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 Chile Relleno Casserole
This low carb chile relleno casserole will help you satisfy your Mexican food craving while watching your carb intake. This recipe calls for either canned or fresh peppers (whichever you have). I used diced green chiles because I had them in my pantry. I have also made this low carb casserole with fresh poblano peppers and they were awesome! I roasted them in the oven then let them steam and they were easily peeled. Also, I have made this with and without the ground beef and it’s great either way.
Enjoy this easy Low Carb Chile Relleno Casserole with no guilt! Ground beef and lots of peppers and cheese make for a satisfying meal.
Ingredients
- 1/2 lb ground beef, lean
- 1/2 cup onions, diced
- 8 oz diced or whole roasted chiles or 2 fresh poblanos, roasted and peeled
- 1 cup sharp cheddar cheese, shredded
- 1/2 cup monterey jack cheese, shredded
- 2 eggs
- 3/4 cup milk
- 2 Tbsp flour
- 3/4 tsp cumin
- 1/4 tsp salt
- 1/8 tsp pepper
Instructions
- Preheat oven to 375 degrees.
- Brown ground beef with onion and sprinkle with salt and pepper as desired.
- In an 8 X 8 oven proof baking dish, layer chiles. Next add layer of ground beef onion mixture. Next add layer of cheddar and monterey jack cheese.
- Whisk together remaining ingredients then pour over casserole. Bake in preheated oven for 20 minutes or until mixture is set and cheese is golden and bubbly.
- Serve immediately with salsa and sour cream if desired.
Nutrition Facts
Low Carb Chile Relleno Casserole
Amount Per Serving
Calories 360Calories from Fat 207
% Daily Value*
Total Fat 23g35%
Saturated Fat 12g60%
Cholesterol 165mg55%
Sodium 488mg20%
Potassium 440mg13%
Total Carbohydrates 10g3%
Dietary Fiber 1g4%
Sugars 4g
Protein 27g54%
Vitamin A15.9%
Vitamin C57.1%
Calcium39.4%
Iron14.2%
* Percent Daily Values are based on a 2000 calorie diet.
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