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!
GROUND BEEF EMPANADAS (KETO, LOW CARB)
How to Make Empanadas: These Ground Beef Empanadas are made with a ketogenic and low carb fathead dough then filled with flavorful ground beef.
The weather out here has been very confusing. It’s hot, it’s cold, it’s really hot, then it’s cold again. We’re not having a real winter, even by California standards, but the sunny days are broken up by bouts of chilliness. I’ve actually been enjoying the colder weather though. There’s something about a nice fire roaring in the fireplace, my comfy leather couch and a good blanket that will just warm your soul.
Speaking of warming your soul, these Ground Beef Empanadas are definitely one of my favorite keto recipes. It’s really easy to make and so delicious plus super versatile because you can make all different kinds of flavor combinations.
INGREDIENTS
Dough:
- 1½ cups mozzarella
- 3 oz cream cheese
- 1¼ cup almond flour
- 1 egg
Filling:
- 1 lb ground beef
- ½ cup chopped onion
- ¼ cup chopped green olives (if desired)
- 1 tsp each: chile powder, cumin, smoked paprika
- 1 tbsp olive oil
- ⅓ cup salsa of choice
INSTRUCTIONS
- Preheat oven to 425 degrees.
- In a pan over medium heat, cook onions in 1-2 tbsp olive oil until slightly softened. Add in ground beef and break up with a spatula. Season meat mixture with chile powder, cumin and smoked paprika. Cook until browned. Add in salsa of choice and olives if using. Set aside.
- While meat is cooking, add mozzarella and cream cheese to a bowl and microwave for one minute. Take out and stir well, then put back in the microwave for another minute. Stir well.
- Add egg to mozzarella and cream cheese mixture and mix well. Then add in the almond flour and combine well again.
- Roll the dough flat with a rolling pin or with a piece of plastic wrap on top and use a wine bottles. Once you've rolled it flat, about ¼" thick, use a bowl to cut circle shapes.
- For excess dough, form into a ball then roll out again and repeat the process until all the dough has been used.
- Lay on a lightly greased cooking sheet, parchment paper or a silicone baking mat.
- Place a couple spoonfuls of meat mixture into each circle on one half and then fold the other half over. Make sure to press down firmly on the edges. You can also slightly roll the edges to make sure they're together well or use a fork to gently push down the edges.
- Once you've made all the empanadas, cook at 425 degrees for 12 minutes until starting to turn golden brown.
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