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!
easy vegan cauliflower fried rice
easy vegan cauliflower fried rice
The same man who will pick out every tiny piece of kale in any dish I have ever served him was downing bowl after bowl of this cauliflower fried rice. So, picky husband approved and I’m assuming, 3-year-old toddler approved.
Besides being a nutrient-dense, flavor packed meal, the entire dish comes together in less than 30 minutes. I know this cauliflower fried rice will be a regular rotation in our house.
Fast, easy and healthy Chinese food –> ready, set, go
Easy Vegan Cauliflower Fried Rice! Ready in less than 20 minutes, low-calorie, low-fat, low-carb and DELICIOUS! Vegan and Gluten-Free.
Ingredients
- 1 lb. firm tofu, [url:1]pressed[/url] and drained
- 1 medium-sized head of cauliflower
- 2 tablespoons sesame oil, divided
- 1 tablespoon minced ginger
- 3 cloves garlic, minced
- 2 carrots, diced (about 1 cup)
- 1/2 cup peas, thawed if frozen
- 1/4 cup thinly sliced green onions
- 3 tablespoons cashews
- 3 tablespoons soy sauce (or Tamari for gluten-free version)
- sesame seeds, for garnish
Instructions
- Press and drain the tofu (either by wrapping the tofu in paper towels and placing under a heavy object, or by using a [url:2]tofu press[/url])
- Lightly crumble the tofu in a large bowl and set aside.
- Cut the cauliflower into florets, discarding the tough inner core. Working in batches if needed, pulse the cauliflower in a food processor until it breaks down into rice-sized pieces. You should have 5 to 6 cups of cauliflower "rice."
- Set aside.
- In a large wok, heat the sesame oil over medium heat. Add the ginger and garlic and lightly stir fry for 30 seconds - 1 minute until just golden brown and fragrant. Add in the crumbled tofu and stir-fry for 5 minutes, stirring often, until tofu is golden in color and cooked through.
- Remove tofu from wok and add the remaining 1 tablespoon of sesame oil.
- Add in the carrots and sauté until tender, about 2 minutes. Stir the peas, and cauliflower "rice" into the wok, mixing the ingredients thoroughly.
- Cook, stirring often, until the cauliflower is tender, 5 to 8 minutes. Stir in the cooked tofu, green onions, cashews and soy sauce.
- Garnish with sesame seeds, if desired.
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