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!
KETO CINNAMON ROLLS (SUGAR FREE, LOW CARB).
Soft, chewy, fluffy Keto Cinnamon Rolls, made with the famous fat head dough. They are sugar free, grain free, gluten free and only 1.3 net carbs per roll.
My dear sugar free and low carb friends, I have tried many versions of healthified (meaning: no-wheat, no-yeast, no-grains, no-sugar) cinnamon rolls using grain free flours such as almond or coconut flour. They all taste great, but their texture is either too cakey or crumbly to truly resemble the original, badass cinnamon rolls of my youth.
Soft, chewy, fluffy Keto Cinnamon Rolls! A delicious tea-time treat, these rolls are made with the famous fat head dough. They are sugar free, grain free, gluten free and only 1.3 net carbs per roll.
Ingredients
- 175 g shredded mozzarella (see notes!) (1 1/2 cups)
- 80 g almond flour (3/4 cup) extra fine works best
- 2 tbsp cream cheese
- 1 egg room temperature
- 1/2 tsp baking powder
- For the filling:
- 2 tbsp water
- 2 tbsp Sukrin Gold or another granulated sweetener
- 2 tsp cinnamon
For the frosting:
- 2 tbsp cream cheese
- 1 tbsp greek/full fat yoghurt
- 2 drops vanilla stevia
Instructions
- Pre-heat oven to 180 Celsius/360 Fahrenheit.
- Melt the mozzarella and cream cheese in a non-stick pot over a low heat or in a microwave (1 1/2 minutes, stirring half way through). Take off the stove and/or make sure the cheese is melted, but not bubbling.
- Stir in the egg.
- Now add the almond flour and baking powder. Start to combine using a fork, then use your hands to make a ball of smooth dough. This can be easier if you lightly oil your hands first.
- Divide the dough into 6 balls of ca 50g each.
- Form long rolls (ca 40cm), then flatten out with your hands. Make the dough as thin as you can.
- Prepare your cinnamon filling: boil water, then stir in the sweetener and cinnamon.
- Spread the cinnamon paste over the flattened dough rolls.
- Roll each into a bun and cut sideways in half.
- Now you have 12 buns which you place on a non-stick baking sheet or in a pie dish.
- Bake for ca 20 minutes.
- While the rolls are in the oven, prepare the frosting: Mix cream cheese, yoghurt and stevia.
- Spread over the warm rolls and serve
Recipe Notes
This recipe works best with pre-shredded mozzarella from the supermarket. Fresh mozzarella contains too much liquid and is too runny.
The dough is a bit tricky to work with. Do oil your hands if you find it too sticky. If it cools down too much, just warm it back up to make it easier to handle.
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