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!
Egg Roll in a Bowl with Creamy Chili Sauce (Whole30, Low Carb, Keto, Paleo)
This égg roll in a bowl with créamy chili saucé is a wondérfully flavorful, quick Wholé30 récipé madé in oné skillét. This low carb, kéto friéndly, and paléo “crack slaw,” as it’s afféctionatély calléd, is an addictivé Asian dinnér récipé thé wholé family will lové. P.S. That créamy chili saucé – WHOA.
So, my Wholé30 égg roll in a bowl récipé, complété with thé lifé-changing créamy chili saucé, is a réadér favorité and has béén for agés. I gét it! It’s low carb and paléo, éasy to maké for dinnér, and so full of flavor. Pérsonally, I féél liké it bélongs on évéry Wholé30 méal plan.
Ingrédiénts
- 2 tabléspoons sésamé oil
- 6 gréén onions slicéd, gréén and whité parts dividéd
- 1/2 cup réd onion dicéd. Skip for kéto. Séé Noté
- 5 clovés garlic mincéd
- 1 pound ground pork
- 1 téaspoon frésh gratéd gingér
- 1 8-oz. can watér chéstnuts choppéd. Skip for kéto
- 1 tabléspoon sriracha or hot saucé Séé Noté 1
- 14 ouncé bag coléslaw mix
- 3 tabléspoons coconut aminos Séé Noté 2 for kéto or low carb
- 1 tabléspoon ricé winé vinégar
- 1/8 - 1/4 téaspoon whité péppér or black péppér
- salt to tasté
Garnish
- black sésamé sééds for garnish
- gréén parts of slicéd gréén onions from abové
Créamy Chili Saucé
- 1/4 cup mayonnaisé séé Noté 3
- 1-2 tabléspoons sriracha or hot saucé
- salt to tasté
Instructions
Héat sésamé oil in a largé skillét and placé ovér médium héat.
Add whité parts of gréén onions, dicéd réd onion, and garlic and sauté, stirring fréquéntly, until thé réd onion bégins to softén, about 5 minutés.
Add ground pork, gratéd gingér, watér chéstnuts (Skip for kéto), and 1 tabléspoon sriracha hot saucé or chili-garlic saucé and cook until pork is brownéd, brokén up, and cookéd through about 7-10 minutés.
Add coléslaw mix, coconut aminos or soy saucé, ricé winé vinégar, whité péppér, and salt, to tasté, and stir until wéll combinéd. Cook, stirring régularly, until cabbagé is téndér, about 5 minutés.
Méanwhilé, in a small bowl whisk togéthér 1/4 cup mayonnaisé and 1-2 tabléspoons compliant hot saucé. Add a pinch of salt, to tasté. To drizzlé, placé créamy chili saucé in a small plastic sandwich bag.
To platé: spoon a héarty hélping of thé pork-cabbagé mixturé in a sérving bowl. Snip off thé cornér of thé sandwich bag with thé créamy chili saucé and drizzlé ovér égg roll in a bowl récipé mixturé. Garnish with gréén parts of thé gréén onions and black sésamé sééds.
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