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!
BAKED FRIES WITH GARLIC SAUCE
Baked Fries with Garlic Sauce and Oregano. Baked potato wedges served with garlic hummus tahini Oregano sauce. These Garlic Fries are super addictive and just like the deep fried Mediterranean Garlic Fries. Add vegan feta if you like. Vegan Gluten-free Soy-free Snack Recipe.
Baked Fries with Garlic Sauce and Oregano. Baked potato wedges served with garlic hummus tahini oregano sauce. Vegan Gluten-free Soy-free Snack Recipe.
Ingredients
- For the Fries:
- 2 large russet potatoes cut into thin wedges or fat match sticks
- 2 to 3 tsp starch like arrowroot or flour
- 1 tbsp oil
- salt pepper to taste
- 1/2 tsp garlic powder
- 1/2 tsp or more dried oregano or use fresh
- Garlic Tahini Hummus Sauce
- 2 tsp oil
- 5 cloves of garlic minced/finely chopped
- 3 Tbsp hummus or use cooked chickpeas + lemon juice
- 3 Tbsp tahini
- 2 to 3 tsp lemon juice
- 1/2 tsp garlic powder
- salt to taste 1/4 to 1/2 tsp
- 1/2 tsp dried oregano
- 1/4 tsp or more dried dill or parsley
- 2 to 3 Tbsp water as needed to thin
- 1 tbsp chopped fresh parsley or oregano for garnish
Instructions
- Bake the fries: Preheat the oven to 425 degrees F / 220ºc. Chop the potatoes. Press a paper towel on the potatoes to absorb excess moisture if needed.
- In a large bowl, add the chopped potatoes and toss in flour/starch. Then add oil and mix in. Sprinkle will salt, pepper, garlic, oregano and mix in.
- Spread the potatoes on parchment lined baking sheet with atleast a 1/4 inch between them. *Parchment papers have oven safe temperature mentioned on them. Do not use parchment with temp rating lower than 425. Bake on a greased baking sheet instead.
- Bake for 15 minutes. Turn the sheet around and bake for another 5 to 10 minutes or until golden/golden brown on most edges. do not over bake to too much brown as the potatoes get bitter when burnt. .
- Meanwhile make the garlic tahini hummus sauce: In a small skillet heat oil over medium-low heat. Add chopped garlic and cook until translucent. Stir occasionally.
- Blend the rest of the sauce ingredients and half of the cooked garlic until smooth. Taste and adjust salt, tang (lemon juice) and garlic.
- To serve: Place a double layer of freshly baked fries in a serving container. Dress generously with garlic sauce. Sprinkle cooked garlic over the sauce. Garnish with chopped fresh oregano or parsley. Serve!
Recipe Notes
For variation, use baked sweet potatoes or root vegetables.
To make these oil-free: Use oven roasted garlic (roasted without oil). Omit the oil while baking the potato fries.
Nutritional values based on one serving
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