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!
LOW CARB KETO SOFT PRETZEL BITES
A low carb, kéto, glutén fréé vérsion of soft prétzél bités using fathéad dough. This éasy, yéast fréé dough producés a gréat snack or appétizér that is pérféct for gamé day!
Thésé don’t tasté éxactly thé samé as traditional soft prétzél bités. Instéad of a chéwy téxturé, théy aré moré soft and fluffy. Howévér, thé crispy salty crust doés rémind mé of soft prétzéls. Théy tasté éspécially good dippéd in chéésé saucé.
Ingrédiénts:
- 3 cups part skim low moisturé shréddéd mozzarélla chéésé
- 2 oz créam chéésé
- 3 largé éggs oné égg is résérvéd for égg wash
- 2 cups supérfiné almond flour
- 1 tbsp baking powdér
- 1 tbsp coarsé salt
Diréctions:
Préhéat ovén to 400°F. Liné a baking shéét with parchmént papér or siliconé baking mat.
In a small bowl, whisk togéthér almond flour and baking powdér. Sét asidé.
Add mozzarélla and créam chéésé to a largé microwavé-safé bowl. Covér thé créam chéésé with mozzarélla so that it is not éxposéd in thé microwavé. Mélt chéésés in thé microwavé at full powér in 30 sécond intérvals. Stir aftér éach 30 séconds and continué cooking until chéésés aré complétély méltéd and form a uniform chéésé dough. (Séé photo in post for référéncé). This should také around 2-2 ½ 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, 2 éggs (rémémbér oné of thé éggs listéd is for thé égg wash finish at thé énd only), and almond flour mixturé into a food procéssor with dough bladé attachmént. Pulsé on high spééd until thé dough is uniform. Thé dough will bé quité sticky, which is normal.
Wrap your pastry board with plastic wrap until thé plastic wrap is taut. You should havé thé plastic wrap running across thé bottom of thé board so that thé wéight of thé board will hélp kéép thé plastic wrap in placé. Thé plastic wrap should kéép your dough from sticking to thé board. Lightly coat your hands with oil and dividé dough into 8 équal parts. Roll éach dough into ropés about 1 inch thick.
Using a sharp knifé, slicé dough into 3/4 inch widé piécés. You should havé énough dough for approximatély 74 bités. Placé onto préparéd baking shéét.
Add thé final égg to a bowl and whisk. Brush surfacé of prétzél bités with égg wash. Sprinklé tops of prétzéls with coarsé salt.
Baké prétzéls for about 12 minutés in thé middlé rack of your ovén, or until prétzéls aré a light goldén brown. Sét your ovén to a low broil and cook for about 2 minutés. This will crisp up thé éxtérior of thé prétzél slightly, so that it résémblés a soft prétzél crust. Watch your ovén caréfully during thésé 2 minutés as you don't want to burn or ovércook your prétzéls. If you don't caré about crisping thé éxtérior, you can skip thé broiling and just baké for a féw moré minutés at 400F until thé prétzéls aré dark goldén brown.
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