popular Thai dishes outside Thailand so I’m hoping this simple recipe will be a welcome addition to the blog.

Pad Thai is one of these dishes that is not that difficult to veganise. I used a colourful array of crunchy veg in my version, but golden-fried tofu cubes would be great addition too. The only reason I did not include tofu is that I simply ran out.
The most tricky thing to replace is the fish sauce. This ubiquitous Thai condiment gives this and other Thai dishes their rounded flavour. If there is a will there is a way though. You can either buy a non fish-based fish sauce or simply prepare your own by infusing soy sauce (or tamari) with a bit of seaweed and dried mushrooms.

If it sounds like too much effort and you’re only after a quick lunch, just use a straight soy sauce instead…You’ll still be licking your lips after, promise!

PS: If you make this vegan pad thai, don’t forget to tag me on Instagram as @lazycatkitchen and use the #lazycatkitchen hashtag. I love seeing your takes on my recipes!

INGREDIENTS
  • PHAD THAI
  • 200 g / 7 oz wide rice noodles
  • 2 tbsp peanut oil (or other high smoke point oil)
  • 2 spring onions, sliced
  • 2 garlic cloves, finely sliced
  • 1 hot red chilli, finely sliced
  • 2 carrots, shaved into ribbons with a speed peeler
  • a large handful of green beans, cut diagonally
  • ½ small broccoli, divided into florets
  • 1 red pepper, finely sliced
  • ¼ cup roasted & unsalted peanuts, pounded in a pestle & mortar
  • ½ cup mung bean sprouts
  • fresh coriander, to garnish
  • SAUCE
  • 5 tbsp tamarind sauce*
  • 1 tbsp tamari / soy sauce
  • 2 tbsp vegan fish sauce* or more tamari / soy sauce
  • 2-3 tbsp maple syrup, adjust to taste 
METHOD
  1. Prepare rice noodles according to the instructions on the packet, but do not cook them fully as you’ll give them another minute or two in the wok after. After you immerse them in soaking water, lift the lid and give the noodles a good stir to prevent them from clumping together and sticking to the bottom of the pot. Give them another good stir half way through the soaking time.
  2. Once the time is up, drain the noodles and set aside. You may want to stir a little bit of oil through them to prevent them from sticking together but I do not find this necessary.
  3. Mix all the sauce ingredients together in a small bowl. If you are using a shop-bought tamarind puree / paste, go easy on it at first as it is apparently more concentrated (and therefore more sour) than if you make your paste from a tamarind block (see notes) yourself.
  4. Heat up a wok or a large frying pan. Pour 1 tbsp of oil and heat it up until almost smoking. Add spring onions, garlic and chilli.
  5. Stir-fry (stirring constantly) until spring onions soften and garlic becomes fragrant. Transfer to a separate plate, leaving as much oil in the wok as you can.
  6. Heat up another tablespoon of oil in the same wok – no need to wash it. Start adding prepared veggies in the following order (leaving a minute or two between each addition): broccoli, peas, red pepper and carrot ribbons. Stir-fry until cooked yet still crunchy.
  7. Transfer all vegetables to a big plate and pour the sauce to the bottom of the wok. Add in noodles – they may have clumped together a little, but the sauce and heat of the work will separate them again.
  8. Add spring onions, chilli, garlic and stir-fried veg back to the wok. Mix everything well and let it warm up, stirring the whole time, for a minute or two.
  9. Divide between two plates, sprinkle with sprouts and crushed peanuts. Serve with lime wedges on the side.
NOTES
*To make a tamarind sauce, chop 200 g / 7 oz of seedless tamarind block roughly and place in a small bowl. Cover with 500 ml / 2 cup of boiling water and set aside for 20 minutes to allow it to soften. Once softened, place in a blender and blend until smooth. Pass it through the sieve to get rid of any leftover seeds. Store in a sterilised jar for 1-2 weeks (due to a high water content in may get mouldy if stored for much longer).
**I made my fish sauce using a recipe from this amazing vegan cookbook. It’s basically tamari or soy sauce simmered with generous amount of seaweed, garlic, black peppercorns and a dried shiitake mushroom. You could also use this recipe.

 If you want more info on some of the ingredients that we use in our recipes, check out our glossary

Recipe Adapted From VEGAN PAD THAI @ VEGAN PAD THAI

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