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 Savory Spinach and Artichoke Rolls
These savory rolls are bubbly hot amazingness! Like an adorable, portable spinach and artichoke dip!
If you love spinach and artichoke dip(doesn’t everyone?), then you have come to the right place! This is a super fast, super amazing way to eat spinach and artichoke dip in a hot and delicious hand held package. The bread and dip all rolled into one! I love to dip mine in marinara sauce or a lovely balsamic vinaigrette! They are perfection!
Vegan spinach and artichoke dip in a handheld package! The dough is slathered with creamy spinach and artichoke spread and baked to perfection!
Ingredients
- 16 oz. Pizza dough, I used Trader Joe's
- 1 Block Extra firm tofu
- 5 Cloves Garlic, divided
- 2 Tbsp. Olive oil
- 2 Tbsp. Apple cider vinegar
- 2 C. Baby spinach
- 1 1/2 C. Artichokes in oil or water(whichever you prefer), chopped
- 2 tsp. Oil
- Salt and Pepper to taste
Instructions
- Preheat oven to 400 degrees.
- Make the tofu cream cheese first. Squeeze the tofu over the sink to get as much liquid out as you can. It doesn't matter if it starts to fall apart. Now place in a food processor with 2 cloves of garlic, the olive oil and apple cider vinegar. Add a few pinches of salt and pepper.
- Process on high scraping down the sides as needed until the tofu is completely smooth and silky, this may take a few minutes. Taste and adjust seasonings. Scoop into a mixing bowl and set aside.
- Now, into a small saute pan, heat 2 tsp of oil on medium high, chop the remaining 3 cloves of garlic and add that to the pan, cook for about 30 seconds, then add the baby spinach. Season with a little salt and pepper. Reduce heat to low and cook for just about a minute until the spinach has wilted. Remove from heat.
- Now add the cooked spinach and chopped artichokes to the tofu cream cheese mixture. Stir to fully combine. Sprinkle with a little salt and pepper.
- Now, on a floured surface, roll out your pizza dough into a large rectangle about 1/4 inch or less thick. Spread the dough thoroughly with the tofu/spinach/artichoke mixture. You may have some left over, no biggie.
- Now roll length wise, so the roll is long. Cut into rolls about 1-2 inches long. Place each roll in a prepared baking dish, either in a circle or a square depending on the dish you are using. Repeat until all the rolls are placed right up against each other.
- Spray the tops with oil, I like to use a canola oil or olive oil spray. Bake at 400 degrees for 25-30 minutes or until nice and brown. Serve immediately! I recommended serving with a balsamic vinaigrette or marinara sauce to dip!
Recipe NotesYou can by all means make your own pizza dough if you want to!
I recommend using floss to cut the rolls. It makes it super easy and much less messy!
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