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 SINGAPORE NOODLES
Have you ever had Singapore noodles? Contrary to the name, they are not from Singapore at all, but actually a popular dish served at Chinese restaurants! It’s traditionally made with BBQ pork and shrimp, and has fish sauce in it, so it’s not the most veggie-friendly dish to order out. But, an easy one to make at home! For me, the dish is all about the sauce–it’s essentially a curry flavored Chinese noodle stir fry. Two of my favorite cuisines (I probably say that of all the cuisines), Indian and Chinese, in one flavor packed dish!
A vegan take on the popular Chinese stir fried noodle dish spiced with curry powder.
INGREDIENTS
- 10 oz uncooked rice vermicelli (mai fun), or noodles of choice
- Sauce:
- ¼ cup soy sauce
- 2 tbsp shaoxing chinese cooking wine, or sherry
- 1 tbsp toasted sesame oil
- 1 tsp agave nectar or coconut sugar
- 1 tbsp curry powder
- ¼ tsp white pepper
- 3 garlic cloves, crushed or minced
- 4 green chiles, minced, more or less to taste, deseeded for less heat
- Vegetables:
- 1 tbsp oil
- ½ medium yellow onion, thinly sliced in half moons
- 15 sugar snap peas, thinly sliced on bias
- 1 small carrot, julienned
- ½ red bell pepper, julienned
- 2 cups shredded cabbage
- scallions, for garnish, optional
- lime wedges, to serve
DIRECTIONS
- Cook pasta according to package directions. Drain and set aside.
- In a small bowl or a liquid measuring cup mix together the sauce ingredients: soy sauce, chinese wine, toasted sesame oil, agave nectar, curry powder, white pepper, garlic, and chilies. Set aside.
- Heat a wok over high heat. Add the oil and onion when hot and fry 1½ - 2 minutes, stirring constantly, until the onion is charred and soft.
- Add the cabbage and cook for about 2 minutes, stirring almost constantly, until it is wilted and lightly charred. Add the sugar snap peas, carrots, and bell pepper and cook for 1 - 1½ minutes until the vegetables have charred a little.
- Add the noodles and the sauce and fry for about 2 minutes, stirring constantly to distribute sauce and prevent sticking.
- Squeeze fresh lime wedges over the noodles to serve and garnish with sliced scallions or additional minced chiles if desired.
NOTES
You can cook the stir fry in a large skillet, but cooking times will be a bit longer. Cook over medium-high heat and expect to up to double the cook time.
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