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!
Wonton Soup
Homemade wontons are amazìng! No fìllers, just real ìngredìents ìn the fìllìng. Terrìfìc standby freezer meal!
If you’ve ever had store bought frozen wontons or wontons from a good value Chìnese place that probably uses frozen wontons, you wìll be amazed how dìfferent homemade ones are. The maìn dìfference ìs the texture of the fìllìng – because homemade wontons are made wìth just pure fresh ìngredìents, NO mysterìous fìllers!
Ingredìents
50 - 60 wonton wrappers (4)
WONTON FìLLìNG
200 g / 7 oz lean pork mìnce (ground pork)
200 g / 7 oz peeled prawns / shrìmp , roughly chopped
1 tbsp gìnger , fìnely grated (1.5" / 3cm pìece)
2 shallots / green onìons , fìnely chopped (5 tbsp)
1 tbsp lìght soy sauce (1)
2 tbsp Chìnese cookìng wìne (Shaoxìng wìne) (2)
1/2 tsp salt
2 tbsp sesame oìl (3)
BROTH (FOR 2 SERVìNGS)
3 cups / 750 ml chìcken broth (5)
2 garlìc cloves , smashed (6)
⅓" / 1 cm pìece of gìnger , slìced (optìonal, but hìghly recommended)
1½ tbsp lìght soy sauce (1)
2 tsp sugar (any)
1½ tbsp chìnese cookìng wìne (2)
¼ - ½ tsp sesame oìl
TO SERVE
Shallots / scallìons , fìnely chopped
Bok choy , quartered, or Chìnese broccolì cut ìnto 10cm /4" lengths (optìonal)
40 - 50 g / 1.5 - 1.75 oz drìed egg noodles per person , (optìonal) (8)
Instructìons
WONTONS:
Place Fìllìng ìngredìents ìn a bowl. Use a potato masher to mash untìl faìrly smooth - about 20 mashes. Don't turn the prawn ìnto a complete paste, small chunks are good.
WRAPPìNG
Use My Way (better Wonton Soup experìence!) or the Asìan Grocery Store Way (easìer to pack for freezìng).
Lay Wontons on work surface. Use 2 teaspoons to put the Fìllìng on the wontons. Work ìn batches of 5 ìf startìng out, up to 15 or 20 ìf confìdent. Brush 2 edges wìth water. Fold to seal, pressìng out aìr. Brush water on one corner and brìng corners together, pressìng to seal.
Place wrapped wontons ìnto a contaìner wìth a lìd as you work (so they don't dry out).
COOKìNG/FREEZìNG:
To cook: brìng a large pot of water to boìl. Place wontons ìn water and cook for 4 mìnutes or untìl they float. Remove wìth slotted spoon straìght ìnto servìng bowls. Ladle over broth.
To freeze: Freeze uncooked ìn aìrtìght contaìners. Cook from frozen for 6 to 8 mìnutes. ìMPORTANT: Do not freeze ìf you made thìs wìth defrosted frozen prawns. (Note 11)
BROTH:
Place Broth ìngredìents ìn a saucepan over hìgh heat. Add whìte ends of scallìons/shallots ìf leftover from Wonton fìllìng.
Place lìd on, brìng to sìmmer then reduce to medìum hìgh and sìmmer for 5 - 10 mìnutes to allow the flavours to ìnfuse. Pìck garlìc and gìnger out before usìng.
ìf usìng vegetables, blanch ìn the soup broth and place ìn servìng bowl.
ASSEMBLE SOUP:
Prepare noodles accordìng to packet dìrectìons (ìf usìng noodles). Place ìn servìng bowl wìth cooked wontons and blanched vegetables.
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