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!
Japchae (Chap Chae) Korean Noodle Glass
Japchae - Korean noodle dish with sweet potato noodles and vegetables. Learn how to make Japchae in 30 minutes with this easy Japchae recipe.
Japchae (also spelled as chap chae) is the first Korean dish I tried. Believe it or not, before I came to the United States, I had never had Korean food. Growing up in Malaysia with all its glorious local cuisines and family’s home cooking, I seldom tried other cuisines…plus there weren’t many international restaurants back then.
Japchae (Chap Chae) Recipe
Ingredients:- 8 oz sweet potato noodles
- 4 oz spinach
- 1 1/2 tablespoons oil
- 2 cloves garlic, minced
- 1/2 small onion, thinly sliced
- 3-4 dried shiitake mushrooms, soaked in warm water, stem removed and sliced
- 1 small carrot, cut into thin strips
- 1 stalk scallion, cut into 1-inch lengths
- 1/2 tablespoon sesame oil
- Salt to taste
- 1 heaping teaspoon toasted white sesame
Sauce:- 4 tablespoons soy sauce
- 2 1/2 tablespoons sugar
How to Make : - Cook the sweet potato noodles in a large pot of boiling water for about 5 minutes. Drain the water and rinse the noodles under cold running water. Cut the noodles using a pair of scissors into about 6-inch lengths. Set aside.
- Heat up a pot of water and bring it to boil. Blanch the spinach until they are wilted, about 1 minute. Drain the water and rinse the spinach under cold running water. Form the spinach into a ball and squeeze it to discard the remaining water. Cut the spinach ball into half.
- Heat up the oil in a skillet or wok and add the garlic, onion, mushroom, and carrot and cook for about two minutes. Add the scallion and stir-fry for another minute. Turn the heat to low and add the noodles and spinach into the skillet or wok, follow by the sesame oil, the Sauce, and salt to taste. Stir to combine well. Dish out, sprinkle with the sesame seeds, and served at room temperature.
Cook’s Notes:The japchae noodles can be found at Asian supermarkets. They are usually labelled as sweet potato noodles.
Recipe Source :
Japchae (Chap Chae) @ rasamalaysia
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