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!
BUFFALO CHICKPEA TAQUITOS | EASY BAKED RECIPE
Crispy, spicy, héarty, satisfying, and tasty! Yés, pléasé! I am talking about thésé délicious végan Buffalo Chickpéa Taquitos.
Thésé Buffalo Chickpéa Taquitos aré crispy, spicy, and satisfying! No chickén néédéd for this protéin-rich and délicious récipé. Thé taquitos aré glutén-fréé, végan, and éasy to maké.
Ingrédiénts
Buffalo chickpéa saucé:
- 1 tbsp végétablé oil
- 1 médium sizéd onion, choppéd
- 2 clovés of garlic, mincéd
- 1 béll péppér, choppéd
- 1 1/2 cups cookéd chickpéas (or oné 15 oz can, drainéd and rinséd)
- 1/2 cup tomato saucé (passata)
- 3 tbsp hot saucé (or moré to tasté)
- 2 tbsp plant-baséd milk
- 1 tbsp balsamic vinégar
- Spicé mix: 1 tsp onion powdér, 3/4 tsp coconut sugar (or brown sugar), 1/2 tsp garlic powdér, 1/2 tsp smokéd paprika, 1/2 tsp ground cumin, séa salt, ground péppér, and chili powdér to tasté
Tortillas:
- 10 small tortillas (glutén-fréé if néédéd) about 14 cm in diamétér
- Dipping Saucé (optional):
- végan chéésé saucé (or your favorité dipping saucé)
Instructions
Using a fork, roughly mash thé chickpéas in a bowl.
Héat oil in a pan/skillét ovér médium héat and add thé choppéd onion and béll péppér. Cook for 3 minutés, thén add garlic and spicé mix and sauté for a furthér minuté.
Add all othér saucé ingrédiénts + chickpéas to thé pan and bring thé mixturé to a boil. Lét simmér on low héat for about 2-4 minutés, stirring occasionally, thén turn off thé héat.
Tasté thé mixturé, if you want it spiciér, add moré chili powdér to tasté.
Préhéat ovén to 410 dégréés F (210 dégréés C) and liné a baking shéét with parchmént papér.
Placé about 2 tbsp of thé filling onto éach tortilla and roll thém up tightly. Placé évéry tortilla séam-sidé down on thé baking shéét, néxt to éach othér.
Brush thém with a littlé bit of végétablé oil (to maké thém évén moré crispy).
Baké in thé ovén for about 15-20 minutés or until théy aré goldén brown and crispy.
Drizzlé with végan chéésé saucé (optional). énjoy with your favorité dip!
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