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!
California Roll Sushi Bowls
California Roll Sushi Bowls
Let’s just admit it, how many of us are too lazy to make our own sushi at home? Good take-out just makes the choice to easy. Well, that was until today when I finally got around to making it in bowl form 4 years later. I had pinned a recipe from Whole Foods website years ago for sushi bowls because I loved the idea and just now after months of having the sushi rice and nori sitting in my pantry I’m finally getting to it – but seriously why did I wait this long?? These bowls are amazing!
California Roll Sushi Bowls
Ingredients
- 2 cups dry California Calrose Sushi Rice
- 5 Tbsp rice vinegar , divided
- 2 Tbsp granulated sugar
- 1/2 tsp salt
- 1/4 cup light mayonnaise
- 1 1/2 Tbsp sriracha
- 1/4 cup low-sodium soy sauce
- 10 oz imitation crab or lump crabmeat , torn or chopped into small bite size pieces
- 1 1/2 cups diced English cucumber
- 3/4 cup roughly chopped matchstick carrots
- 1 nori sheet , chopped or crumbled into small pieces (add more if you'd like)
- 1 1/2 Tbsp chopped pickled sushi ginger
- 1 large avocado , peeled and diced
- Black and toasted sesame seeds , for garnish
Instructions
- Place rice in a fine mesh strainer and rinse under cold water until water runs clear (it will take about 2 minutes of rinsing). Tap bottom of strainer with palm of your hand until water no longer falls from strainer (it should be well drained). Transfer rice to a medium saucepan along with 2 1/4 cups water. Bring mixture to a full boil then reduce heat to low, cover with lid and simmer 15 minutes. Remove from heat, keep covered and let rest 15 minutes.
- Meanwhile, in a small saucepan combine 4 Tbsp of the vinegar with the sugar and salt. Heat over medium heat, cook and whisk until sugar has dissolved. Remove from heat, let cool while rice is resting then pour vinegar mixture over rice and toss to evenly coat.
- In a small mixing bowl whisk together mayonnaise with sriracha. Thin with 1 1/2 tsp of water if desired. Transfer to a sandwich size resealable bag. Set aside.
- In a small mixing bowl whisk together soy sauce and remaining 1 Tbsp vinegar, set aside. In a large mixing bowl gently toss together crab meat, cucumber, carrots, nori, ginger and avocado. Divide prepared rice among 4 or 5 bowls. Top with crab mixture then spoon soy sauce mixture over top of each serving. Cut a small tip from one corner of the resealable bag holding the sriracha mixture, drizzle over each serving. Serve immediately.
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