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!
Steamed Vegetable Dumplings
I have a great boyfriend. Only he would go out the day of a dinner party and buy me a bamboo steamer at the last minute to make dumplings. He’s such a good sport putting up with my every food whim! I’m so appreciative that he did though, because my first attempt at steamed dumplings (and actually at dumplings in general) was a very yummy success 🙂
Using a packet of chilled wonton wrappers meant that these dumplings came together very quickly and were exceptionally easy to make. I chose a combination of broccoli, carrot, garlic and shallots with some tamari and miso – the results were incredibly yummy. 24 dumplings meant 4 people got 6 dumplings each – more than enough for an appetiser. Vegan and delectable, I would love to make these gluten-free if anyone out there has a great wonton dough recipe. Shoot me an comment if you know if a great one!
These steamed vegetable dumplings couldn't be simpler - or more delicious! Quick, you're 20min away from the best vegan dumplings you've ever had.
Ingredients
- 2-3 cloves of garlic, finely minced
- 1 cup finely chopped brocolli florets
- 1 shredded, grated or finely sliced carrot
- 2 tbsp spring onions, finely chopped
- 1 tbsp miso paste (whichever variety you prefer)
- 2 tbsp tamari or coconut aminos
- 24 wonton wrapper, or enough home-made dough to make 24 pieces
Instructions
- Combine all ingredients except for wrappers in a food processor and process until well mashed up, but pieces remaining (see image).
- Lay wrappers on a flat surface or plate and brush with water so each is slightly wet. Place one heaped teaspoon of filling mixture onto each wrapper.
- Fold in half, enclosing filling and press edges firmly to seal. Fill a wok ½ full with water and bring to a boil. Fit steamer into wok and line inside loosely with parchment paper if wanted.
- Steam in batches until slightly translucent, making sure to separate each dumpling in the steamer so they don't stick together. Serve with extra tamari or your favourite dipping sauce.
Notes
You need a steamer basket and suitable wok or saucepan filled with water. The steamer tray of a rice cooker would also be suitable.
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