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!
Roasted Butternut Squash & Cannellini Bean Soup with Spices and Toasted Pistachios
Local squashes and pumpkins are in season now, and I love to stock the pantry shelves with a small assortment of these attractive gourds — they keep so long, and it's just somehow comforting to have them around just in case you want to make simple cold weather vegetable fare like this colorful, nourishing and lightly spiced soup. Roasting the butternut squash before adding to the soup enhances the flavor of the sweet orange flesh instead of turning it bland and watery, and the addition of puréed cannellini beans lends heartiness and creaminess. And a scattering of crunchy toasted pistachio pieces is the perfect taste and texture finish in the mouth at the end of a spoonful.
Simple, warm, creamy, nourishing and sweet roasted butternut squash soup with puréed cannellini beans and spices topped with toasted pistachios
Ingredients:- 1/3 cup dried cannellini (white kidney) beans (1 cup cooked)
- 1 bay leaf
- 1 medium butternut squash (2 lbs or 2 to 3 cups)
- 1/4 cup raw pistachios, chopped
- 1 tablespoon butter or oil
- 1 onion, chopped
- 1 teaspoon curry powder
- 1/2 teaspoon ground cumin
- 1/2 teaspoon dried red chili flakes
- pinch of ground cloves
- 2 cups vegetable stock
- 1/2 teaspoon garam masala
- 1 teaspoon sea salt, or to taste
- fresh ground black pepper to taste
- 1/4 cup cream or plain whole fat yogurt (optional)
Instructions:- Rinse the beans and soak for 8 hours or overnight covered in several inches of water. Drain and rinse, then transfer to a small saucepan and cover with 3 cups of fresh water. Add the bay leaf, bring to a boil, reduce heat to low, cover, and simmer for 1 to 1 1/2 hours or until tender. Set aside, reserving the cooking liquid.
- Meanwhile, preheat an oven to 400° and position the rack in the middle of the oven. Cut the squash in half, remove the seeds and pulp, and score the flesh with a knife. Brush with butter or oil and transfer to an oiled baking sheet or pan. Bake until the squash is fork tender — about 60 to 80 minutes. Let cool. Remove the skin and scoop the flesh into a small bowl.
- Spread the chopped pistachios evenly on a baking sheet or tray. Toast in a 325° oven or toaster oven for 10 to 15 minutes, stirring occasionally, until browned and fragrant. Set aside.
- Heat the butter or oil in a large saucepan over medium-low heat. When hot, add the onion and sauté for 10 minutes or until soft. Now add the curry powder, ground cumin, chili flakes and ground cloves, and stir for 30 seconds. Now add the beans and their cooking liquid, the squash and the vegetable stock. Turn up the heat and bring to a simmer. Cook for 20 minutes, stirring occasionally and adding more water or vegetable stock if you want a thinner consistency.
- Remove from heat and discard the bay leaf. Purée the soup until smooth with an immersion blender or in batches in a countertop blender. (You can strain the soup if you want it very smooth.) Season with garam masala, salt and plenty of fresh ground black pepper.
- Serve hot or warm, garnished with a scattering of the toasted pistachios and a swirl of cream or yogurt if desired.
Makes 4 to 6 servings
more recipes @ https://foodandspice.blogspot.com
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