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!
Ultimate Keto Crème Brûlée
I first met with crème brûlée (a.k.a. burnt cream) almost 10 years ago when traveling through France. After a nice dinner that included fish of some kind, I wished for a dessert that would be vanilla flavored, as I’d always been quite crazy about vanilla (nothing wrong with chocolate, though). So the last page of the menu offered exactly the thing for me. And what a dessert it was! I would never really get it out of my mind … A couple of years would pass before I tried making my own homemade version. For too long I’d thought it would be too complicated to prepare it myself … Turned out, it really wasn’t.
One dish comes out to be 320 Calories, 31.4 g Fat, 3.9 g Net Carbs, and 3.9 g Protein.Calories from fat: 88%.
INGREDIENTS
- Creme
- 2 cups heavy cream
- 5 egg yolks
- 6 tbsp erythritol (I used Sukrin)
- 1 pinch salt
- 1 vanilla bean (whole)
- Topping
- 3 tbsp erythritol (powdered)
INSTRUCTIONS
- Preheat the oven to 320°F (160°C). Place 6 baking dishes in a large roasting pan. Bring a pot of water to a boil.
- In a medium saucepan, combine cream and 3 tbsp of erythritol.
- Split vanilla bean lengthwise. Scrape its seeds into the saucepan, then add the pod. Heat gently on medium temperature just until the mixture starts to bubble a little (around 7 minutes).
- In the meantime, whisk the egg yolks with remaining erythritol and salt. Use a large mixing bowl and an electric mixer. Mix until the mixture gets pale yellow.
- Start adding the hot cream mixture into the yolk mixture. It might be best to use ladle. You want to prevent the eggs from curdling, that’s why you need add only a small amount of cream at first, and whisk to combine. Next, add two ladles of cream mixture, one at a time, and whisk after each addition. Continue in the same manner, until you mix in all the remaining cream mixture.
- Strain through a fine sieve into a large cup. You want to get rid of the vanilla pod and any bits of cooked egg, but try to force the vanilla seeds through the sieve.
- Pour custard into baking dishes. Place the roasting pan in the oven.
- Pour enough boiling water in the pan to come halfway up the sides of the dishes.
- Bake until custards are set (around 35 minutes). When shaken, they should tremble slightly in the middle. Don’t let them get too firm.
- Remove dishes from hot water and let them cool on a wired rack for up to 30 minutes. Then, cover them with a foil and place them in the fridge for at least 2 hours (overnight is best).
- Before serving, sprinkle about ½ tbsp of powdered erythritol over each creme brulee. Use a blow torch to caramelise it. Erythritol will not caramelise as well as sugar, but it will do the job well enough to offer a similarly crispy experience.
- If you don’t own a torch, you can use a broiler, but watch really closely for when the topping is melted. It is advised that you put the creme brulees in a freezer for 15 minutes prior to caramelising, to make sure the custards remain cold after “bruleeing.”
- Let the creme brulee sit for a couple of minutes before serving. Enjoy every bit of it!
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