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!
TRINIDAD CORN SOUP
This warm and flavorful soup is perfect for the cold and warm weather. Packed full of flavor from the sweet corn to the succulent dumplings and a little bit of pepper.
Corn soup takes a little love but I can assure you it is worth it. The flavors need to blend and merge and simmer together to get that deep flavor. It's that base that makes the soup so delicious.
Don't have time to make this the traditional way? I also have a quick corn soup recipe that is also delicious.
When you order this soup after a party or just from a regular vendor, they give it to you in a nice styrofoam cup, warm and packed. Just the fact of holding the warm cup and the aroma from the soup excites you. Honestly, I think that the soup tastes most amazing when in the cup, haha, but that might just be the "too much alcohol" talking in that situation.
A traditional corn soup recipe for this popular Trini street food. Made with split peas, corn and dumplings this soup is commonly an after fete snack especially around carnival time.
INGREDIENTS:
- 6 ears of fresh corn
- 2 cloves garlic, chopped
- 1/4 cup onion, chopped
- 1 celery stalk, chopped
- 1 large carrot, sliced into discs
- 1/2 cup diced green bell peppers
- 1/2 cup diced red bell peppers
- 2/3 cup yellow split peas
- 1 scotch bonnet pepper
- Pepper sauce (to taste)
- Salt & Pepper (to taste)
- 1 1/2 cups coconut milk
- 1 med tania (or sweet potato), diced
- 2 sprigs thyme
- 2 cups stock + 1 cup stock
- 3 cups water + 3 cups water
- 2 leaves shado beni, chopped
- 2 tablespoons oil
For Dumplings
INSTRUCTIONS:
- Cut 5 ears of corn into about 2-inch pieces and set aside.
- Shave off corn kernels off of the remaining corn cob
- Heat oil in a heavy bottom pan, over med-high heat.
- Add onions, garlic, and celery to oil and saute till onions are opaque.
- Add split peas and shaved corn and stir well
- Add thyme to pot and saute another 2 minutes
- Add 3 cups water, 2 cups stock, tania and shado beni to pot, and bring to boil.
- Lower stove to a low boil until split peas is cooked (about 30 minutes) Note: add more water if split peas is not soft enough and more boil time is needed
- Once split peas are softened, use back of a spoon to mash them up a bit.
- Add coconut milk, scotch bonnet pepper, and 3 cups water and bring to a slow boil
- Make dumplings at this point and break into balls or roll into logs
- Add corn discs, dumplings, carrots and bell peppers to pot
- Add salt and pepper and pepper sauce to taste
- Boil until dumplings are cooked (about 15 minutes)
For dumplings
- Knead water and flour together
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