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!
BACON CHEESEBURGER CAULIFLOWER CASSEROLE
This Bacon Cheeseburger Casserole is made low carb secretly using cauliflower as the base and no one will know!
All the flavors of a cheeseburger made into a layered casserole dish with the secret vegetable ingredient as the base! This recipe was first published in March of 2015 and has been updated below along with a How To Video.
I do love a cheeseburger every once in a while, but I always skip the bun. I’m gluten free, buns at burger joints are not. I’m eating as low carb as I can to take off some weight gained while writing my cookbook, burger buns do not fit into the low carb category so I forgo it.
Ingredients
- 1 head cauliflower or about 6 cups florets
- 1/3 cup 1.4oz (40g) coconut flour or choice flour
- 1/4 teaspoon salt
- 6 ounces uncured reduced sodium bacon
- 1 1/2 pounds ground beef or turkey
- 1 teaspoon onion powder
- 1 teaspoon oregano
- 1 teaspoon garlic powder
- 1 teaspoon salt
- 1/2 teaspoon pepper
Sauce
- 1 tablespoon butter
- 1 tablespoon coconut flour or choice
- 1 1/2 cups heavy cream
- 2 tablespoons yellow mustard
- 8 ounces sliced organic 100% cheddar cheese I used Horizon
Instructions
- Steam the cauliflower until fork tender.
- Place into a food processor and pulse until it resembles rice.
- Set aside in a bowl to cool then add the flour and salt and mix well.
- Cook the bacon in a large skillet until moderately cooked, but not crisp.
- Remove bacon with a slotted spoon to keep bacon juice in skillet.
- Transfer bacon to a paper towel lined plate to cool. Once cool chop into pieces.
- Add the ground beef to the same skillet and cook until browned.
- Add the onion powder, oregano, garlic powder, salt, pepper and mix well.
- Remove the beef with a slotted spoon and transfer to a bowl.
- Preheat oven to 350 degrees F.
- For the sauce: Add the butter to the same skillet and stir in the flour over low heat. Cook until the flour has absorbed the butter then add heavy cream and mustard.
- Continue to cook on low heat until the sauce thickens.
Assembly:
- Place 1/2 cup of the sauce to the bottom of a 9 by 13 baking dish.
- Spread the cauliflower mixture on the spread as evenly as possible.
- Place 4 ounces of sliced cheddar over the cauliflower.
- Spread the ground beef over the cheddar slices evenly.
- Pour half of the remaining sauce over the beef.
- Place the remaining cheddar slices over the sauce.
- Pour the remaining sauce over the top and sprinkle with bacon.
- Cover and bake 30 minutes.
- Uncover and bake an additional 5 minutes.
- Allow to cool out of the oven for 15-20 minutes before slicing and serving.
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