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!
LOADED GUACAMOLE VEGETARIAN TACOS
LOADED GUACAMOLE VEGETARIAN TACOS
Veggie-loaded and flavor-loaded with lots of guacamole, black beans, corn, and peppers, these vegetarian tacos are full-on yummy. They’re vegan and dairy-free, too!
Loaded Guacamole Vegetarian Tacos
Prep Time 20 mins
Cook Time 8 mins
Total Time 28 mins
Yield: 6 tacos
Calories: 212 kcal
Author: SoupAddict
Ingredients
for the guacamole
- 2 avocados , pit and skin removed, roughly chopped
- 1/2 of a lime
- 1/2 of a lemon
- 1/4 salt (plus extra as needed)
- 1/3 cup corn kernels (raw, from about 1/2 of a large cob, or thawed from frozen)
- 1/4 cup red bell pepper , diced
- 2 tablespoons diced poblano pepper
- 1 tablespoon diced red onion
- 1 tablespoon diced jalapeño pepper
- 2 teaspoons minced cilantro
- 1 clove garlic , minced
for the black beans
- 1 can black beans (15 ounces)
- 1/3 cup corn kerns (raw, from 1/2 of a large cob, or thawed from frozen)
- 1/4 cup red bell pepper , diced
- 1/4 cup poblano peppers , diced
- 1/2 teaspoon ground cumin
for the tacos
- 6 small flour or soft corn tortillas
- 2 cups chopped iceberg or romaine lettuce
- 1 tablespoon minced cilantro
- hot sauce , such as Cholula or Sriracha (optional)
- lime and/or lemon wedges
Instructions
prepare the guacamole
- Mash the avocado in a medium bowl with a fork (or molcajete) until it reaches your desired consistency, chunky or smooth. Add a small squeeze each of lime and lemon juice, along with 1/4 teaspoon salt. Mix well and taste. Add more lime juice, lemon juice, and salt as you like. Stir in the remaining guacamole ingredients. (To make ahead, cover the bowl with plastic wrap and press gently against the guacamole. The entire surface of the guac should be touching and covered by the wrap, to keep air out. Then, cover the bowl with a second sheet of wrap, and refrigerate.)
prepare the black beans
- Add all of the black bean ingredients to a 2 quart sauce pot and heat over medium-low until hot. Turn off the heat and allow to cool to a very warm, eatable temp (a few minutes should do it).
- assemble
- If the tortillas are not soft and pliable (or if you like your tortillas warm), stack them on a microwaveable plate, separated with paper towels, and heat for 20 to 30 seconds.
- Line half of each tortilla with lettuce. Spoon the black bean mixture over the lettuce (on half of the tortilla). Spoon guacamole on the other half. Top with a few shakes of hot sauce (optional) and a sprinkle of cilantro. Serve with lemon and lime wedges.
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