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 Everything Bagel Cheese Ball
Everything bagels are my favorite bagels. That is all I used to eat, and I didn’t branch out until I got a little older. I love the flavor combination, it is so delicious. It is comforting and perfect. I have been wanting to make my own everything bagel spice blend for a while, and use it in an imaginative way! When I finally realized that the best thing to go with this particular spice blend, is cheese. A cheese ball with everything bagel spice mixed in, and then crusted in the spice was what I decided, and it is so G.D good.
Vegan cheese is very easy to make, it is simple to make different textures and flavors depending on what kind of nut you use, or tofu, and if you want a firmer cheese you can bake it! I love how I can use different options to mimic almost any cheese. I will make a batch of my vegan feta and leave it in the fridge to just throw on salads whenever I want. Depending on what you are using vegan cheese can take a few days to make, but it is all inactive and super easy.
Cashew based cheese ball mixed with and coated in everything bagel spice
Ingredients
- Cashew Cheese
- 1 1/2 C. Raw cashews, soaked for at least 8 hours
- 4 Tbsp. Lemon juice
- 4 Tbsp. Coconut oil
- 1/3 C. Water
- 1 Clove Garlic
- 1 tsp. Salt
- 1/2 tsp. Pepper
- Everything Bagel Spice
- 1 Tbsp. Dried garlic
- 1 Tbsp. Dried onion
- 1 Tbsp. Poppy Seeds
- 1 Tbsp. Sesame seeds
- 1 Tbsp. Black sesame seeds
- 1 Tbsp. Salt
- 1 tsp. Black pepper
Instructions
- Once you have soaked your cashews for at least 8 hours or overnight, drain and place into a food processor or blender with the remaining cheese ingredients. Blend or process until nice and smooth, it may take a few minutes and you may need to scrap down the sides every once in a while.
- Once the cheese is nice and smooth, place the mixture into a cheese cloth that has been folded over a few times. Close the cheese cloth around the cheese tightly and tie off. Place in a colander over a bowl, and let sit over night to drain.
- The next day, make your spice, by combining all the spices in a bowl and stirring. If you don't have black sesame seeds, you can just use another tablespoon of white sesame seeds.
- Scoop the cheese into a bowl, and stir in about 1 tablespoon of the spice mixture, taste and add more if desired.
- Next, either roll the cheese into a ball and roll or coat with the remaining spices or place the cheese on a plate you plan to use for serving and form into a ball on the plate, and then coat with the spices. You don't have to use all of the remaining spice mixture, just as much as you need to coat the ball.
- Serve with crackers, bread, bagel chips, veggies or whatever your heart desires!
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