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 CHICKPEA SCRAMBLED EGGS
This high protein vegan scrambled chickpea “eggs” has a similar taste and texture to normal scrambled eggs. It’s quick, easy and cheap to make using home made chickpea tofu. Don’t be put off if you don’t like normal tofu as this soy-free chickpea version is different. Suitable for vegan, egg-free, dairy-free, grain-free, oil-free, gluten-free and soy-free diets.
The star of the show is the Kala Namak / black salt. This is a common ingredient in many Asian foods and gives the dish that sulphur eggy taste. If you like the taste of normal eggs then do use the salt, if you prefer the texture of eggs and not the flavour then omit it. Kala Namak can be bought in many Asian shops where it’s inexpensive. More information in the paragraph at the bottom.
INGREDIENTS :
- ½ cup / 65g Chickpea flour
- 1.5 cups / 350ml Water
- ¼ tsp Turmeric
- ½ tsp Smoked paprika
- 1 clove Garlic
- 1 slice Red onion
- 3 tbsp Broth
- ½ tsp Kala Namak / Black Salt
Method
- Mix together the chickpea flour, turmeric and smoked paprika with a third of the water into a paste.
- Bring the other 2/3rd of the water to a simmer with a pinch of salt.
- Stir in the chickpea mixture into the water and stir constantly for 5 mins while simmering.
- Be careful not to let the bottom of the mixture catch.
- Remove from the heat when thick and pour into a glass dish.
- Chill for half an hour in the fridge then it should come away easily from the dish.
- Mash the chickpea tofu in a pan and then add the remaining ingredients.
- Cook for a few minutes until all the broth is absorbed and serve.
- You can store the chickpea tofu in the fridge for a few days before cooking
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