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 crunchwrap supreme
Oh, hi.
I’m a Crunchwrap, and I’m drenched in cashew queso, and I’m totally VEGAN.
I’m loaded to obscenity with browned sofritas tofu, black beans, cashew queso, crispy tostada, tangy marinated cabbage, tomatoes, avocado, and I’m wrapped in a golden brown, perfectly crispy, handheld-friendly tortilla pocket. I am here to make you happy.
But I’m also a blank canvas. You have some cauliflower walnut taco meat laying around? Roasted sweet potatoes? Chipotle cauliflower? I will wrap all of it up in a Crunchwrappy hug and you will not be sad at dinnertime.
This vegan crunchwrap is INSANE! You can stuff this bad boy with whatever you like – I made it with sofritas tofu and cashew queso. SO GOOD! Favorite vegan recipe to date.
INGREDIENTS
- Spicy Sofritas Tofu
- 3 tablespoons olive oil
- 16 ounces extra firm tofu (press out some liquid first)
- 2 tablespoons taco seasoning (add about 1 teaspoon salt if it’s unsalted)
- 2 chipotle peppers, minced
- 1/3 to 1/2 cup salsa
- Cashew Queso
- 1 cup cashews
- 1/2 cup water
- 1 can diced green chiles (or less, to taste)
- 1 teaspoon taco seasoning (add a pinch of salt if it’s unsalted)
- Crunchwraps
- huge burrito-sized flour tortillas
- something crunchy: tostadas, tortilla chips or, dare I say, Doritos / Hot Cheetos (!!)
- roasted vegetables
- black beans
- avocados
- fresh stuff: tomatoes, cabbage slaw, lettuce, cilantro
- salsa
INSTRUCTIONS
- Sofritas Tofu: Heat oil over medium high heat in a large nonstick skillet. Add tofu and break apart into crumbles. Add taco seasoning, salt, chipotles, and salsa. Get it all going in the pan, nice and hot. Finish by letting everything sit without stirring for another 10+ minutes (adding oil to prevent sticking as needed) until you get some nice browned, almost-crunchy pieces.
- Cashew Queso: Blend everything together aggressively until smooth!
- Crunch Wrap Time: Lay a large tortilla on a flat surface. Layer: tofu, queso, crunchy stuff, and any other extras you want in there. Fold in the edges of the tortilla toward the center. Place in a hot oiled skillet, seam side down. Cook for a few minutes on each side until the exterior is firm, crunchy, and golden brown. Cut and serve!
NOTES
FOR REGULAR SIZE CRUNCHWRAPS: Keep your filling amounts minimal. It is very common to run into the issue of overflow, in which case, you can a) reduce filling amounts, b) fold it up as-is and hope for the best – I found even half-closed crunchwraps still grilled up nicely, c) break your tostadas into smaller pieces to allow you more space, or d) make a MEGA CRUNCHWRAP. See next note.
FOR MEGA CRUNCHWRAPS (this is what I demonstrated in the post): Cut a few of the large flour tortillas so they are the same size as your tostadas. Then, once you’ve layered all ingredients, just place a small flour cutout tortilla on top and fold edges over that. This should buy you a little extra space for filling.
FOR MARINATED CABBAGE: I just tossed some thinly chopped cabbage with olive oil, salt, pepper, and vinegar to taste.
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