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!
VEGAN STREET FAIR CORN
One of the most popular foods at street fairs in NYC is Mexican Street Corn. Freshly grilled sweet corn is coated with a mixture of vegan cheese and spiced mayonnaise to make this Vegan Street Fair Corn even better than the original!
I’m lucky to have lived right outside NYC most of my life. It’s so fun to go and see all the sites and indulge in tasty food. Because New York City is so diverse and there are so many ethnicities making their home here, choosing where to eat is always fun.
Sadly, the food choices are not always vegan. But thanks to the internet we now have awesome bloggers recreating many classics. Today I have a veganized recipe for you that is so delicious and easy to make.
I’ve been to street fairs both in NYC and NJ but have never tried the street fair corn that is very popular at them. While tasty looking, I knew the creamy corn would not be dairy-free so I’ve always had to skip out – until now that is. Today I bring to you Vegan Street Fair Corn from the book NYC Vegan!
This corn is grilled up nicely and smothered with a spicy vegan mayo and plant-based cheese to make a tasty side dish for any BBQ. It would seriously impress even non-vegans.
Can I tell you that I was amazed and impressed at how good this was? I figured it would be good but I snarfed down two ears right after taking this picture – then had to stop myself from eating the other two I saved for Matt. The grilling of the corn and making of the mayo only took about 10 minutes total! So easy!
Ingredients
- 1/4 cup nondairy mayonnaise
- 1/4 cup nondairy sour cream
- 1/4 cup vegan parmesan plus more for serving*
- 1/2 teaspoon chili powder plus more for serving
- 1 medium clove garlic finely minced
- 1 tablespoon finely chopped fresh cilantro or Italian parsley
- 4 ears sweet corn shucked
- 1 lime cut into wedges
Instructions
- Heat a grill for direct-heat grilling, or heat a grill pan over high heat on the stove. While the grill is heating, in a medium mixing bowl, combine the mayonnaise, sour cream, nondairy parmesan, chili powder, garlic, and cilantro. Stir until completely combined.
- Place the corn directly on the hot grill and cook, rotating occasionally, until cooked through and charred in spots on all sides, about 8 minutes total.
- Remove the corn from the grill and transfer to a serving plate. Use a pastry or basting brush to generously coat each ear of corn with the mayonnaise mixture. Sprinkle with extra cheese and chili powder and serve immediately with lime wedges.
Recipe Notes
* Feel free to use any vegan parm you enjoy.
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