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!
HONEY GARLIC BAKED CAULIFLOWER
HONEY GARLIC BAKED CAULIFLOWER
Crunchy baked breaded cauliflower pieces are coated with honey garlic sauce. It’s an easy and delicious weeknight meal.
HONEY GARLIC BAKED CAULIFLOWER
PREP TIME: 15 MINUTES
COOK TIME: 27 MINUTES
TOTAL TIME: 42 MINUTES
COURSE: MAIN DISHES
CUISINE: ASIAN
Crunchy baked breaded cauliflower pieces are coated with honey garlic sauce. It's an easy and delicious weeknight meal.
INGREDIENTS:
- 1 small head of cauliflower cut into bite sized florets
- 2 cups panko bread crumbs (see note)
- cooking oil spray
- 2 large eggs whisked
- 2 scallions finely sliced
FOR THE SAUCE (SEE NOTE)
- 6 tbsp honey
- 4 garlic cloves minced
- 1 tsp onion powder
- 6 tbsp water + 2 tsp cornstarch
- 1 1/2 tbsp low sodium soy sauce
- 1/2 tbsp sriracha sauce
DIRECTIONS:
- Preheat oven to 350°F. Line a large baking sheet with parchment paper. Spread panko crumbs in a thin even layer across the surface of the baking sheet. Spray panko crumbs with cooking oil spray. Bake crumbs about 5-7 minutes or until golden brown.
- Set whisked eggs aside in a small bowl. Line another large baking sheet with parchment paper.
- Dip cauliflower in egg mixture and then shake a few times so that excess egg drips off. You don't want to dampen your breadcrumbs with excess egg because then they won't stick to the cauliflower. Then place into sheet with panko crumbs. Cover cauliflower with panko, pressing the crumbs gently against the cauliflower to help them stick. Place coated cauliflower on empty prepared baking sheet. Repeat until all cauliflower is coated.
- Bake for about 15-20 minutes or until cauliflower is cooked and the coating is a dark golden brown.
- While the cauliflower is cooking, make sauce on the stove. In a small bowl, completely dissolve cornstarch in water and set aside.
- Add all sauce ingredients except the cornstarch + water to a small pot or saucepan. Bring to a gentle simmer and stir a few times until ingredients are mixed. This should only take a few seconds. Then add cornstarch water to the sauce. Stir immediately to dissolve cornstarch into the sauce. Stir occasionally and let sauce come to a simmer (make sure to stir otherwise the cornstarch will clump up) and cook until sauce starts to thicken (about 2 minutes).
- Allow sauce to cool a few minutes and thicken even more. Drizzle over cauliflower. If you wish to completely coat cauliflower in sauce, it's best to double the sauce and brush it on with a pastry brush. Garnish with scallions.
NOTES:
The recipe above makes just enough sauce to drizzle over a small head's worth of cauliflower florets. If you are using a medium or large head of cauliflower or you wish to coat the cauliflower completely in sauce, you should double the sauce.
If you make any adjustments to the sauce (i.e. add more soy sauce or other liquids) you may need to also add more cornstarch to thicken the sauce. Remember to dissolve any additional cornstarch in a little water before adding it.All images and content are © Kirbie's Cravings.
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