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!
4 Great Add-Ins for Tuna Salad
4 Great Add-Ins for Tuna Salad
Tired of the same old run-of-the-mill tuna salad? Gussy up your usual recipe with these four different options. Or get inspired and come up with your own combo!Print
Photography Credit: Elise Bauer
Those of us who love tuna salad, LOVE tuna salad.
And while plain tuna salad with a bit of mayo and some salt and pepper is delicious, it can get a little bit same-old, same-old. Luckily it couldn’t be simpler to add interest to that little can of fish, and the options for changing it up are pretty endless.
Each of the add-in ideas below is meant for one can of tuna, but you can double or triple the recipes. These add-ins also work with white or light tuna, and tuna that was either packed in oil or water—your choice. Make sure to drain the tuna very well before adding the extra ingredients.
ITALIAN TUNA SALAD
- Instead of the usual mayo-based tuna salad, try a vinaigrette base instead. Stir the drained tuna together with 1 teaspoon lemon juice, 1 teaspoon olive oil (skip if the tuna was packed in oil), 1 teaspoon rinsed and drained capers, and salt and freshly ground pepper to taste.
- If you want to make this into an even more protein packed meal, you could stir in 1/4 cup drained and rinsed canned white beans. This tuna salad version also makes a delicious classic antipasto offering or crostini topping.
CRUNCHY TUNA SALAD
- For crisp texture and flavor, combine the tuna with 1 tablespoon mayo, and then add 1 tablespoon each of minced fennel, onion, carrot, and celery. Season with salt and pepper to taste.
- The fennel adds a bracing anise taste, the carrot and celery a fresh-from-the-garden crunch, and the onion a bit of sharp bite.
GREEK TUNA SALAD
- This tuna salad would be proud to sit on the menu of the best Greek diner. Simply stir in 1 tablespoon mayo, 1 tablespoon minced tomatoes, 1 teaspoon minced shallots, 1 tablespoon finely crumbled feta cheese, 1 teaspoon minced black olives, 1 teaspoon lemon juice, and salt and freshly ground pepper to taste.
- Although this would be a delicious combination of flavors in any kind of sandwich, it tastes best scooped into pita bread.
MEXICAN TUNA SALAD
- Combine the tuna with 1 teaspoon minced jalapeño peppers, 1 teaspoon minced cilantro, 1 teaspoon minced red bell pepper, 1 tablespoon mayonnaise, 1 teaspoon lime juice, and salt and freshly ground pepper to taste.
- This version is a total treat when scooped up onto sturdy tortilla chips (use unsalted, or make sure to go lightly on the salt if this is the way you want to eat this tuna salad). If you make it into a sandwich, you could also add some sliced avocado.
0 Response to "4 Great Add-Ins for Tuna Salad"
Post a Comment