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!
Healthy Lettuce Wraps – PF Changs Recipe (Whole30, Paleo)
Healthy Lettuce Wraps – PF Changs Recipe (Whole30, Paleo)
These healthy lettuce wraps are inspired by the PF Changs lettuce wraps recipe but are totally Whole30 compliant and paleo. Loaded with flavor and with lots of veggies, these easy healthy lettuce wraps are made with pork or chicken and are a great Whole30 dinner recipe. They’re filling yet light, totally healthy, and slightly sweet yet nutty and spicy.
A healthy lettuce wraps recipe, inspired by the PF Changs recipe but totally Whole30 compliant and paleo. Made with either pork or chicken, they're a great healthy Asian dinner recipe.
Ingredients
- 1 tablespoon olive oil
- 1/2 yellow onion diced
- 1 cup baby bella mushrooms minced
- 3 cloves garlic minced
- 1 pound ground pork or ground chicken
- 1/2 cup shredded carrots
- salt and freshly ground black pepper
- 1/4 cup coconut aminos
- 2 teaspoons sesame oil
- 1 teaspoon rice wine vinegar
- 1 tablespoon almond butter
- 2 teaspoons freshly grated ginger
- 1 tablespoon Whole30 compliant hot sauce sriracha or sambal oelek if not on Whole30 (or make the homemade sriracha recipe in the notes)
- 8- ounce can water chestnuts diced
- 3 green onions thinly sliced, 1 tablespoon reserved
- 1 head Bibb lettuce leaves gently removed from stem
- Sauce:
- 1/4 cup coconut aminos
- 1 1/2 teaspoons sesame oil
- 1 teaspoon rice wine vinegar
- Compliant hot sauce to taste
- 1 tablespoon green onions from above ingredients
- Salt
- Garnishes
- sesame seeds
- thinly sliced green onions
- Special Equipment
- large skillet
Instructions
- In a large skillet set over medium heat, heat olive oil. When the oil is hot, add onion and cook for about 3 minutes or until beginning to soften, then add mushrooms and cook 3 more minutes, or until onion is translucent and mushrooms are softening. Add garlic and cook just until fragrant, about 30 seconds, stirring constantly.
- Add ground pork and cook until browned, crumbling with a wooden spoon or spatula. Add carrots and stir until starting to soften, about 3 minutes.
- In a small bowl, combine 1/4 cup coconut aminos, 2 teaspoons sesame oil, 1 teaspoon rice wine vinegar, almond butter, ginger, and hot sauce. Whisk until smooth then pour over meat mixture. Stir until combined, then add the chestnuts and green onions. Cook for 3-4 minutes then remove from the heat. Season with salt and pepper to taste.
- Make sauce: whisk together all sauce ingredients in a small bowl.
- When ready to serve, spoon 3-4 tablespoons of the mixture into the center of a lettuce leaf and serve with sauce. Garnish with green onions and sesame seeds, if desired.
