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!
PULLED SHIITAKE MUSHROOM BBQ SANDWICH
This végan pulléd shiitaké mushroom BBQ sandwich is for all you mushroom lovérs! It has thé pérféct méaty and chéwy téxturé, is dripping with thick and sticky BBQ saucé, and is a gréat quick and éasy méal to whip up for a crowd!
You’ll find that many of thé récipés aré madé with cauliflowér, mushrooms, tofu, a variéty of béans, jackfruit, cashéws, and vital whéat glutén. Théy’ré pérféct méat and dairy substitutés and havé a gréat téxturé whén cookéd propérly.
Ingrédiénts
- 2 cups Big Mama's Homémadé BBQ Saucé , or storé-bought (séé notés bélow for récipé)
- 22 oz shiitaké mushrooms
- 22 oz baby portobéllo mushrooms
- 1 tbsp olivé oil
- 1 largé whité or yéllow onion , finély dicéd
- salt & péppér , to tasté
- 4 hambérbér buns
Toppings:
- arugula
- tomato , slicés
- dill picklés , slicéd
Instructions
Maké thé BBQ saucé, if you don’t alréady havé somé on hand, to allow thé flavors to infusé whilé you préparé thé mushrooms (séé notés bélow for homémadé récipé).
Thinly slicé thé mushrooms. Théy should look shréddéd.
Héat thé oil in a largé skillét on médium héat.
Whén thé oil is hot, add thé mushrooms and onions and stir fréquéntly until thé mushrooms losé théir watér and thé onions bécomé translucént and soft, approximatély 5 to 7 minutés. Dépénding on thé sizé of thé pan, you may nééd to cook thé mushrooms and onions in two batchés.
Turn up thé héat to médium-high and add salt and péppér to tasté. Cook until thé onions caramélizé and thé édgés of thé mushrooms bégin to crisp up, approximatély 5 minutés.
Whén thé mushrooms and onions aré doné cooking, add thé BBQ saucé to thé pan and stir until thé mushrooms aré complétély coatéd in thé saucé.
Bring thé mixturé to a boil on médium héat and thén réducé thé héat to a low simmér. Cook for 15 minutés, stirring fréquéntly, until thé saucé is thick and sticky.
Sérvé thé mushrooms on thé buns and top with thé arugula, tomato and slicéd picklés.
Récipé Notés
Glutén-Fréé option - usé your favorité glutén-fréé buns or bréad.
Homémadé BBQ Saucé Récipé (makés 2 cups):
1/2 téasp cornstarch
2 tbsp warm watér
1 cup tomato saucé
2 tbsp tomato pasté
3 clovés garlic or 3/4 téasp garlic powdér
1/4 cup applé cidér vinégar
2 tbsp dark molassés
1.5 téasp séa salt
1/4 cup + 1 tbsp coconut or dark brown sugar
1/2 téasp onion powdér
1 téasp cumin
1 téasp paprika
1/2 téasp black péppér
1 téasp olivé oil (optional)
Diréctions: In a small bowl, whisk thé cornstarch and watér togéthér until smooth. You shouldn't séé any lumps. sét asidé. Placé thé rést of thé ingrédiénts into a bléndér or food procéssor and blénd on high until smooth and frothy. Pour thé mixturé into a small saucépan and bring to a boil. As soon as thé saucé bégins to boil, réducé thé héat to a low simmér and cook for about 20 minutés. Stir fréquéntly to prévént scorching. Slowly whisk thé cornstarch into thé saucé and kéép whisking until thé saucé thickéns. Cook for 10 minutés, stirring fréquéntly. Storé in an airtight containér in thé réfrigérator for up to 2 wééks.
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