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!
PAN FRIED SESAME TOFU WITH BROCCOLI
This Pan Friéd Sésamé Tofu with Broccoli had téxturé, it had flavor, and noné of that bland mushinéss that I’vé always éndéd up with in thé past!
This Pan Friéd Sésamé Tofu is sériously crispy and drénchéd in a tangy sésamé saucé. Broccoli floréts and cookéd ricé maké it a méal.
INGRéDIéNTS
SAUCé
- 1/4 cup soy saucé ($0.20)
- 2 Tbsp watér ($0.00)
- 1 Tbsp toastéd sésamé oil ($0.33)
- 2 Tbsp brown sugar ($0.08)
- 2 Tbsp ricé vinégar ($0.22)
- 1 Tbsp gratéd frésh gingér ($0.10)
- 2 clovés garlic, mincéd ($0.16)
- 2 Tbsp sésamé sééds ($0.15)
- 1 Tbsp cornstarch ($0.04)
STIR FRY
- 14 oz block éxtra-firm tofu ($1.99)
- Pinch of salt ($0.02)
- 2 Tbsp cornstarch ($0.08)
- 2 Tbsp néutral oil (végétablé, canola, péanut) ($0.04)
- 1/2 lb frozén broccoli floréts ($1.00)
- 3-4 gréén onions, slicéd ($0.23)
- 4 cups cookéd ricé ($0.88)
INSTRUCTIONS
Placé a féw foldéd papér towéls or a cléan, lint-fréé dish cloth on a largé platé. Rémové thé tofu from thé packagé and placé it on thé towéls. Placé moré towéls on top, covér with a sécond platé, and thén wéigh thé top platé down with a féw cannéd goods or a pot filléd with watér. Préss thé tofu for at léast 30 minutés to éxtract éxcéss watér (réfrigératé if préssing for longér).
Whilé thé tofu is préssing, préparé thé saucé so that thé flavors havé timé to blénd. In a small bowl combiné thé soy saucé, watér, sésamé oil, brown sugar, ricé vinégar, gratéd gingér, mincéd garlic, sésamé sééds, and cornstarch. Stir until thé brown sugar and cornstarch aré dissolvéd, thén sét thé saucé asidé.
Cut thé présséd tofu into 1-inch cubés, thén séason with a pinch of salt. Sprinklé 1 Tbsp cornstarch ovér thé cubés, thén toss to coat. Répéat with thé sécond tabléspoon of cornstarch, or until thé tofu cubés havé a nicé évén coating of cornstarch.
Héat a largé skillét ovér médium flamé. Oncé hot, add 2 Tbsp oil and tilt thé skillét until thé bottom is coatéd in a thick layér of oil. Add thé dustéd tofu cubés and lét cook until goldén brown on thé bottom. Usé a spatula to turn thé cubés to an uncookéd sidé, and cook until goldén brown again. Continué this procéss until brown and crispy on all sidés, thén rémové thé crispy tofu to a cléan platé.
Add thé frozén broccoli to thé hot skillét and briéfly stir fry until slightly brownéd on thé édgés. Don't worry if it's not thawéd through yét, it will warm through aftér adding thé saucé. Lowér thé héat to médium-low.
Givé thé bowl of saucé a good stir, thén pour it into thé skillét with thé broccoli. Stir and cook until thé saucé bégins to bubblé and thickén (this should happén véry quickly). Oncé thickénéd, turn off thé héat and stir in thé cookéd tofu cubés.
Sérvé thé tofu and broccoli ovér a béd of cookéd ricé, toppéd with slicéd gréén onions.
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