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!
BANG BANG CAULIFLOWER
BANG BANG CAULIFLOWER
Everything except for the sauce was appealing to me, so I decided to smother it in Bang Bang Sauce instead. The urge to fry these was strong, but I tried it first baked and it was perfect. There is a first time for everything.
Bang Bang Cauliflower
prep 15 mins
cook 30 mins
total 45 mins
author olivesfordinner.com
yield 4 servings
Ingredients
FOR THE CAULIFLOWER
- 4 cups bite-sized cauliflower florets, rinsed
- 1/2 cup white rice flour
- 2 TB Ener-G, whisked with 3/4 cup water
- 2 cups panko
- salt and pepper
- spray oil
FOR THE SAUCE
- 1/2 cup vegan mayo (I used Follow Your Heart brand)
- 1/4 cup sweet chili sauce
- 1 TB sriracha
- juice from half a lime
- TO SERVE
- 2 scallions, thinly sliced
- handful of cilantro, finely minced
Instructions
- Preheat oven to 400. Line a baking sheet with a silpat or parchment paper.
- Set up a station with three large bowls. In the first bowl, place the rice flour. In the second, place the Ener-G+water. In the third place the panko mixture.
- Working in batches, place some of the rinsed-and-still-wet cauliflower florets into the first bowl with the rice flour, and use your hands to toss to coat. Then pick up the cauliflower, shaking off any excess flour and place into the bowl with the vegan egg mixture, and toss to coat. Then place the coated cauliflower into the bowl with the panko and toss well to combine. The pieces don’t need to be completely covered in panko, but If you find you are having some trouble with getting it to stick, moisten with a little of the vegan egg mixture and press the panko onto the florets with your fingers.
- Place the cauliflower onto the lined baked sheet in a single layer. Repeat until all of the cauliflower pieces are coated, then spray the tops of each with a little oil, then season with salt and pepper. Place into the oven for 15 minutes, or until the tops are slightly golden.
- Remove, flip the florets and respray the other side with a little more spray oil. Bake for 10 minutes more, or until golden all over. Do keep an eye on them towards the end of the bake time to prevent burning! (The bake time will vary based on the size of your florets.)
- To serve, allow the cauliflower to slightly cool, then drizzle with the sauce as desired. Sprinkle with the chopped scallions and cilantro and serve immediately.
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