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!
Spicy Fried Cauliflower “Chicken”
It’s crispy, it’s tender, it’s full of flavor, and it’s vegan! This spicy fried cauliflower “chicken” is just as delicious as the real thing, but no chickens were harmed, and it’s so much healthier. Cauliflower is a great replacement for chicken in this recipe because it’s juicy, hearty, and tender. The double batter guarantees a perfect crunch!
Becoming vegan has opened my eyes up to the many ways of preparing Southern staples without using animals. In every case, the vegan recipe is as delicious and fulfilling as the non-vegan alternative. So much of what we like about a traditional recipe is the seasoning, and technique. As you’ll see in this recipe, you can use classic fried chicken seasoning (which is accidentally vegan) and the same technique of double battering and dredging cauliflower through seasoned flour. Just like my Nana does it!
This spicy fried cauliflower recipe has been updated since I created the video. The flax "egg" has been replaced with arrowroot which is added to the dry ingredients. This creates a crispier batter when fried. However, if you do not have arrowroot (or cornstarch), feel free to use the flax "egg".
Ingredients
- 1 cup all purpose flour
- 1 tablespoon arrowroot powder or cornstarch
- ½ teaspoon salt
- ½ teaspoon cayenne pepper
- ½ teaspoon white pepper
- ½ teaspoon onion powder
- ½ teaspoon garlic powder
- ½ teaspoon sweet or smoked paprika
- ¼ teaspoon Old Bay seasoning
- 1 tablespoon nutritional yeast
- ⅓ cup hot sauce
- ¼ cup unsweetened plain soy milk or other non-dairy milk
- 1 tablespoon Dijon mustard
- 5 cups safflower oil, or other frying oil
- 1 large head of cauliflower, cut into large florets
Instructions
- In a medium-sized mixing bowl combine the flour, arrowroot powder, salt, cayenne pepper, white pepper, onion powder, garlic powder, paprika, Old Bay, and nutritional yeast.
- In another bowl combine the hot sauce, soy milk, and Dijon mustard and whisk until creamy.
- Heat the frying oil in a large dutch oven or fryer. It should be around 350°.
- Use one hand to carefully dip a cauliflower floret into the wet mixture, then drop it into the flour mixture. Use your other hand (it should be dry) to coat it completely. Dip it back into the hot sauce mixture, and again into the dry mixture, keeping one hand devoted to wet and one to dry.
- Carefully lower the twice coated cauliflower into the hot oil. Repeat with remaining cauliflower until you can’t fit any more into the pot. Cook for about 4-5 minutes, until the pieces are golden.
- Transfer fried cauliflower to a large plate covered with two sheets of paper towel to absorb excess oil.
- Continue to cook the remaining cauliflower.
- Serve hot.
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