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!
AVOCADO FRIES
THIS RECIPE FOR AVOCADO FRIES IS SLICES OF AVOCADO THAT ARE BREADED AND LIGHTLY FRIED TO CRISPY GOLDEN BROWN PERFECTION. THE ULTIMATE APPETIZER OR SIDE DISH FOR AVOCADO LOVERS!
These avocado fries are definitely for people who are huge fans of avocado! They’re super simple to make and are a fun and unexpected party snack. The combination of the creamy avocado and crispy coating can’t be beat!
This recipe starts with a couple of avocados. You want to be sure that you’re using firm avocados here so that they hold up to the breading and frying process. The avocado slices are dredged in seasoned flour, egg and panko breadcrumbs to create an ultra crispy coating. Then the avocado slices are quickly pan fried until browned. You don’t need a lot of oil for this, a 1/4 inch layer of vegetable oil on the bottom of the pan is fine. You’ll need to cook the avocado slices in batches; if you end up with a lot of dark bits at the end of the first few batches, simple wipe out the pan and add a new layer of oil on the bottom.
I like to serve my avocado fries with plenty of dipping sauces; in these photos I show the fries with a store bought chili lime ranch. Other great options are salsa (red or green), chipotle mayo, or my creamy cilantro sauce.
These avocado fries are best served immediately out of the pan so that they’re hot and crispy. You can add a squeeze of lime juice and a sprinkling of cilantro if you like, or simply serve them as-is and watch them disappear!
- 2 large avocados avocados should be firm
- 1/2 cup all purpose flour
- 1 tablespoon chili powder
- 2 teaspoons salt divided use
- 2 eggs beaten
- 1 1/2 cups panko breadcrumbs
- 1/3 cup vegetable oil
Peel and seed the avocados and cut them into 1/2 inch slices.
In a small bowl, mix together the flour, chili powder and 1 1/2 teaspoons salt.
Dredge each avocado slice in the flour, then dip into the egg mixture and roll in panko crumbs. Repeat with all avocado slices
Heat the oil in a large pan over medium-high heat. Add a single layer of avocado slices to the pan. Cook for 2-3 minutes per side or until golden brown. Drain on paper towels.
Repeat the cooking process with the remaining avocado slices.
Sprinkle the avocado slices with the remaining 1/2 teaspoon of salt and serve immediately, with dipping sauces if desired.
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