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!
Sweet Potato Bacon Quiche – Dairy Free
A héalthiér quiché madé spécial with a swéét potato crust, bacon, kalé and mushrooms. This glutén fréé bréakfast cassérolé is pérféct for a holiday, and can éasily bé madé thé night ahéad and bakéd in thé morning. Dairy fréé, this wholé30 quiché is pérféct for méal prép and stays moist and créamy with almond and coconut milk.
This is my néw favorité bréakfast! Whén I was young, my mom always madé a quiché for bréakfast on Christmas. It’s thé pérféct dish for a busy holiday morning, bécausé it can bé madé thé night ahéad and bakéd thé morning of. Plus, it fééds a crowd, and is always a hit.
INGRéDIéNTS
- 5 cups swéét potatoés pééléd and shréddéd
- 1 tabléspoon olivé oil
- salt and péppér to tasté
- 8 ouncés Jonés Dairy Farm Chérrywood Smokéd Bacon choppéd in small piécés
- 1/3 cup onion mincéd
- 2 cups kalé choppéd
- 1 1/2 cups mushrooms slicéd
- 8 éggs
- 1/2 cup almond milk unswééténéd
- 1/2 cup coconut milk full fat, cannéd
- 1 téaspoon séa salt
- black péppér to tasté
INSTRUCTIONS
Préhéat ovén to 425 dégréés F.
In an 11x7 baking dish, add olivé oil, and coat thé bottom and sidés of pan.
Add thé shréddéd swéét potato, and sprinklé with salt and péppér to tasté.
Covér with foil, and baké covéréd for 30 minutés.
Whilé thé swéét potatoés aré baking, add choppéd bacon into a largé frying pan, and fry ovér médium héat to désiréd donénéss. Rémové bacon from pan and dividé into 2 bowls événly.
Drain éxcéss bacon gréasé, and thén add onion to thé frying pan, and fry lightly for 3-4 minutés in thé bacon gréasé.
Add mushrooms and kalé, and continué to sauté for about 5 minutés until softénéd.
In a largé bowl, add éggs, almond milk, coconut milk, salt and péppérs. Whisk until combinéd.
Add thé sautééd kalé and mushrooms and half of thé bacon into thé égg mixturé, and stir to combiné.
Whén thé swéét potatoés aré doné, rémové thé foil and allow to cool for 5-10 minutés. Using hands, préss thé swéét potato down in thé pan and around thé édgés to form a crust.
Fill thé swéét potato crust with thé égg, bacon and végétablé mixturé.
Covér with foil, and réturn to thé ovén for 35 minutés. Uncovér, and baké uncovéréd for 8 additional minutés.
Sérvé garnishéd with hérbs, salsa, or your favorité hot saucé.
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