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 CASHEW MOZZARELLA QUINOA CRUST PIZZA
Quick and easy recipe for a quinoa crust pizza that is topped with melted cashew mozzarella. Suitable for gluten free, dairy free, vegan and general healthy diets. Full of heart healthy fats from the cashew dairy free cheese. If you need convincing to make this then watch the video recipe below to see the gooey vegan cashew mozzarella as you pick up a slice.
It may look like a lot of ingredients and take an hour in total to make but each step is very easy. The oven is doing all work and only a small amount of prep is needed. The cashew mozzarella is especially easy to make, and the only way you can really go wrong is not stirring enough and the bottom burning.
Ingredients
- Quinoa Crust Ingredients
- ¾ cup / 135 g quinoa
- ¼ tsp salt
- ½ tsp cayenne pepper
- ½ tsp baking powder
- 3/4 cup / 175 ml water
- Cashew Mozzarella Cheese Ingredients
- 1/3 cup / 50 g cashews
- 2 tbsp nutritional yeast
- 1 clove garlic
- 1 cup / 240 ml water
- pinch of salt
- 2 tbsp tapioca starch
- Pizza Topping Ingredients
- Use any that you like, this is just a guide
- 4 tbsp sieved tomatoes / tomato paste
- basil leaves
How to make
- Soak the quinoa for 15 mins or overnight.
- Rinse and drain the quinoa then put in a blender jug with all the other ingredients and blend until smooth.
- Line a 8″ pan with greaseproof paper or just use a silicon pan and pour in the quinoa batter.
- Bake for 30-35 mins and 375 F / 190 C, until a knife comes out clean. Let stand for 5 mins and then take out of the pan.
- Bake for 10 mins on no tray at 375 F / 190 C, just to make it crispy on both sides.
- Put all of the cashew mozzarella ingredients apart from the tapioca starch into a blender and blend until smooth
- Empty the mozzarella mixture into a pan and sift in the tapioca starch.
- Heat gently while stiring constantly to stop the bottom from burning. It’s ready when its thick and gooey and rolls off the spoon slowly.
- Spread the tomato passatta over the base, then blob on the cashew mozzarella and sprinkle with basil leaves.
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