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!
SWEET CHILI SESAME TOFU
A light and crispy tofu dish served with a creamy sweet chili tahini sauce
So It’s pretty much safe to say that my baked bang bang tofu is the most popular recipe on my blog. This allowed me to make the conclusion that you all love tofu, and love when it’s crispy. SO we are back today with another crispy delicious tofu recipe that is incredibly easy to make that you’ll love.
While this tofu is pan fried rather than my other recipe that required baking, I think that this one is just as good.
Now I understand the list of ingredients sounds pretty weird but honestly it just works! Tahini is just so creamy and perfect in so many ways. I thought it would compliment the asian flavors extremely well and just allow for it to be a healthy fat rather than a mayo based sauce (however, mayo is life).
Ingredients
- 1 Package Firm/Super Firm Tofu
- 1/4 Cup Tahini
- 2 Tablespoons Sweet Chili Sauce
- 2 Tablespoons Soy Sauce
- 1 Tablespoon Rice Vinegar
- 1 Tablespoon Sriracha
- 1 Tsp Sesame Oil
- 3 Tablespoons Hot Water
- 1 Cup Corn Starch
Instructions
- Begin by taking your tofu out of the package and press to release water. I usually place the tofu between paper towels and put a heavy object on top (if you're a college student like me, a textbook will do!). Allow the tofu to press for 20 minutes.
- After 20 minutes, cut your tofu into cubes. Place them in a bowl with a cup of corn starch and mix until combined. This will allow for your tofu to have a crispy crust while cooking.
- As your tofu sits in the corn starch, create your sauce. Combine all your ingredients together (including hot water) and mix to combine. Set aside.
- When you're ready to cook your tofu, heat up a sauté pan with some oil and let heat up. Add in your tofu cubes (do not dump the bowl into the sauté pan, take out cubes one by one) and let cook until the tofu is lightly browned and crispy. Take tofu off heat and into a bowl and coat the tofu in the sauce. Mix until combined.
- Serve immediately.
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