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!
Sweet Cream Cheese Wontons
Crispy Wontons fried or baked to golden perfection and filled with a sweet, two-ingredient cream cheese filling.
Friends, I’ve had a revelation. And THAT, is that SWEET cream cheese inside of a crunchy, golden wonton, equals heaven.
Do you ever have the weirdest most random cravings after getting sick? Like once you’re healthy again? I got a stubborn little stomach bug last week and afterwards, my appetite was like WHOA. And I wanted fried wontons. I’m not talking Crab Rangoon though, that’s altogether different. This stuff has a simple, sweet filling that’s just to die for.
Crispy Wontons fried or baked to golden perfection and filled with a sweet, two-ingredient cream cheese filling.
Ingredients
- Wontons
- 8 oz. softened cream cheese
- ½ cup powdered sugar
- 12 oz. wonton wraps (packages usually in refrigerated produce section, near tofu)
- 1 egg whisked with a splash of water
- To Fry:
- 48 oz. canola oil enough to fill a dutch oven or fryer with about 3 inches of oil.
- To Bake:
- Nonstick Cooking Spray
Instructions
- Mix the powdered sugar and cream cheese together until well combined. (You can use a hand mixer or a silicone spatula for this.)
- Lay out about 4 wontons at a time and cover the remaining with a dish towel (they dry out quickly).
- Fill a small bowl with water and set near the wontons.
- Place about a ½ teaspoon of cream cheese mixture in the middle of each wonton.
- Dip your fingers into the whisked egg/water mixture (i.e. egg wash), and fold the wontons diagonally to form a triangle. Seal and ensure that there are no air bubbles.
- Dip your fingers back into the water. With the longest side of the triangle facing you, fold the left side to the right, and then fold the left side over it, to the right.
- Repeat until all wontons are filled and wrapped!
- To Fry:
- Deep fryers work great with these, however if you don't have one, heat 2-3 inches of vegetable oil in a dutch oven until it is just under 350 degrees. (I put my electric stove to just under the medium-high mark).
- You can use an extra wonton wrapper to test the temperature. Place it in the oil and ensure that it doesn’t cook too quickly or burn. Adjust the heat accordingly if needed.
- Fry 4-5 wontons at a time, each for about 45 seconds to a minute, (or until golden brown).
- Place them on a plate lined with paper towels to cool.
- To Bake:
- Preheat oven to 375 degrees. Spray a baking sheet with nonstick cooking spray and place the sheet in the oven for about 5 minutes. Heating the sheet will ensure that the wontons are nice and crisp on the bottom when they bake.
- Remove the baking sheet from the oven and place the wontons on top. Coat the wontons with a light layer of nonstick cooking spray.
- The wontons will need to bake for about 10-12 minutes, however it’s best to start checking on them after 5 minutes. Remove them from the oven when they are crisp and golden brown.
Recipe Notes
Tip: Sprinkle a little extra powdered sugar on top of these once they are finished cooking!
Dipping Sauce: I LOVE these with sweet and sour sauce! 😉
Egg Wash: If you don't have eggs, you can just use water in a pinch.
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