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!
Brioche
As you may have noticed, I have been turning to mashed potatoes in more and more in my baking. In this recipe, they stand in for 5 eggs and give the final product a soft texture but also a durable structure that holds plenty of air pockets. The other thing that makes this recipe perfect is homemade vegan butter
(you can use Earth Balance, of course, but I find it leaves an aftertaste (and you need to reduce the salt in the recipe by at least half)). I make it by the triple batch (blending it in a juice pitcher with my immersion blender) which fits perfectly into this pan
. This recipe is a veganized version of Peter Reinhart's "Middle-Class Brioche," which you can reference in The Bread Baker's Apprentice if you want more direction. It is easiest to do this with a stand mixer, but a spoon and some elbow grease will also do the trick.INGREDIENTSSponge- 2.25 oz bread flour- 2 tsp instant yeast- 4 oz lukewarm soy milkDough- 4oz mashed yellow potato (i.e. whole potato boiled in its skin, cooled, peeled, and mashed)- 1 tbsp finely ground yellow flax- 4 oz soy milk- 1/4 tsp turmeric (optional, for colour)- 13.75oz bread flour- 2 tbsp sugar- 1 1/4 tsp salt- 8 oz vegan butter
, a room temperature- soy milk for brushingMETHODSponge1. Mix together sponge ingredients until four is well hydrated. Cover and let sit for 45 mins.Dough1. Blend together mashed potato, flax, and soy milk (and turmeric if using) with an immersion blender in a 4 cup measuring cup until smooth. Warm in the microwave to room temperature.2. Mix together flour, sugar, and salt in a mixing bowl. Add all of the sponge and the potato mixture and bring together into a dough. Let the dough sit for 5 mins.3. Using the paddle attachment on a mixer, add in 1/4 of the butter, waiting until the previous amount has been fully incorporated before adding more. The final dough will be smooth, satiny, and soft.4. Transfer the dough to a baking sheet lined with greased parchment paper. Lightly mist the dough with oil, then cover and refrigerate for at least 4 hours.5. Spray a muffin tin lightly with oil. Or brioche tins.6. When dough is ready to be baked, divide it into 12 equal pieces. Shape per this video
. Place in the prepared tin(s).7. Cover and let rise for 1.5 to 2 hours, or until the tins are filled. Preheat oven to 400 degrees.8. About 15 mins before baking, gently brush the brioche with soy milk.9. Bake for 15-18 mins, or until golden brown. Carefully remove from the tin(s) and let cool before eating.
more recipes @ vegandad.blogspot.com
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