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!
VEGETABLE POTATO FRITTERS
VEGETABLE POTATO FRITTERS
These potato fritters with red lentils are super easy to make and so delicious! They’re best with spicy sriracha mayonnaise. The recipe for these fritters is of course 100 % vegan!
I’ve always used to make the best vegetable fritters in the whole wide world. I just couldn’t get enough of them! I haven’t made fritters for quite a while, but these vegetable fritters with red lentils turned out so delicious and comforting.
By using red lentils you can add some extra protein to your fritters. If you’re looking for more vegan potato recipes, you might also like my papas bravas with aioli. They’re also delicious with the sriracha mayonnaise. I also love adding potatoes to my vegan chickpea curry.
VEGETABLE POTATO FRITTERS RECIPE
These potato fritters with red lentils are super easy to make and so delicious! They're best with spicy sriracha mayonnaise. Of course 100 % vegan!
Ingredients
For the vegetable potato fritters:
- 3/4 cup red lentils
- 1 small red onion, chopped
- 2 cloves of garlic
- 2 medium-sized potatoes (raw)
- 1 medium-sized carrot
- 5 tablespoons all-purpose flour
- 1/2 teaspoon smoked paprika powder
- 1 teaspoon regular paprika powder
- 1 teaspoon majoram
- salt
- black pepper, to taste
For the sriracha mayonnaise:
- 3 tablespoons vegan mayonnaise
- 1 teaspoon tomato paste
- 1 teaspoon garlic powder
- 1/2 teaspoon smoked paprika powder
- salt
- black pepper, to taste
- sriracha sauce, to taste
Instructions
- Cook the red lentils according to the instructions on the package. Peel and grate the potatoes and the carrot.
- In a large bowl, combine them with the cooked red lentils, the garlic, the onion, the flour, and the spices and stir well.
- Heat some oil in a large pan, and add about 1 1/2 heaped tablespoons for each fritter. Cook them on medium heat in a son-sticky pan for three to four minutes on each side. Alternatively, you can also make them in the oven for an oil-free version (about 20 minutes, flipping halfway).
- For the vegan sriracha mayonnaise, combine all ingredients and stir well.
- Serve the fritters with a green salad and the sriracha mayonnaise. Enjoy!
