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!
Cacao butter keto blondies
Seriously. If I didn’t care about the carbs that white chocolate (even the sugar-free version) is full of, I’d make white chocolate brownies. Instead, my keto alternative is cacao butter keto blondies. Without the cacao, I’ve never enjoyed any version of blondies. In fact, I have made á dozen versions of this recipe just to find the perfect combination of ingredients. And I do warn you; this recipe might be something for you to fall in love with. Because every version I’ve prepared turned out beyond delicious. I tell you, the cacao butter is the ingredient to blame.
INGREDIENTS
- for making THE PRIMAL KETO BLONDIES use:
- 6 tbsp. cacao butter 3 oz.
- 2 tbsp. butter unsalted, room temperature
- 1 tsp. baking powder or 1/2 t. cream of tartar + 1/4 t. baking soda
- 6 tbsp. erythritol preferably powdered
- for making THE FUDGY KETO BLODIES alternative, use:
- 6 tbsp. cacao butter 3 oz.
- 2 tbsp. coconut oil 1 oz., soft, room temperature
- 1/2 tsp. cream of tartar
- 1/4 cup erythritol preferably powdered
- in BOTH VERSIONS use:
- 1 dash salt
- 2 large eggs room temperature
- 1 pinch stevia extract
- 1 tsp. vanilla extract
- 1 tsp. vanilla bean seeds
- 2 tbsp. coconut cream
- 1/4 cup almond flour
- 2.5 tbsp. coconut flour
- 1/2 oz. dark chocolate chopped
- 2 tbsp. walnuts or any nuts or chia optional
INSTRUCTIONS
- Preheat the oven to 360°F (180°C) and line an 8" square baking pan with some parchment paper. Next, measure out all of the ingredients.
- Put cacao butter into á microwave-safe bowl. Let it melt in á microwave for á minute and á half. Stir the butter until there are no lumps left. If needed, microwave for another minute or so. Set aside to cool. When cooled, stir in the butter OR coconut oil.
- Using á hand electric mixer, mix the eggs, erythritol, vanilla bean seeds, salt, and vanilla extract for á couple of minutes. Add the coconut cream and mix again.
- Pour in the cooled butter and mix until the mixture gets denser. Depending on the temperature of the ingredients, the density might vary from almost liquid to creamy. Try to have all the ingredients at room temperature.
- Sieve and combine the two flours and baing soda or cream of tartar. Add this flour mixture to the cream and combine well with á rubber spatula. Add the chopped chocolate and stir well again.
- Optional: You can add 2 tablespoons of ground walnuts (or any type of nuts) or chia seeds (suggestion: add á tsp. of lemon zest as well). Either add them to the chopped chocolate or use solo. Combine using á spatula.
- Put the mixture into the prepared baking pan and spread it out evenly using á spatula.
- Put in the oven and bake for 20 minutes. After this time, the toothpick will be clean when inserted into the center, but the blondies will remain somewhat juicy in the middle. Don’t over-bake.
- When done baking, take the whole batch out of the pan together with the parchment paper and let it cool down. When cooled, cut into 20 more or less equal size blondies.
- These are best served the next day, just leave them out on the counter
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