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!
THE BEST BLACK BEAN BURGER
The BEST Black Bean Burger made with fresh ingredients and totally FOOL PROOF. Your entire family will love them!
If you want to know how to make a black bean burger, you are in the right place! These amazing homemade black bean burgers have been a huge family favorite ever since I first made them over 3 years ago! The ingredients in these amazing black bean burgers are simple: beans, bell pepper, and onion mixed with egg, bread crumbs, and spices.
The BEST Black Bean Burger made with fresh ingredients and totally FOOL PROOF. Your entire family will love them!
Ingredients
- For the Burger:
- 15 ounce can black beans , drained and rinsed
- 1/2 green bell pepper
- 1/2 small onion
- 2 cloves garlic , peeled
- 1 large egg , beaten (*see note below)
- 2/3 cup whole wheat breadcrumbs
- 1 Tablespoon chili powder
- 1 teaspoon cumin
- salt and freshly ground black pepper , to taste
- For the Chipotle Mayo Sauce:
- 1 cup mayonnaise
- 2 chipotle peppers in adobo sauce
- 1 Tablespoon adobo sauce (from a can of chipotle peppers in adobo sauce)
- 2 teaspoons lime juice
- salt and freshly ground black pepper
Instructions
- To make the Burger:
- Place rinsed and drained black beans in a bowl. If needed, blot them with a paper towel to remove any extra moisture. Place in a large bowl and mash well with a fork.
- Place the bell pepper, onion and garlic in a food processor and process until finely minced.
- Transfer mixture to a fine mesh strainer to remove the excess water. (Remove as much moisture as you can--if it's too wet, the burger wont hold together as well.)
- Add the strained vegetable mixture to the bowl with the black beans. Add the chili powder, cumin and salt and pepper and stir to combine.
- Add beaten egg and mix. Stir in bread crumbs. Form mixture into 4 or 5 patties.
- At this point you can choose to:
- Grill the burgers on a well oiled grill for about 4-5 minutes on each side.
- Bake them at 375 degrees F on a lightly oiled baking sheet, for 10 minutes on each side.
- Cook them on your stove using a grill pan, for 4-5 minutes on each side.
- Refrigerate them for later.
- Freeze them, covered, in a freezer ziplock bag for a quick weeknight dinner in the future.
- For the Chipotle Mayo Sauce:
- Add all the ingredients to a food processor or blender and puree until smooth. Season with salt and pepper to taste.
- Serve burgers on a white or whole wheat bun topped with a spoonful of chipotle mayo, lettuce, tomato, cheese, avocado, or any other desired toppings! Enjoy!
- Serve with one of these healthy side dishes!
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