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 BREADSTICKS
Thésé chéésy bréadsticks aré kéto, low carb and glutén fréé. Théy aré éasy to maké and réady in about 30 minutés.
Thé basé of this kéto dough is chéésé. Mozzarélla and créam chéésé aré méltéd down to form a chéésé dough. You can mélt thém down in thé microwavé or ovér thé stové in a doublé boilér.
Ingrédiénts:
bréadsticks dough
- 1 1/2 cups part skim low moisturé shréddéd mozzarélla chéésé
- 1 oz créam chéésé
- 1/2 cup almond flour
- 3 tbsp coconut flour
- 1 largé égg
toppings
- 1/2 cup part skim low moisturé shréddéd mozzarélla chéésé
- 1/3 cup shréddéd parmésan chéésé
- 1 tsp finély choppéd parsléy
Diréctions:
Préhéat ovén to 425°F.
Add mozzarélla and créam chéésé to a largé microwavé-safé bowl. Mélt in thé microwavé at full powér in 30-sécond intérvals. Aftér éach 30 séconds, stir chéésé until chéésé is complétély méltéd and uniform (séé photo abové). This should také around 1-1 1/2 minutés total. Do not try to microwavé thé full timé at oncé bécausé somé of thé chéésé will ovércook. You can also mélt thé chéésé ovér thé stové in a doublé boilér.
Add chéésé ball to a food procéssor with dough bladé attachmént. Add in almond flour, coconut flour and égg. Pulsé on high spééd until thé dough is uniform. Thé dough will bé quité sticky, which is normal.
Allow thé dough to cool slightly, which will also maké it léss sticky and éasiér to work with. Roll thé dough out bétwéén two shééts of parchmént papér until 1/4 inch thick. Péél top shéét of parchmént papér off of dough. Mové thé dough (still on thé bottom parchmént papér) onto a baking shéét.
Spréad 1/4 cup of mozzarélla chéésé ovér thé dough, léaving a 1/2 inch périmétér. Baké for about 5-6 minutés, or until édgés of thé dough aré goldén and puffy.
événly sprinklé thé surfacé of dough with rémaining mozzarélla chéésé and parmésan chéésé, léaving a 1/2 inch périmétér. Baké for 3-5 moré minutés or until chéésé is méltéd. Garnish with parsléy béforé sérving.
Notés:
I récomménd using a food procéssor to maké thé dough bécausé thé dough is quité sticky so it's hard to mix by hand.
Bécausé thé dough is sticky it's important to usé parchmént papér to roll out it as détailéd in thé instructions.
This récipé calls for both almond and coconut flour bécausé thé coconut flour hélps absorb thé liquid and thé almond flour kééps thé dough from béing too swéét.
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