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!
LOW-CARB DECONSTRUCTED PIZZA CASSEROLE
Let’s start the year out right with this Low-Carb (and Gluten-Free) Deconstructed Pizza Casserole! This recipe is low-carb, Keto, low-glycemic, and gluten-free; use the Diet-Type Index to find more recipes like this one.
I love the first day of a brand new year, and I know that’s when many of you are starting with a new or renewed commitment to more carb-conscious eating. So of course on that day I want to start the year with a new low-carb recipe on the blog. And since some people struggle with feeling deprived when they give up their carbs, if I can come up with a new recipe that can be considered low-carb comfort food, that really makes me happy.
This year I had another recipe in mind for January 1, but when the idea for this Low-Carb Deconstructed Pizza Casserole popped into my mind yesterday, I just couldn’t wait to make it. Then when the casserole was cooking I couldn’t wait to eat it, and after I tried it, I couldn’t wait to share the recipe with you! I can already tell this is going to be a repeater at my house, and I promise it will be a hit with anyone who likes pizza.
INGREDIENTS:
- 1 can (14.5 oz.) diced tomatoes (do not use petite dice)
- 5 links (19.5 oz.) uncooked turkey Italian sausage (I used my favorite turkey Italian sausage; use pork sausage if you prefer.)
- 2 tsp. + 2 tsp. olive oil
- 1/2 tsp. dried oregano
- salt and fresh-ground pepper to taste (I didn’t use much salt.)
- 8-12 oz. fresh mushrooms, washed and cut into thick slices (I used brown Cremini mushrooms.)
- 1 1/2 cups grated Mozzarella cheese (I used part-skim mozzarella)
- 15 slices pepperoni, cut in half (I used regular pepperoni, but for less fat you can use turkey pepperoni if you prefer)
DIRECTIONS:
- Preheat oven to 400F/200C. Spray an 8 inch x 11 inch glass casserole dish with non-stick spray or olive oil.
- Pour the diced tomatoes into a colander placed in the sink and rinse with cold water. Let tomatoes drain a minute or two, then spread them out on paper towels to dry (or blot dry with another paper towel on top.)
- While tomatoes dry, heat 2 tsp. olive oil in a large non-stick frying pan, squeeze the sausage out of the casing, and cook sausage over medium-high heat until it’s nicely browned, breaking it apart as it cooks. (I use an old-fashioned potato masher to break the sausage apart.)
- While sausage cooks, wash mushrooms, pat dry, and slice into thick slices.
- When the sausage is done make a layer of sausage in the bottom of the casserole dish and top with the drained tomatoes, spreading them out over the top of the sausage. Season with dried oregano, salt, and fresh-ground black pepper. (I didn’t use much salt.)
- Rinse out the pan if needed, then heat the other 2 tsp. of olive oil over medium-high heat. When the pan is hot add the mushrooms and cook, stirring a few times, until all the liquid is released and the mushrooms are starting to brown. Layer the mushrooms over the sausage-tomato mixture.
- Cut pepperoni in half. Sprinkle the grated Mozzarella over the top of the casserole and lay the pepperoni pieces on top of the cheese, spacing them evenly so the whole top is covered with pepperoni.
- Bake about 25 minutes, or until the cheese is melted and starting to brown. Serve hot.
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