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 Korean Carrots – Morkovcha
First off, I want to clear the air and inform the authenticity police (ha!) that these Spicy Korean Carrots have nothing to do with Korea or Korean cuisine.
The history of this salad is twisted, but some say that Korean immigrants that immigrated to the former Soviet Union were just trying to recreate Kimchi with whatever ingredients that they now had and this was how Morkovcha or Spicy Korean Carrots came to be.
With warm weather and lots of grilling coming up, this carrot salad recipe will come in very handy. You might think that I know all of my recipes by heart, but unfortunately, I too have to refer to my handwritten recipe book for recipes sometimes. Now that I am posting it here, it will be nice to have the recipe at the click of the finger. Hope you enjoy this salad as much as we do!
Ingredients
- 2.2 lbs 1000 g julienned carrots (julienne using this or this julienne slicer)
- 1/2 - 1 Tbsp kosher salt use less if using table salt
- 1 Tbsp granulated sugar
- 2 tsp smoked paprika or regular
- 1/4-1/2 tsp cayenne pepper
- 1 tsp ground coriander seeds
- 5 cloves garlic peeled & pressed
- 1 tsp freshly ground black pepper
- 3-4 Tbsp vinegar
- 1 large onion diced
- 2/3 cup virgin olive oil heated until almost smoking
Instructions
- How to make Spicy Korean Carrots
- Start by peeling and julienning carrots using a julienne slicer.
- Now to a bowl add everything (carrots & spices) but olive oil. Mix and set aside.
- Heat the oil in a skillet, add diced onions and saute until the onions are golden in color. Move skillet off heat and tilt it to the side allowing the hot oil to pool at the bottom. Pour 1/2 cup of the hot oil into a measuring cup with a long handle, or a small sauce pot with a long handle. The oil must be thoroughly heated until almost smoking before adding to the salad. Discard the remainder of oil and onions or use them for a different recipe.
- Add the oil into the carrots a little bit at a time, mixing with a large fork after each addition. Taste and adjust the seasoning.
- The Spicy Korean Carrots are done and ready to be consumed. It is recommended that they marinate for at least 6-12 hours before eating though, for best flavor profile. To store, transfer to a closed container and keep in fridge up to a week.
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