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 SALTED CARAMEL PUDDING
VEGAN SALTED CARAMEL PUDDING
These Vegan Salted Caramel Puddings were inspired by my Vegan Salted Caramel Tart. They make a great option for when you don’t want to make a whole tart, but still want a creamy caramel dessert!
DESCRIPTION
Creamy Vegan Salted Custard Pudding that’s 6 ingredients and takes less than 25 minutes to make.
INGREDIENTS
- 1 cup full fat canned coconut milk
- 3 tbsp coconut sugar
- 1/4 tsp salt + a sprinkle of flaked sea salt on top
- 2 tbsp cornflour*
- 3/4 cup unsweetened almond milk
- 1/2 tsp vanilla extract
INSTRUCTIONS
- Combine 1/2 cup of the coconut milk, coconut sugar and 1/4 tsp of salt into a saucepan on high heat. Bring to a boil, then turn down the heat until it’s a high simmer. Continue to cook, stirring constantly throughout until it thickens slightly and becomes darker in colour. Mine takes about 13 minutes overall.
- Take the pot off the heat and whisk in the cornflour until smooth, making sure there aren’t any lumps. Whisk in the remaining 1/2 cup of coconut milk, almond milk and vanilla extract and place the pot on medium to high heat.
- Make sure to stir regularly, I like to use a heat resistant silicone spatula for this. The custard will start to form first on the bottom, when you notice this happening, give it a whisk to make sure the custard stays smooth (continue to whisk now and then). When it starts to thicken, turn down the heat to low. Still stirring regularly, keep cooking until it’s a thick custard consistency. Mine takes about 5 minutes.
- Tap the bottom to remove any air bubbles and pour the custard into 2 ramekins. Cover with cling wrap avoiding air bubbles on top as best as you can. Set aside until it has cooled slightly, then refrigerate for 3 hours. (see notes above for an alternative option and the one I used for the photos).
- Sprinkle with flaked sea salt. I like to add whipped coconut cream and a little more caramel sauce.
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