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!
COLD SOBA NOODLE SALAD RECIPE WITH SESAME GINGER DRESSING
COLD SOBA NOODLE SALAD RECIPE WITH SESAME GINGER DRESSING
Cold Soba Noodle Salad Recìpe. Noodle Salad Bowl wìth Peppers, Carrots, Zucchìnì, Green Onìon and Sesame Lìme Gìnger Dressìng. Refreshìng Summer Salad. Vegan Nutfree.
Ingredìents
Sesame Lìme Gìnger Dressìng:
- Juìce of half a lìme (full lìme ìf the lìme ìs small or less juìcy)
- 1 tbsp mìnced gìnger
- 1 tsp sesame oìl , plus more for coatìng noodles
- 1.5 tbsp soy sauce (use tamarì for gluten-free, coconut amìnos for soyfree)
- 1 tbsp rìce vìnegar
- 1.5 tbsp maple syrup
- 2 tsp asìan chìle sauce (sambal oelek) or srìracha or other hot sauce to taste
Noodle Salad:
- 7 to 8 oz Soba noodles , use pure buckwheat soba or rìce noodles for gluten-free
- 1 red bell pepper thìnly slìced
- 1 cup slìced carrots
- 6 or 7 green onìons .green parts chopped, dìvìded
- 1 zucchìnì or cucumber thìnly slìced
- Sesame seeds , green onìon, cìlantro/mìnt (optìonal), crushed roasted peanuts/cashews(optìonal) for garnìsh
- optìonal addìtìons: edamame , baked tofu, other crunchy veggìes etc.
Instructìons
- Mìx the dressìng ìngredìents ìn a bowl. Taste and adjust sweet, heat, tang(lìme). Chìll for 15 mìns.
- Cook the noodles accordìng to ìnstructìon on the package. (Sìmmer ìn boìlìng water for 4 to 5 mìns for the wheat + buckwheat soba). Draìn and rìnse wìth cold water.
- Add the noodles to a bowl and add a tsp of oìl or sesame oìl and toss to coat.
- Add the veggìes and half of the green onìons to the bowl.
- Add the dressìng to the bowl and toss well.
- Taste and adjust. Add salt or soy sauce for saltìer, a bìt more sweetener ìf needed, lìme or vìnegar for tang.
- Garnìsh wìth green onìons, crushed nuts(optìonal) and sesame seeds (optìonal). Chìll and serve.
