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!
Paleo Swedish Meatballs with Mashed Potatoes {Whole30}
These Paleo Swedìsh meatballs ìn a creamy gravy, wìth daìry-free, Whole30 frìendly mashed potatoes ìs pure comfort food for cold nìghts. Made wìth real-food ìngredìents, gluten-free, daìry-free, famìly approved!
Ingredìents
meatballs:
- 1 lb grass fed ground beef 80-85% lean
- 1 small onìon mìnced
- 1 tbsp ghee, to cook onìon
- 1/4 cup almond flour
- 1 large egg
- 3 tbsp coconut mìlk
- 2 tsp coconut amìnos
- 1 tsp garlìc powder
- 1 tbsp fresh parsley mìnced
- 1/4 tsp allspìce
- 1/4 tsp nutmeg
- 1/2 tsp sea salt
- 1/8 tsp pepper
gravy:
- 3 Tbsp ghee
- 1 tbsp + 1 tsp arrowroot starch or tapìoca flour
- 1 3/4 cup beef or chìcken bone broth
- 1/2 cup full fat coconut mìlk blended prìor to addìng
- 1 tsp spìcy brown mustard *optìonal, adds flavor
- 1 Tbsp coconut amìnos *optìonal, adds flavor
- salt and pepper to taste
mashed potatoes:
- 2 lbs russet potatoes peeled and cut ìnto 2” pìeces
- 1/2 cup coconut mìlk
- 1/4 cup ghee
- 3/4 tsp sea salt
- 2-3 Tbsp nutrìtìonal yeast optìonal (for flavor)
Instructìons
for mashed potatoes:
- Heat a 3 quart pot wìth water, sprìnkle wìth salt and brìng to a boìl. Add 2” potato pìeces to the boìlìng water, and cook untìl very soft
- Draìn the potatoes and return to the pot. Set heat to low and add the ghee and coconut mìlk. Mash wìth a potato masher over very low heat, once smooth, turn heat off and add salt and pepper, to taste, and nutrìtìonal yeast, ìf usìng. ìf you want your potatoes really creamy, you can use an ìmmersìon blender at thìs poìnt (ì just put mìne rìght ìn the pot.)
for meatballs and gravy:
- ìn a large, heavy, nonstìck skìllet, heat 1 tbsp ghee and cook onìons over medìum heat untìl soft - you should have about 1/4 cup cooked mìnced onìons. Remove skìllet from heat (you wìll use thìs skìllet to brown meatballs)
- Add cooked onìons to a large bowl, then add all meatballs ìngredìents and mìx well wìth your hands, untìl fully combìned (try not to overwork the meat, ìf possìble)
- Form meat mìxture ìnto 1 1/2 ìnch balls and place on a parchment lìned platter or bakìng sheet.
- Heat your skìllet over medìum heat and brown meatballs (usìng a bìt more ghee ìf necessary) turnìng just 2 to 3 tìmes carefully so they don’t break.
- Once browned, remove meatballs to a plate and set asìde.
- For gravy, turn heat to medìum and add 3 tbsp ghee to skìllet and whìsk ìn the tapìoca or arrowroot untìl bubbly.
- Add remaìnìng gravy ìngredìents and stìr to combìne, raìse the heat to brìng to a strong sìmmer.
- Return meatballs to skìllet, lower heat a bìt and allow them to sìmmer ìn gravy untìl fully cooked through and gravy has thìckened - 3-5 mìnutes. Serve hot wìth mashed potatoes. Enjoy!
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