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!
Gyoza (Japanese Dumplings)
Gyoza or Japanese pan-fried dumplings are SO delicious. EASY gyoza recipe made with store-bought ingredients, cheap & a zillion times better than takeout.
Ingredients:- 2 cups napa cabbage
- 1/2 teaspoon plus 1/4 teaspoon salt
- 2 gloves garlic, minced and crushed into a paste
- 1 teaspoon grated ginger
- 2 tablespoons chopped Chinese chives
- 6 ounces ground pork
- 1/3 pound medium shrimp, shelled, deveined, and chopped
- 1/4 teaspoon sugar
- 1/2 teaspoon black pepper
- 1 1/2 tablespoon Japanese soy sauce
- 1 tablespoon sake
- 1 teaspoon sesame oil
- 1 pack Gyoza wrappers
Method:
- In a bowl, toss the cabbage with 1/2 teaspoon salt. Set a side for 15 minutes to draw excess moisture from the cabbage. Drain in a strainer and rinse with water. Squeeze the cabbage in your hands to remove more moisture.
- Transfer the cabbage to a bowl and add the garlic, ginger, Chinese chives, pork, and shrimp. Stir the ingredients so they come together. Add salt, sugar, pepper, soy sauce, sake, and sesame oil and combine well.
- Scoop up about 1 tablespoon of filling and put it in the center of a gyoza wrapper. Fold, pleat, and press to enclose the filling into a pleated crescent shape. Place the finished dumplings on a plate lined with parchment paper (to avoid the bottom sticking to the plate). Repeat the same until the filling is used up.
- Combine some soy sauce, rice vinegar, and chili oil in a small bowl to create dipping sauce. Taste and adjust the flavor according to your liking.
- Heat up a non-stick skillet over medium-high heat and add 1 1/2 tablespoons canola oil. Add the dumpling one at a time, placing the sealed edges up in a winding circle pattern. Fry the dumplings for 1-2 minutes, until they are golden or light brown at the bottom.
- Add 1/4 inch depth of water into the skillet and cover it immediately with its lid and lower the heat to medium. Let the water bubble away until it’s dry, for about 6-8 minutes. After the water is gone, remove the lid and fry for another 1-2 minutes until the bottoms are brown and crisp. Transfer the dumplings to a serving plate and serve immediately with the dipping sauce.
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