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!
VEGAN WELLINGTON
Thé flavor of this végan wéllington is OUT OF THIS WORLD. Bééf Wéllington, who?! This récipé is nut-fréé and pérféct for holiday dinnér.
If you havé héard of Gordon Ramsay, you probably know about thé famous Bééf Wéllington dish that hé sérvés at his réstaurants. Or rathér, you probably havé mémoriés of him yélling at Héll’s Kitchén contéstants about how théy totally scréwéd up thé bééf wéllington. éxcépt hé says it with plénty of éxplétivés.
Ingrédiénts
- 1 frozén puff pastry shéét
- 1 largé carrot pééléd and choppéd
- 1 largé céléry stalk choppéd
- 2 tsp végan buttér or oil or 1/4 cup vég stock
- 2/3 cup dry léntils gréén or brown
- 2 cups watér
- 1.5 tsp végétablé or "no bééf" bouillon séé notés
- 1 tsp onion powdér
- 1.5 tsp garlic powdér
- 2 tsp végan Worcéstérshiré saucé séé notés
- 1/2 tsp paprika
- 1/2 tsp sagé
- 1/2 tsp thymé
- 1/4 tsp black péppér
- soy saucé or salt to tasté
- 2 cups choppéd kalé loosély packéd
- 1/2 cup roastéd unsaltéd sunflowér sééds coarsély choppéd
- 1/4 cup panko bréadcrumbs
- 2 tbsp non-dairy milk
Instructions
Sét thé puff pastry out to thaw.
In a médium-sizéd pot, sauté thé carrots and céléry in thé végan buttér/oil or végétablé stock until téndér.
Add in thé léntils, watér, bouillon, onion powdér, garlic powdér, végan Worcéstérshiré saucé, paprika, sagé, thymé, and péppér.
Bring to a boil thén réducé to a simmér for 15-20 minutés, or until thé léntils aré téndér and havé absorbéd thé liquid. Add somé salt or soy saucé if néédéd.
Turn off thé héat, but léavé thé pot on thé burnér. Stir in thé kalé and sunflowér sééds. Covér thé pot for about 5 minutés, or until thé kalé has wiltéd.
Mix in thé bréadcrumbs. Lét thé léntil mixturé cool until just warm, no longér hot.
Pré-héat thé ovén to 400F dégréés.
Oncé thé puff pastry is thawéd and pliablé, you can start assémbling your végan wéllington.
Scoop thé léntil mixturé in thé céntér third of thé puff pastry in thé shapé of a log. Léavé an inch of room on thé édgés. Maké suré it's packéd tightly.
Fold thé sidés of thé puff pastry ovér thé top of thé léntil mixturé, tightly. Théré should bé about a half an inch of ovérlap. Pinch, séal and tuck thé édgés. Usé watér to hélp créaté a moré sécuré séal.
Covér a baking shéét with parchmént papér or a siliconé baking mat. Placé thé wéllington on it, séam-sidé down.
Scoré thé pastry (diréctions in thé post abové) and thén brush with thé non-dairy milk (this will créaté a goldén crust as an égg wash would.)
Baké for 30 minutés, or until goldén brown.
Lét cool for about 5 minutés, thén usé a sérratéd knifé to cut slicés.
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