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 Matcha Crepe Cake
At first glance this concept seems very involved and meticulous in creating, but it’s all false. This concept is as easy as making plain ol’ crepes, you just need to make, well, a lot more! What I love about this concept is that it breaks away from the typical cake, is lighter, and has much more aesthetic appeal. While I’ve explored a vegan Red Velvet Crepe Cake, this Matcha just calls to me!
What sets this recipe apart from others is that it involves minimal ingredients, minimal steps, doesn’t have to look aesthetically perfect, has a gorgeous hue, a hint of matcha, and the coconut whip just puts this recipe over the top.
If you love crepes, matcha, or simply just fabulous vegan eats.. You have to try this vegan Matcha Crepe Cake with coconut cream!
Ingredients
Crepe:
- 2 tablespoons coconut sugar
- 2 cup almond milk
- 2 tbsp Follow Your Heart Vegan Egg, mixed with 1/2 cup cold almond milk
- 1 tsp vanilla extract
- ½ teaspoon salt
- 1 tbsp Aiya Matcha Powder - additional for sprinkling
- 2 cup flour
Filling:
- 1/3 cup powdered sugar
- 1 tsp vanilla
- 1 can coconut milk (refrigerated overnight)
Instructions
- Coconut whip: Remove the solid portion of the canned coconut and place in the bowl of a standing mixer with vanilla. Sift in the the powdered sugar for the best texture. Combine until smooth without clumps and set aside to chill.
- Crepes: To make the crepes, combine all of the dry ingredients, add the almond milk and egg, and set aside in the fridge for about 20 minutes.
- Heat a crepe pan or medium size nonstick skillet to medium heat. Right before you are going to add batter, put a small dap of butter in the pan and swirl to coat. Then, using a ¼ cup scoop, scoop batter into the pan, swirling the pan as you pour to evenly coat the pan with the batter.
- Once the batter is even, set the pan down and allow the crepe to brown just slightly. Then carefully lift up the edges with a spatula and flip over. Once the crepe is browned on both sides, turn it out onto cooling rack. Repeat with remaining batter until all of it has been used.
- To assemble, lay out the crepes from largest to smallest if the sizes vary. With a knife or spatula smooth on a layer of coconut whip and add the next crepe. Continue until you've used each crepe. Gently sift matcha over the top to coat the cake leaving some on the sides for aesthetic appeal. Slice, serve, enjoy!
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