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 Buttermilk Fried Mushroom Sandwiches
Summer is for messy handheld food. Awesome burgers and sandwiches, juicy fruits. Grilled kabobs and skewers. Well, add these vegan buttermilk fried mushroom sandwiches to your list. They are messy, they are handheld, they are one of the most delicious sandwiches ever made. Crispy fried mushrooms that are juicy on the inside. Topped with sweet and spicy mayo, greens and don’t forget to warm up the buns.
Lightly vegan buttermilk battered mushrooms, fried until golden brown. Served on a bun with sweet and spicy mayo, and greens.
Ingredients
- 4 Small Portobello mushrooms
- 1 C. Almond milk or other non dairy milk
- 1 tsp. Apple cider vinegar
- 3/4 C. All purpose flour
- 1/2 C. Corn starch
- 1 tsp. Salt
- 1 tsp. Garlic powder
- 1/4 tsp. Black pepper
- Oil for frying
- 1/2 C. Vegan mayo
- 1 Tbsp. Agave syrup
- 1/2 tsp. Hot sauce
- Shredded cabbage or greens
- 4 Buns
Instructions
- Cut the stem out of the Mushrooms, and make sure they are flat-ish. If they have a large curve on the edge. Trim some of the edge so they are flat.
- Then whisk together the almond milk and apple cider vinegar. Let sit for a few minutes until it begins to curdle, making vegan buttermilk.
- Next, In a medium sized mixing bowl, combine the flour, corn starch, salt,garlic and pepper. Then pour the vegan "buttermilk" into the dry mixture. Whisk until fully combined and lump free.
- Now, begin heating the oil on medium high in a large skillet. You want about 1/2 an inch of oil in the pan. Once the oil is hot, dip a mushroom into the batter. Coating completely.
- Then, gently place into the hot oil. fry on one side until it is nice and brown it will take 2-3 minutes. Then flip the mushroom and fry on the other side for a few more minutes until the whole mushroom is brown and crispy.
- Repeat this process with all the mushrooms. Place them on a paper towel and sprinkle with a little more salt.
- Make the mayo, by whisking together the vegan mayo, agave and hot sauce.
- Put together the sandwiches. A little mayo on a bun, then mushroom, cabbage or greens, then more mayo. Serve immediately!
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