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 mexican cauliflower rice (paleo, vegan, keto)
Low Carb Mexican Cauliflower Rice is a healthy, paleo friendly, keto friendly, vegan side dish recipe that is bursting with mexican flavours and ready in 30 minutes!
You guys think I’m crazy right? Posting things like cauliflower rice on the blog when we can just binge eat brownies and ice cream. But before you go away, hear me out one sec. I’m serious about this healthy eating thing even if you are still on the fence.
And cauliflower rice is not the funky, hippie thing it’s made out to be. It can actually taste good! Like really really good, even to all of you who hate cauliflower. We are not talking bland, weird cauliflower taste here. This mexican cauliflower rice is bursting with all things we love about mexican food – the spice for one! I’m a big spicy food person and garlic – there has to be garlic in everything! And when you add cumin and jalapenos and tomatoes and onions and bell peppers and lots of coriander, you have a winner!
Low Carb Mexican Cauliflower Rice is a healthy, paleo friendly, keto friendly, vegan side dish recipe that is bursting with mexican flavours and ready in 30 minutes!
INGREDIENTS
- 3 cups Cauliflower Florets (stems removed and washed)
- 1 tablespoon olive oil
- 1 small onion (finely chopped)
- 3-4 Garlic Cloves (minced)
- 1 jalapeno (finely chopped)
- 2 medium Tomatoes (finely chopped)
- 3/4 cup diced Bell Peppers
- 1 teaspoon Cumin Powder
- 1/2 teaspoon Paprika Powder (or red chilli powder)
- 1 tablespoon chopped Coriander (or Cilantro)
- Salt to taste
- More cilantro, sliced avocados, jalapenos, lime juice etc for topping
INSTRUCTIONS
- Add cauliflower florets to a food processor or chopper and pulse till the cauliflower resembles small bits (like rice). Make sure not to go all the way or it can turn mushy. See picture for reference.
- Heat oil in a pan and add onions, garlic and jalapenos. Stir fry for a few minutes till the onion is translucent and the garlic is fragrant.
- Add tomatoes, cumin powder, paprika powder and salt to the pan. Cook the tomatoes for a few minutes till they soften. Add the diced bell peppers and cauliflower rice to the pan and mix well. Stir fry the cauliflower for 3-4 minutes till it’s tender.
- Top with your favourite topping and serve hot.
NOTES
We like our food spicy, but if you don’t, feel free to de-seed the jalapeno
Cauliflower rice is best served immediately. Stored cauliflower rice can taste a bit weird and can turn smelly. And it only takes 15 minutes to put together anyway!
Our favourite toppings are sour cream, cilantro, avocados and sometimes fried tortilla chips
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