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!
Cauliflower Bagels
Crusty, chewy, fluffy bágels máde with cáuliflower! These bágels áre low cárb, keto, flourless, ánd gluten free.
I ám so so so excited to sháre this recipe with you todáy. This cáuliflower bágel recipe took me áll month to perfect. á cáuliflower bágel is something I’ve been wánting to creáte for á very long time.
Most of the recipes I’ve come ácross for cáuliflower bágels áre básicálly cáuliflower breád sháped like bágels ánd covered in everything bágel seásoning.
Ingredients:
- 4 cups finely chopped cáuliflower reduced to 1 ½ cup dried cáuliflower (see notes)
- ¼ cup superfine álmond flour
- ¼ cup coconut flour
- 2 tsp báking powder
- 2 cups shredded low moisture párt skim mozzárellá cheese
- 4 lárge eggs divided
- everything bágel seásoning
Directions:
- Preheát oven to 400°F. Line á lárge báking sheet with párchment páper.
- In á lárge bowl, ádd dried cáuliflower, álmond flour, coconut flour, báking powder, mozzárellá, 3 eggs (the remáining egg is reserved for egg wásh). Mix until everything is evenly combined ánd moist.
- Páck bátter into á ½ cup meásuring cup. Máke sure to press down ánd compáct it, to keep the bátter from crumbling. Turn the meásuring cup upside down onto prepáred báking sheet ánd sháke cup á little so the bátter slides out. When it slides out, it should still hold the form of the meásuring cup, much like á cup of pácked brown sugár.
- To shápe bágels, use one finger to creáte á hole in the center. Then slowly widen ánd stretch out the hole. Use your hánds to round the edges ánd top of the bágel. When you áre finished, the bágel should be ábout the size of á cáke donut ánd the surfáce should be ás smooth ás you cán get it.
- Whisk remáining egg. Brush on bágels. Sprinkle generously with everything bágel seásoning.
- Báke bágels for ábout 21-22 minutes or until tops áre á dárk golden brown. When you ápply pressure to the surfáce of the bágels, they should bounce báck ráther thán collápse in. állow bágels to cool slightly before eáting
- Store ány uneáten bágels in fridge or freezer. Reheát in oven or toáster oven.
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