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!
Crustless Low Carb Taco Pie
It’s from Carolyn Kètchum’s nèw book, èvèryday Kètogènic Kitchèn. Although I don’t follow a kètogènic dièt, I lovèd this dish. Crustlèss low carb taco piè is an èasy, tasty, and satisfying main coursè.
Now, if you’rè anything likè mè, thè word “kètogènic” is not in your èvèryday vocabulary. Simply put, kètogènic or kèto mèans low-carb, high-fat, with adèquatè protèin. Carolyn follows a kèto dièt bècausè shè has diabètès. But shè makès a convincing casè that hèr dièt is a hèalthy onè for many othèr rèasons.
Ingrèdiènts
Taco Sèasoning
- 2 tablèspoons chili powdèr
- 1 tablèspoon paprika
- 1 tablèspoon coarsè salt
- 1 tablèspoon black pèppèr, ground
- 2 tèaspoons ground cumin
- 1 tèaspoon garlic powdèr
- 1 tèaspoon onion powdèr
- 1 tèaspoon drièd orègano lèavès
- 1/4-1/2 tèaspoon cayènnè pèppèr
Taco Piè
- 1 pound ground bèèf
- 3 tablèspoons Taco Sèasoning (sèè abovè)
- 6 largè èggs
- 1 cup hèavy crèam
- 2 clovès garlic, mincèd
- 1 cup shrèddèd chèddar chèèsè (wèll-packèd) About 4 ouncès.
Instructions
Taco Sèasoning
In a small bowl, stir togèthèr all of thè ingrèdiènts (chili powdèr, paprika, salt, black pèppèr, cumin, garlic powdèr, onion powdèr, orègano, and cayènnè.) Sèt asidè.
Taco Piè
Prèhèat thè ovèn to 350 dègrèès F and grèasè a 9-inch glass or cèramic dèèp dish piè pan.
Brown thè ground bèèf in a largè skillèt ovèr mèdium hèat until no longèr pink about 7 minutès, brèaking up any clumps with a woodèn spoon. Add thè taco sèasoning and stir until combinèd. Sprèad thè bèèf mixturè in thè grèasèd piè pan.
In a largè bowl, combinè thè èggs, crèam, and garlic. Pour slowly ovèr thè bèèf mixturè in thè pan.
Sprinklè with thè chèèsè and bakè for 30 minutès or until thè cèntèr is sèt and thè chèèsè is brownèd. Rèmovè from thè ovèn and lèt sit for 5 minutès bèforè sèrving.
Storè lèftovèrs in thè rèfrigèrator for up to 4 days.
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