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 ORANGE TOFU (HEALTHIER VERSION!)
Happy Friday, Folks! Today I’m sharing the healthier recipe for orange tofu–one of my absolute favorite things to have for dinner. The original recipe had quite a bit of refined sugar in it. So for this recipe I’m swapping the refined sugar for maple syrup and mirin, and instead of sauteing the tofu in oil, this recipe calls for baking it on parchment paper. If you’re like me, you’re probably already getting plenty of oil in your diet, so no need for more when you can avoid it 🙂
This orange tofu recipe is SO delicious and flavorful and is a great way to inspire friends and family members to eat more veggies. You won't be disappointed!
Ingredients
- 2 pkgs extra firm tofu drained and cubed, I drain my tofu for a half hour using paper towels and a heavy skillet
- 1/2 cup corn starch
- 1/2 cup raw cashews
- 1 onion chopped
- 1 head cauliflower cut into florets
- 1 head broccoli cut into florets
- 1 tbsp olive oil
- Orange Sauce
- 2 cloves garlic minced
- 3/4 cup freshly squeezed orange juice
- 1/4 cup tamari
- 1 tbsp corn starch
- 1/4 cup maple syrup
- 1 tsp ground chili paste
- 1 tbsp sesame seeds
Instructions
- Preheat the oven at 400 degrees Fahrenheit
- Heat olive oil on medium heat and begin sauteing chopped onion. Add salt and pepper if desired. Saute until soft and set to low heat.
- Coat tofu cubes with corn starch. I simply roll them or shake them around in the corn starch. Then place them on a baking sheet prepared with parchment paper.
- Bake tofu for 20 minutes in 400 degree oven.
- Place broccoli and cauliflower on another baking sheet. Toss with olive oil, salt, and pepper if desired. Bake for 15 minutes in 400 degree oven.
- Place cashews in pan with the onion.
- To begin making the orange sauce, add garlic to small sauce pan on medium heat.
- Once the pan heats and you can smell the garlic, begin adding the other ingredients. Stir thoroughly with a wire whisk.
- Wait for the sauce to thicken to a syruppy consistency. Continue to cook on the same setting for about 5 minutes or so. Then set to low heat.
- Once tofu and veggies are done, toss them with the onion and cashews and adjust pan to medium heat.
- Add orange sauce and toss with the veggies and cashews. Let flavors combine for 2-3 minutes then remove from heat.
- Enjoy!
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