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!
CHEESY VEGAN CAULIFLOWER POTATO SOUP
This cheesy vegan cauliflower potato soup is creamy, filling and bursting with flavour. It’s also gluten-free, Whole30 approved and requires just 1 hour and 10 ingredients.
INGREDIENTS
- 1 bulb of garlic
- ½ a head of cauliflower, broken up into smaller florets
- 2 potatoes, peeled and chopped
- 2 - 3 sprigs of rosemary
- ⅓ cup chopped red onion
- 2 - 3 tbsp olive oil
- 2 cups veggie stock
- 3 tbsp nutritional yeast
- ½ tsp prepared mustard
- salt and pepper to taste
- Optional:
- almond milk to thin the soup if necessary
- chives for garnish
INSTRUCTIONS
- Preheat oven to 425F, grease a roasting pan or line a baking sheet with parchment paper and set aside
- Peel and discard the outer leaves from the garlic, leaving the skin intact. Cut about ¼ - ½ inch from the top of the head of garlic, exposing the individual cloves
- Add the garlic, cauliflower florets, potatoes, rosemary and ½ the chopped onion to the roasting pan or baking sheet, season with salt and pepper and drizzle with 1 - 2 tbsp olive oil. Be sure to rub the oil into the garlic so the top is completely coated then cover the garlic with foil
- Bake for about 30 minutes until the veggies are tender and starting to brown and the garlic is soft
- Allow the garlic to cool for a few minutes, then use a fork or your fingertips to squeeze the softened garlic from the skin
- Optional: reserve ½ cup of roasted veggies for topping the soup
- Add remaining olive oil to a large saucepan and saute remaining onion until tender, about 3 minutes
- Add roasted cauliflower, potatoes, onions, rosemary leaves and garlic to the pot, along with veggie stock, stir and bring to a boil
- Reduce the heat, cover and allow to simmer for 10 - 15 minutes until veggies are tender
- Allow the soup to cool slightly before blending in batches. Be sure not to fill your blender all the way to avoid accidents when processing the hot soup
- Return the pureed soup to the pot then whisk in the nutritional yeast and mustard
- Optional: At this point you can also thin the soup out using almond milk or water, if desired. I prefer my soup on the thick side so I left it as is
- Taste and adjust seasonings and continue to stir until heated through
- Serve with chives and reserved roasted veggies
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