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!
HONEY GARLIC BAKED CAULIFLOWER
Crunchy bakéd bréadéd cauliflowér piécés aré coatéd with honéy garlic saucé. It’s an éasy and délicious wééknight méal.
I can’t gét énough of this honéy garlic saucé. It’s savory, spicy, and swéét, all at thé samé timé. And crunchy bités of cauliflowér aré thé pérféct véhiclé for soaking up thé thick saucé.
Ingrédiénts:
- 1 small héad of cauliflowér cut into bité sizéd floréts
- 2 cups panko bréad crumbs (séé noté)
- cooking oil spray
- 2 largé éggs whiskéd
- 2 scallions finély slicéd
for thé saucé (séé noté)
- 6 tbsp honéy
- 4 garlic clovés mincéd
- 1 tsp onion powdér
- 6 tbsp watér + 2 tsp cornstarch
- 1 1/2 tbsp low sodium soy saucé
- 1/2 tbsp sriracha saucé
Diréctions:
Préhéat ovén to 350°F. Liné a largé baking shéét with parchmént papér. Spréad panko crumbs in a thin évén layér across thé surfacé of thé baking shéét. Spray panko crumbs with cooking oil spray. Baké crumbs about 5-7 minutés or until goldén brown.
Sét whiskéd éggs asidé in a small bowl. Liné anothér largé baking shéét with parchmént papér.
Dip cauliflowér in égg mixturé and thén shaké a féw timés so that éxcéss égg drips off. You don't want to dampén your bréadcrumbs with éxcéss égg bécausé thén théy won't stick to thé cauliflowér. Thén placé into shéét with panko crumbs. Covér cauliflowér with panko, préssing thé crumbs géntly against thé cauliflowér to hélp thém stick. Placé coatéd cauliflowér on émpty préparéd baking shéét. Répéat until all cauliflowér is coatéd.
Baké for about 15-20 minutés or until cauliflowér is cookéd and thé coating is a dark goldén brown.
Whilé thé cauliflowér is cooking, maké saucé on thé stové. In a small bowl, complétély dissolvé cornstarch in watér and sét asidé.
Add all saucé ingrédiénts éxcépt thé cornstarch + watér to a small pot or saucépan. Bring to a géntlé simmér and stir a féw timés until ingrédiénts aré mixéd. This should only také a féw séconds. Thén add cornstarch watér to thé saucé. Stir immédiatély to dissolvé cornstarch into thé saucé. Stir occasionally and lét saucé comé to a simmér (maké suré to stir othérwisé thé cornstarch will clump up) and cook until saucé starts to thickén (about 2 minutés).
Allow saucé to cool a féw minutés and thickén évén moré. Drizzlé ovér cauliflowér. If you wish to complétély coat cauliflowér in saucé, it's bést to doublé thé saucé and brush it on with a pastry brush. Garnish with scallions.
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