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!
CRISPY ROASTED BROCCOLI IN THE AIR FRYER..
Are you looking for a healthy snack that can be made in a jiffy? This crispy roasted broccoli is just the one for you. I promise you that the crunch factor in this snack makes it appealing even to those who might not be big fans of this green vegetable.
For a regular snack, this recipe for crispy roasted broccoli will serve 2 portions. You can also add a teaspoon of oil to the marinade if you wish
Crispy Roasted Broccoli in the Air Fryer Recipe for zero-oil crispy roasted broccoli in Air Fryer - 96 calories per serving. Makes a healthy snack or an easy fast-day recipe (5-2 diet) - full of protein and fiber
INGREDIENTS- 500 grams broccoli
- for marinade
- 2 tbsps yogurt
- 1 tbsp chickpea flour
- 1/4 tsp turmeric powder
- 1/2 tsp salt
- 1/2 tsp red chilli powder
- 1/4 tsp masala chat
- Crispy Roasted Broccoli in the Air Fryer
INSTRUCTIONS- To prepare crispy roasted broccoli, we need to cut the broccoli into small florets. Soak in a bowl of water with 2 tsp salt for 30 minutes to remove any impurities or worms.
- Remove the broccoli florets from the water. Drain well and wipe thoroughly using a kitchen towel to absorb all the moisture.
- In a bowl, mix together all the ingredients for the marinade.
- Toss the broccoli florets in this marinade. Cover and keep aside in the refrigerator for 15 minutes.
- When the broccoli is marinated, preheat the airfryer at 200°C. Open the basket of the airfryer and place the marinated florets inside. Push the basket back in, and turn the time dial to 10 minutes.
- Give the basket a shake once midway and then check after 10 minutes if golden and crisp. If not, keep for another 2-3 minutes. Eat them hot!
- If you don't have an airfryer, use a preheated oven and spread the florets on a lined baking tray and bake for around 15 minutes in a preheated oven at 190°C or until golden and crispy.
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