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!
Easy Keto Recipe Meat Lasagna
This recipe is from Craveable Keto Cookbook which is my favorite keto cookbook at the moment. I want to quote the commentary from the beginning of this recipe in the book because, well, its perfect!
"..for every person who buys this book but doesn't make this recipe, a shelter pup doesn't get adopted."
It's that good.
Ingredients:
- Noodles
- 4 ounces softened cream cheese
- 2 large eggs
- 1/4 cup grated parmesan cheese
- 1/4 teaspoon Italian seasoning
- 1/4 teaspoon garlic powder
- 1/4 teaspoon onion powder
- 1 1/4 cups shredded mozzarella cheese
- Filling
- 1 pound ground beef
- 1 Tablespoon dried, minced onions
- 1 teaspoon dried basil
- 1 teaspoon dried oregano leaves
- 1 teaspoon garlic powder
- 1 1/2 cups Garlic & Herb Marinara sauce
- 3/4 cup shredded mozzarella cheese
- 6 Tablespoons ricotta cheese (not low fat)
- 1 teaspoon Italian seasoning
INTRUCTIONS :
- Preheat oven to 375 degrees and line a 13x9 baking dish with parchment paper.
- Using a hand mixer, combine softened cream cheese and eggs in a large bowl. My cream cheese wasn't fully softened so it was a little chunky but it turned out just fine.
- Add parmesan cheese, Italian seasoning garlic powder, and onion powder to the large bowl mixture. Mix well.
- Fold in mozzarella cheese with a spatula.
- Spread mixture on lined baking dish evenly.
- Bake on middle rack for 20-25 minutes (I did 25) until golden brown.
- Let cool in the fridge for about 20 minutes and then cut crosswise into thirds. This will give you the perfect size "noodles" for a 8.5 x 4.5 inch loaf pan.
- Filling
- In a large pan, combine the ground beef, dried minced onions, basil, oregano, and garlic powder and cook over medium-high heat. Cook until meat is fully cooked and browned.
- Drain excess grease and add 1 cup of marinara sauce to the pan with meat. Reduce heat and simmer for 10 minutes.
- utting it all together
- Put 1/4 cup of marinara sauce into the 8.5 x 4.5 loaf pan and place the first noodle layer on top.
- Then layer 1/3 of the meat sauce on top of the noodle. Followed by 3 Tablespoons of ricotta cheese and 1/4 cup of mozzarella cheese. Add another noodle layer and follow these steps once more to create 2 full layers.
- Add last noodle and then the last of the meat sauce. Spread the last 1/4 cup of marinara sauce over the meat sauce and cover with last 1/4 cup of mozzarella cheese.
- Sprinkle the Italian season on top for seasoning.
- Just look at this side view of how thick and yummy this looks!
- Bake for about 20 minutes. You are supposed to let it rest for 10 minutes before serving (although we only waited about 5).
- I would like to give recipe credit the Craveable Keto Cookbook. That is where I got my inspiration. It is an amazing cookbook. It can be found here on Amazon.
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