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!
VEGGIES AND LENTILS IN PEANUT SAUCE
VEGGIES AND LENTILS IN PEANUT SAUCE
Veggies and Lentils in Peanut Sauce. Easy weeknight meal. Yes, add lentils to Thai Peanut Butter Sauce! Use other nut butters. Vegan Gluten-free Soy-free Yeast-free Corn-free Recipe
Ingredients
For the peanut or almond sauce:
- 4 tbsp or more peanut butter or almond butter I usually use almond butter
- 2 inch piece of fresh ginger coarsely chopped
- 2 cloves of garlic
- 1 tablespoon soy sauce or use coconut aminos to make soy-free
- 1 to 2 tsp lime juice
- zest of 1/2 a kaffir lime or regular lime
- 2 tbsp chopped cilantro
- 1/4 tsp tamarind concentrate optional
- 2 to 3 teaspoons Sriracha sauce or asian chili sauce to taste
- 1/4 tsp or more cayenne
- 1/4 tsp salt
- 1 Tbsp or more sugar
- 1/2 tsp sesame oil
- 1 cup coconut milk
For the lentils:
- 1/2 cup masoor dal, quick cooking split lentils washed and drained
- 1.5 cups water
For the Veggies:
- 2 tsp oil
- 1/3 cup sliced red or white onion
- 1/2 cup thinly sliced red bell pepper
- 1/4 cup sliced carrots
- half a zucchini thinly sliced
- 1 Tbsp fresh basil sliced
Instructions
- Blend all the ingredients under peanut sauce until smooth. Taste and adjust salt, sweet and spice if needed. Keep aside.
- Cook the lentils in 1.5 cups of water with a dash of salt and sugar, over medium heat for 10 minutes. The lentils will cook to just about done. If they are crunchy, cook a minute or so longer. Drain and keep aside.
- Meanwhile, in a large skillet, add oil and heat over medium-high heat. Add onions and cook until translucent. 3 to 4 minutes.
- Add bell peppers and carrots and cook for another 2 minutes, Add in the zucchini and basil. Add some baby greens like spinach if you like.
- Add the peanut sauce and mix well. Add the lentils and mix in. Reduce heat to medium and bring the sauce to a boil. About 4 minutes.
- Taste and adjust salt, sweet and spice. Check if the lentils are cooked to preference. Cook longer for softer lentils. Take off heat. Cover and let sit for another few minutes. Garnish with pepper flakes or cayenne and serve over rice, grains or wide noodles of choice.
Recipe Notes
Nutritional values based on one serving
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