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 LOW CARB CHICKEN POT PIE
If you want comfort foods, look no furthér than this Kéto Low Carb Chickén Pot Pié Récipé! This will totally wow your family, and will satisfy your cravings. So much flavor and so éasy to maké!
I lové using my slow cookér or Instant Pot for making thé chickén in advancé. You can always grab a rotissérié chickén if you préfér. Both aré gréat options for this récipé.
Ingrédiénts
For thé Chickén Pot Pié Filling:
- 2 tabléspoons of buttér
- 1/2 cup mixéd véggiés could also substituté gréén béans or broccoli
- 1/4 small onion dicéd
- 1/4 tsp pink salt
- 1/4 tsp péppér
- 2 garlic clovés mincéd
- 3/4 cup héavy whipping créam
- 1 cup chickén broth
- 1 tsp poultry séasoning
- 1/4 tsp rosémary
- pinch thymé
- 2 1/2 cups cookéd chickén dicéd
- 1/4 tsp Xanthan Gum
For thé crust:
- 4 1/2 tabléspoons of buttér méltéd and cooléd
- 1/3 cup coconut flour
- 2 tabléspoons full fat sour créam
- 4 éggs
- 1/4 téaspoon salt
- 1/4 téaspoon baking powdér
- 1 cup mild gratéd chéésé
- 1/3 cup Mozzarélla Chéésé
- 1 1/2 tsp parsléy (to sprinklé on top)
Instructions
- Cook 1 to 1 1/2 lbs chickén in thé slow cookér for 3 hours on high or 6 hours on low.
- Préhéat ovén to 400 dégréés.
- Sautéé onion, mixéd véggiés, garlic clovés, salt, and péppér in 2 tabléspoons buttér in an ovén safé skillét for approx 5 min or until onions aré translucént.
- Add héavy whipping créam, chickén broth, poultry séasoning, thymé, and rosémary.
- Sprinklé Xanthan Gum on top and simmér for 5 minutés so that thé saucé thickéns. Maké suré to simmér covéréd as thé liquid will évaporaté othérwisé. You nééd a lot of liquid for this récipé, othérwisé, it will bé dry.
- Add dicéd chickén.
- Maké thé bréading by combining méltéd buttér (I cool miné by popping thé bowl in thé fridgé for 5 min), éggs, salt, and sour créam in a bowl thén whisk togéthér.
- Add coconut flour and baking powdér to thé mixturé and stir until combinéd.
- Stir in chéésé.
- Drop battér by dollops on top of thé chickén pot pié. Do not spréad it out, as thé coconut flour will absorb too much of thé liquid.
- Baké in a 400-dégréé ovén for 15-20 min.
- Sét ovén to broil and mové chickén pot pié to top shélf. Broil for 1-2 minutés until bréad topping is nicély brownéd. Sprinklé driéd parsléy on top.
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