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!
Cold noodles in chilled broth from South Korea 'Mul-Naengmyeon'
Naengmyeon is a very famous noodle menu in Korea especially in summer. Today the menu to be made is Mul-naengmyeon. If you are curious and want to try it please listen to the following recipe.
Some ingredients for Making Cold Noodle Korea:
1 pack of rye noodles (buckwheat)
Enough water
3-4 shiitake mushrooms
1-2 dried seaweed (kelp)
8-10 large anchovies
1 pears, peeled, cut into pieces
¼ onion
1 teaspoon of garlic
1sdt ginger
125ml corn syrup
4sdm chili powder
3sdm spicy chili sauce (Gochujang)
65ml apple vinegar
1sdm sesame seeds
3 spring onions
1sdm soy sauce
1sdm corn syrup
Salt to taste
Soy sauce taste
2sdm mustard powder
Yeolmu Kimchi to taste
Here is How to Make Korean Cold Noodles
- Make a broth by boiling 2 liters of water, shiitake mushrooms, dried seaweed, and anchovy. After boiling let cool - Prepare naengmyeon spice. The mustard powder is mixed with 1sdm of water and place it in a warm place to ferment. (Can be placed on a hot broth) Cucumber sprinkles that have been cut thin with a little salt, and 1sdt sugar, 1sdt vinegar, and a bit of chilli powder. Put the pears pear into the water, add 1sdt of sugar to keep the pear color unchanged .
- For spicy sauce, a half-peared (or blender) scallop, ¼ onion, 1 teaspoon of garlic, 1sdt ginger, 125ml corn syrup, 4sdm chili powder, 3sdm spicy chilli sauce (Gochujang), 65ml apple vinegar, 1sdm sesame seed, 3 sticks leek, 1sdm soy sauce. After all is shredded, add 1sdm of sesame oil and 1sdt of fermented mustard, mix well.
- Make a naengmyeon broth by taking 250ml of Yeolmu Kimchi juice and 500ml of pre-made broth. (Vinegar, salt, and sugar can be added).
- Boil noodles in a large pot with 2/3 filled with water. Cook the noodles for 3-4 minutes (or according to the instructions on the noodle wrap). After cooking noodles, rinse with cold water several times for more chewy noodles and flour in the missing noodles.
- Put the noodles in the bowl and pour the broth to cover the noodles. - Add Yeolmu Kimchi, pears, and cucumbers and ice cubes on top of the noodles. Put also 1sdt of mustard in a bowl.
Serve cold.
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