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!
Quick and Easy Thai Coconut Soup with Mushrooms and Mixed Vegetables
Thai curries and soups are one of my favorite ways to enjoy vegetables and mushrooms — I love the light and fragrant spicy gingeriness of broths seasoned with Thai flavors. I also appreciate the simplicity of Thai vegetable curries and soups — if you have a jar of Thai curry paste on hand in your refrigerator, they're the easiest thing to put together.After some chopping, this creamy mushroom and mixed vegetable soup simmered in a coconut milk broth is a snap to make and showcases the best of Thai flavors — with a little assist from Indian curry powder. If you're serving a small gathering, this soup will be gone in no time.
Vegetables and mushroom simmered in an easy, light and fragrant Thai spiced coconut milk curry broth
Ingredients:- 1/2 oz (14 g) dried shiitake mushrooms
- 1 tablespoon sesame oil or olive oil
- 1 small red onion, diced
- 1 medium carrot, diced
- 1 tablespoon fresh ginger, minced or grated
- 1 clove garlic, minced or crushed
- 1 red chili, seeded and minced
- 2 tablespoons Thai red curry paste
- 2 1/4 cups coconut milk
- 1 cup vegetable stock, or more as desired
- 2 teaspoons tamari (soy) sauce
- 2/3 cup broccoli florets, cut into bite-size pieces
- 2 teaspoons curry powder
- 1 red bell pepper, seeded and chopped
- 1/2 cup snow peas, roughly chopped
- juice from 1 lime (2 tablespoons)
- 1 teaspoon sea salt, or to taste
- fresh ground black pepper
Instructions:- Soak the dried mushrooms in 1 cup of hot water for 20 to 30 minutes. Drain, reserving the soaking water, and chop. Set aside.
- Heat the oil in a large saucepan over medium heat. Add the onion and carrots and sauté for 5 minutes until the onion begins to soften. Toss in the ginger, garlic and red chili and stir for another minute. Add the red curry paste and stir for another minute.
- Now pour in the coconut milk, vegetable stock, reserved mushroom soaking water and tamari. Add the broccoli and half of the mushrooms. Bring to a gentle boil, reduce the heat to medium-low, and simmer, stirring often, until the vegetables are just tender — about 12 minutes.
- Stir in the curry powder, red pepper, snow peas and the rest of the mushrooms. Cook for another 5 minutes until the vegetables are tender. For a thicker soup, add more stock or reserved mushroom soaking liquid as desired.
- Remove from heat. Pour in the lime juice and season with sea salt and black pepper to taste.
- Serve hot with cooked grain such as rice, quinoa or millet, and garnish with fresh chopped cilantro or parsley if desired.
Makes 4 to 6 servings
more recipes @ https://foodandspice.blogspot.com
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