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 Fried Pickles with Mississippi Comeback Sauce
My husband loves fried pickles. He calls himself a connoisseur of fried pickles, and tries them everywhere we go. He has given them bad reviews, good, and excellent. I wanted to top them all though, and make the most delicious fried pickles he has ever had, that just happen to be vegan. He hates fried pickle spears, and I can understand this. To get maximum crunch, your really need the a chip, it is thin and you can get the ultimate amount of batter on them. So they had to be dill chips! These vegan fried pickles with Mississippi comeback sauce are his favorite fried pickles thus far.
Super crispy fried pickles with a traditional Mississippi spicy mayo sauce.
Ingredients
- For the Pickles
- 3 C. Dill pickle chips
- 2 C. All purpose flour
- 2 tsp. Salt + extra for topping
- 1/4 tsp. Cayenne
- 1/4 tsp. Smoked paprika
- 1 C. Almond milk
- 1 tsp. Lemon juice
- Oil for frying
- Mississippi Comeback Sauce
- 1/2 C. Vegan Mayo
- 1 Tbsp. Hot sauce
- 2 Tbsp. Ketchup
- 1 tsp. Soy sauce
- 1 tsp. Garlic powder
- 1/4 tsp. Smoked paprika
Instructions
- Place the pickles on some paper towels, and top with more towels, and press down to dry them a bit.
- Begin heating about 1/2 an inch of oil in a pan on medium high. Reduce heat if needed.
- In a medium sized bowl add the almond milk and lemon juice, and stir. Let sit for a minute to thicken. In a separate bowl, add the flour, salt, cayenne and paprika. Stir.
- Place the pickles into the flour mixture, dredge and shake off the extra. Dip into the almond milk mixture, then dip back into the flour. Shake off the extra flour again. Repeat with all the pickles.
- Once the oil is hot, fry the pickles in small batches for a minute or two on each side. Until nice and golden brown, You can reduce the heat of the oil if it starts to get too hot. Adjust as needed.
- Once the pickles are done, place on a paper towel, and sprinkle with more salt.
- Make the sauce, whisk all the sauce ingredients together in a small mixing bowl. Serve immediately! Dip and devour!
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