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 Enchiladas
I have a dare for you today! This is not just any old run-of-the-playground affair, however. It is a double-dog VEGAN ENCHILADA dare!
Let’s take a recipe that we know, love, and have had many a delicious moment enjoying on this website and at Mexican restaurants around the country—enchiladas—and give them an entirely fresh twist.
Easy Vegan Enchiladas with tofu, spinach, and black beans, topped with a rich and flavorful red enchilada sauce and avocado. Healthy, packed with protein, and gluten free. Simple, freezer-friendly, and absolutely delicious!
Ingredients:
- 1 pound firm tofu, drained, patted dry, and cut into chunks
- 1/2 teaspoon kosher salt
- 1/2 teaspoon ground turmeric
- 1/4 teaspoon ground black pepper
- 1/4 teaspoon ground cayenne pepper
- 2 tablespoons extra-virgin olive oil
- 2 medium jalapeno peppers, seeds and membranes removed, finely chopped
- 1 medium red bell pepper, cored, seeded, and diced
- 1 small or 1/2 large yellow onion, finely diced
- 2 tablespoons nutritional yeast (optional)
- 1 (15-ounce) can black beans, rinsed and drained
- 1 (10-ounce) packet frozen spinach, thawed and pressed dry
- 20 ounces (2 1/2 cups) red enchilada sauce, plus additional if you like your enchiladas really saucy*
- 18 small corn tortillas (for larger enchiladas, you can use larger tortillas and fill them more generously)
- For serving: your favorite mix of fresh cilantro, avocado, diced green or red onion, lime wedges, radishes, etc.
Directions:
- Preheat the oven to 350 degrees F. Lightly coat a large casserole dish with nonstick spray. Set aside.
- Prepare the enchilada filling: Place the tofu in a food processor and puree for several minutes until smooth, stopping to scrape down the bowl as needed. Sprinkle in the salt, turmeric, black pepper, and cayenne. Pulse a few more times to mix well.
- Heat the 2 tablespoons oil in a deep skillet over medium. Once hot and shimmering, add the jalapeno, bell pepper, and onion. Cook, stirring occasionally, until the vegetables soften and begin to brown, about 5 minutes. Stir in the tofu and nutritional yeast, if using, and continue cooking and stirring until the tofu is heated through and dries somewhat (it should look similar to scrambled eggs), about 5 minutes. Stir in the beans and thawed, pressed spinach. Stir, breaking up the spinach as you go. Season with additional salt and pepper to taste.
- Spoon a thin layer of the enchilada sauce into the bottom of the prepared baking dish. Wrap the tortillas in damp paper or cloth towel and microwave for 30 seconds to make them more pliable. Scoop a 1/4-cup portion of filling into each tortilla (or whatever amount you desire), roll tightly, and place seam-side down in the prepared baking dish. Repeat with remaining tortillas. Spoon the remaining enchilada sauce over the top of the enchiladas. Lightly coat any exposed tortillas with a little nonstick spray or brush with olive oil so that they crisp nicely in the oven.
- Bake for 15 minutes, or until the sauce is hot and bubbly and the tortillas are golden. Serve with desired toppings.
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