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!
Cauliflower Pizza Crust
Make delicious and healthy pizza crust from cauliflower! Low calorie and gluten free.
This sort of recipe is one of those ones that is in my opinion, all about the toppings. If you taste the crust by itself, it’s okay, but what makes it taste great is adding on delicious toppings, and then it becomes a really low-cal carrier for all of that deliciousness. So I do recommend using pizza sauce and flavorful toppings!
Make delicious and healthy pizza crust from cauliflower! Low calorie and gluten free.
Ingredients
- 2 1/2 cups grated or ground cauliflower (use a food processor or cheese grater)
- 1/2 teaspoon dried basil
- 1/2 teaspoon dried oregano
- 1/2 teaspoon garlic powder
- 1/4 cup shredded Parmesan cheese
- 1/4 cup mozzarella cheese
- kosher salt
- 1 egg, slightly beaten
Instructions
- Preheat oven to 425.
- Place cauliflower in a heat-safe bowl and cover with plastic wrap with a few holes to vent. Microwave for 4 minutes, remove plastic, and stir to cool it off a little. Place cauliflower in a fine mesh strainer and use a rubber spatula to press cauliflower against strainer, pushing out any liquid. Use several paper towels and press down to absorb more liquid. You could also ring it out in a clean, dry tea towel.
- Place cauliflower in a bowl and fluff with a fork. Add basil, oregano, garlic, Parmesan, and mozzarella. Mix well and taste. Add salt to taste (I find depending on the saltiness of my Parmesan, I need a few pinches of salt). Add egg and stir to blend completely.
- Press mixture out onto a baking sheet lined with parchment paper that's been sprayed with non-stick spray (I've found parchment produces better results that a silicone baking sheet). Press out to about 1/4 inch or slightly thicker. Keep mixture tight together and in an even layer. You can bake one large pizza or multiple smaller ones.
- Place pan in oven and bake until golden brown. My pizzas tend to vary in time so sight is the best indicator. Generally 15-20 minutes is a good time frame, and it should be starting to brown on top. Remove from oven, top with desired toppings, and return to oven to melt cheese, etc. Let rest for a couple of minutes and then slice and serve.
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