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!
JJAMPPONG (KOREAN SPICY SEAFOOD NOODLE SOUP)
JJAMPPONG (KOREAN SPICY SEAFOOD NOODLE SOUP)
Jjamppong / Jjampong (짬뽕) is a popular Korean-Chinese spicy noodle soup that is loaded with generous amounts of seafood. It is refreshing and comforting!
As the title suggests, it’s spicy (maybe just a little bit but certainly my throat can feel it) but more importantly it has quite refreshing taste and it’s loaded with generous amount of seafood.
Oh, just spelling these out gives me such comfort! How about you? The noodle soup is particularly suitable when the weather is cooling down or still hasn’t recovered warmth yet. Whichever season you might be facing now, I would suggest you go for this noodle soup!
Jjamppong (Korean Spicy Seafood Noodle Soup)
Korean spicy seafood noodle soup (Jjamppong or Jjampong) recipe.
Ingredients
MAIN
- 50 g summer zucchini (1.8 ounces), thinly sliced
- 2 shiitake mushrooms (50 g, 1.8 ounces), cleaned, stem removed and thinly sliced
- 120 g cabbage (4.3 ounces), thinly shredded
- 10 g baby spinach (0.4 ounces)
- 35 g brown onion (1.2 ounces), thinly sliced
- 6 mussels (200 g / 7 ounces) – preferably with shells
- 6 littleneck clams (70 g / 2.5 ounces) – preferably with shells
- 6 large prawns (140 g / 5 ounces) – head & shells removed
- 6 squid rings (70 g / 2.5 ounces)
CHILI OIL SEASONING
- 2 Tbsp cooking oil I used rice bran oil
- 1 Tbsp korean chili flakes (gochugaru)
- 1 tsp minced garlic
- 1 tsp minced ginger
- 20 g green onion – white part (0.7 ounces)
SOUP BASE
- 1 Tbsp rice wine
- 1 Tbsp soy sauce
- 3 1/2 cup water 875 ml, *see note
- 1/4 tsp fine sea salt , add more or less to taste
- A few sprinkles ground black pepper
NOODLES
- 400 g fresh Korean-Chinese style noodles (14 ounces), Or you can use thin udon noodles or ramen noodles
- water , enough to cover the noodles in a pot
- Instructions
- Preheat a wok (or large deep pot) on low heat until heated and add the oil, chili flakes, minced garlic, minced ginger and the green onion and stir well for a minute or two. (*see note above)
HOW TO MAKE :
- Turn the heat up to medium and add the zucchini, mushrooms, cabbage, and onion. Cook them until wilted (for about 2 mins). Add the mussels, littleneck clams, prawns and squid and stir a bit. Add the salt and a few sprinkles of ground black pepper.
- Add the rice wine, soy sauce and water. Boil until all ingredients are cooked through (about 10 mins). Make sure seafood are not overcooked as it can make them chewy. Add the baby spinach just before serving.
- While the soup is boiling, put some water into a medium sized pot and boil it on medium-high heat (about 8 mins). Add the noodles in the boiling water and cook until ready (about 2 to 3 mins, follow the manufacturer’s instruction). Drain the water and rinse the noodles in cold water lightly. (Ideally, step 3 and step 4 should be completed around the same time.)
- Serve the noodles in a large soup bowl. Add the generous amount of seafood, vegetables and soup on top of the noodles. Enjoy while hot!
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