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!
MUSHROOM & WALNUT SPICY "BOLOGNESE"
Hey guys! This is André. It's about time that we'd share the one recipe that turns us into wild animals and makes us eat twice as much as we probably should. Like our recipe for Black Bean & Avocado Quesadillas with Grilled Shiitake, this one was inspired by one of the recipes Rita used to make before we became vegetarian/vegan. She used to make a mean bolognese like no other.
This plant-based interpretation of her old original recipe is absolutely delicious and it requires only whole, natural ingredients. Neither of us is fond of meat-like products and substitutes such as soy and seitan because they really make us feel like we're actually eating meat. Maybe that's precisely what some vegans and vegetarians look for in their meals, but for us, the idea of eating meat has become as irrational as eating a bar of soap or a piece of charcoal. So we're a bit put off whenever we get served a meal with meaty, spongy processed soya chunks.
INGREDIENTS
- 2 tbsp cold-pressed olive oil
- 1 large onion, finely chopped
- 2 large garlic cloves, center germ removed and finely chopped
- 450 gr. cremini mushrooms, half sliced and half cut into fine strips
- 1 cup | 100 gr. walnuts, finely chopped
- 2 plum tomatoes, roughly chopped
- 2 400 ml. cans peeled, chopped tomatoes
- 2 tbsp apple cider vinegar
- 1 tbsp organic tomato paste
- 1 tbsp dried oregano
- 1 tbsp dried basil
- 1 tsp ground cumin
- 1 tsp paprika powder
- 1/4 tsp ( or more ) dried chili flakes
- sea salt & black pepper to taste
STEP BY STEP
- Start by gathering, preparing and measuring all of the ingredients. This will improve your dynamic in the kitchen.
- Heat up the olive oil in a pot or wide sauce pan on medium heat.
- Add the chopped onions and garlic and sauté for 2-3 minutes until the onions become translucent — but not brown.
- Add the cremini mushrooms and cook for 6-8 minutes, during which the mushrooms will release their water.
- Once this water has completely evaporated and the mixture is fairly dry, add all the herbs and spices, the apple cider vinegar and tomato paste. Mix well to ensure the mushrooms are well coated in the spices.
- Add the chopped plum tomatoes and the canned peeled tomatoes and mix again.
- Allow to cook on medium-low heat for 20 minutes, stirring occasionally.
- Add the chopped walnuts and cook for an extra 5 minutes.
- Remove from heat and serve with a serving of cooked pasta (use gluten free pasta if you are intolerant to gluten) and a sprinkle of vegan parmesan 'cheese'!
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