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!
CRISPY BUFFALO CAULIFLOWER
Cauliflower florets coated in a crispy spiced crust, served with hot buffalo sauce and a side of Vegan Blue Cheese Dip? Oh, hi there good lookin’. I know exactly what you got cookin’, and I like it, I like it a lot.
Hot dang theses are good little dudes. I made sure of that for you by testing them three times, just to be sure, for testing purposes only, clearly.
Spiced corn flake coated florets are baked making these an easy healthy alternative to chicken wings. Great appetizer for the Super Bowl or any bar night.
Ingredients
- Bowl 1:
- 1/2 cup all-purpose flour (or all-purpose gluten-free flour blend)
- Bowl 2:
- 2 tablespoons ground chia or ground flax
- 3/4 cup warm water
- Bowl 3:
- 4 cups corn flakes
- 1/2 teaspoon garlic powder
- 1/2 teaspoon smoked paprika
- 1/2 teaspoon salt
- 1/4 teaspoon pepper
- For the rest:
- 1 small head of cauliflower, cut into florets
- 1/2 cup franks red hot (or other similar hot sauce)
- 3 tablespoons vegan butter, melted
Instructions
- Preheat your oven to 400F (200C). Line a baking sheet with parchment paper.
- Grab three big bowls. In the first bowl, add the flour. In the second bowl, mix together the chia and water. For the third bowl, add the corn flakes, garlic powder, smoked paprika, salt, and pepper to a food processor. Pulse several times until broken down, but there is still some texture. Pour the corn flake mixture into the last bowl.
- Rinse your cauliflower florets so they are wet. Take a handful at a time and drop them in the flour and toss to coat. Next drop them in the chia mixture and toss to coat. Finally, toss them in the corn flake mixture. Spread them out on the parchment paper lined baking sheet so that they aren't touching. Repeat with all of the florets until you have used up all of your ingredients.
- Bake 20 to 25 minutes, until golden brown and crusty, and the cauliflower is tender all the way through. You can test doneness by piercing a floret with a knife to see if it's tender all the way through
- To make the buffalo sauce, simply mix the melted vegan butter with the hot sauce. You can pour the buffalo sauce directly on the cauliflower, but it will soften the crust. If you want to keep them super crispy, simply serve the buffalo sauce on the side and dip as you go.
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