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 PAD THAI
We don’t have a lot of fussy date nights. In fact, our usual haunts are (1) pizza; or (2) Thai food. Given how obsessed my husband is with pad thai (I don’t think he’s ever ordered anything else at a Thai restaurant), this vegan pad thai was a long time coming.
Thai restaurants are usually pretty vegan friendly, but pad thai is often made with eggs. Many other Thai dishes (especially curries) use fish sauce, so I always ensure that I ask for my dish to be prepared without fish sauce. Some places are more accommodating than others, but we have a few solid places near us in Orlando. Regardless, I wanted to create my own easy, homemade vegan pad thai so that we could enjoy this dish more frequently. And I’m so happy with how it turned out!
This vegan pad thai comes together in 30 minutes and is totally comforting and delicious. I hope this recipe inspires you to skip takeout and have some fun in your kitchen! If you make this recipe, be sure to tag me on Instagram @lifted_dish and use #lifteddish – I’d love to see your creations!
Ingredients
For the sauce:
- ⅓ cup peanut butter
- ¼ cup lime juice
- ⅓ cup tamari (or soy sauce if not gluten-free)
- 2 tablespoons vegetable broth
- 2 tablespoons agave nectar
- 2 teaspoons red chili paste (or sub sriracha)
- 2 teaspoons sesame oil
Everything else:
- 16 oz. rice noodles (or sub linguine, but rice noodles taste the most authentic)
- 1 cup chopped carrots
- 2 red bell peppers, chopped
- 1 red onion, chopped
- 1 block of extra firm tofu, drained
- ½ teaspoon tumeric
- ½ teaspoon garlic powder
- 4 scallions, sliced for garnish
- ½ cup chopped peanuts, for garnish
Instructions
- Prepare the sauce by whisking together all ingredients until thoroughly combined. Set aside.
- Heat a skillet over medium heat. Prep the tofu egg crumbles by crumbling the block of tofu into a large mixing bowl. Add the tumeric, garlic powder and mix to combine. Season to taste with salt. Spray the skillet with nonstick spray and add the tofu to the pan. Cook, stirring frequently, until lightly browned, about 6-9 minutes. Set aside.
- Prepare your rice noodles according to the package directions. If you are using rice noodles and not linguine, note that the instructions will often require you to soak the noodles in hot water (rather than boiling them on the stove).
- While noodles are soaking or cooking, place the carrots, bell pepper, and onion in the skillet you used to cook the tofu. Cook the veggies over medium heat until cooked through, about 8-10 minutes. Add some water if they start to stick to the pan.
- When the noodles are ready and the veggies are cooked, in a large bowl combine the noodles, veggies, and sauce. Divide into individual bowls and top with the tofu crumbles, chopped scallions and peanuts. Serve immediately.
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