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!
Easy Potstickers Dumplings Recipe With Chicken Or Pork
Do you always order potsticker dumplings in Asian restaurants? You can make them easily at home using wonton wrappers with this simple homemade potstickers recipe!
These delicious Chinese potstickers are so addictive, you can eat the whole batch in one sitting! Nobody can resist these piping hot and made from scratch potstickers! Imagine grabbing these yummy dumplings and dipping them in soy sauce – mmmm!
You can make you own frozen potstickers by assembling potstickers and then freezing them uncooked. To freeze the potstickers, line a plate with parchment paper (so they won’t stick), put assembled potstickers on parchment paper in a single layer so they are not touching and put in a freezer for 1 hour. Then put the frozen potstickers in a large ziploc bag and put back in a freezer until ready to use. To cook homemade potstickers from frozen, cook them the exact same way as fresh except just add an extra 5 minutes to cooking time. Enjoy!
These homemade potstickers taste so much better than store-bought! This potstickers recipe is very easy and straight-forward, anyone can make them! You can make these potstickers with chicken or pork, depending on your preference. Enjoy!
Ingredients
- 1 pound ground chicken or pork
- 1 cup shredded green cabbage
- 2 cloves garlic, minced
- 2 green onions, chopped
- 1 tbsp soy sauce
- 1 tbsp freshly ginger, grated
- 1 tsp sesame oil
- 2 tbsp vegetable oil
- 1 package round wonton wrappers (about 45)
Instructions
- Make the filling for the potstickers
- Put ground chicken or pork, shredded cabbage, garlic, green onion, ginger, soy sauce and sesame oil in a bowl and mix together until well combined.
- Assemble the potstickers
- Fill a small bowl with water and set aside.
- Arrange wonton wrappers on a work surface like a table or counter.
- Put 1 tbsp of filling in the center of each wonton wrapper.
- Dip your finger in the water and run around the edges of each wonton wrapper to moisten it.
- Fold the wrappers in half over the filling (to create a half-moon shape), then pinch the edges of the wrappers together to seal them.
- Cook the potstickers
- Heat the oil in a large non-stick frying pan over medium heat (to speed up the process, I use 2 frying pans at the same time).
- Put the potstickers in a frying pan in a single layer and cook for 2 minutes. Carefully flip potstickers with a spatula. Add ¼ cup of water to the frying pan. Cover and cook for 4 minutes.
- Serve the potstickers with soy sauce for dipping.
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