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 Cheese With Garlic And Herbs
This vegan cheese with garlic and herbs is perfect for slicing and eating on crackers. Dairy free, gluten free and nut free, everyone can enjoy this creamy and delicious cheese.
If you want to use this cheese to make a grilled cheese sandwich or a quesadilla, simply add more tapioca flour (aka tapioca starch) to the cheese mixture before cooking. This will make the cheese softer so it melts and stretches when heated.
Basic recipe for making vegan cheese with garlic and herbs made with coconut milk. Free of gluten, soy, and nuts.
Ingredients
- 1 can coconut milk full fat
- 1/2 cup hot water
- 1 tsp salt
- 1 tbsp + 1 tsp nutritional yeast
- 2 tbsp agar agar powder
- 1 tsp tapioca flour (aka tapioca starch)
- 1/2 tsp lemon juice
- 2 tsp herbs de provence or other dried herbs of choice
- 2-3 cloves garlic minced
- 1 spray spray oil on the glass container
Instructions
- Prepare cheese molds by spraying a glass bowl or container with spray oil or rub any neutral flavored oil on the molds to prevent sticking. (Recipe will make about 2 cups of cheese).
- Pour the can of coconut milk into a sauce pan.
- Put 1/2 cup of hot water into the empty coconut milk can to melt all the remaining coconut milk and add the water to the pan.
- Add all remaining ingredients to the sauce pan and stir with a whisk.
- Turn heat on to medium and stir frequently until it boils.
- Turn down heat until the cheese sauce is just barely boiling and stir constantly for 6 minutes until it is very smooth.
- Immediately pour into the prepared cheese molds.
- Let it cool with the lid off for about 15 minutes at room temperature, then transfer to the refrigerator for at least 2 hours to firmly set.
- Once cheese is cooled completely cover and store in the refrigerator in a sealed for up to a week.
Recipe Notes
To make this cheese able to melt and better for use on pizza or grilled cheese, add 2 additional tablespoons of tapioca starch.
For firmer cheese, leave out the tapioca starch from the recipe.
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