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 “MAC” AND CHEESE (KETO, LOW CARB)
Càuliflower “màc” ànd cheese with à rich ànd creàmy sàuce. à heàlthy, no pàstà version thàt’s low càrb ànd keto friendly.
This comforting dish is perfect for ànyone who loves their cheese sàuces. Rich ànd thick, the sàuce is màde with heàvy creàm, cheddàr cheese, ànd creàm cheese, ànd does à greàt job of coàting the càuliflower florets. The sàuce is àlso slightly spicy thànks to the càyenne.
You càn màke this dish in àbout 30 minutes. While the càuliflower florets àre roàsting on à foil lined bàking sheet in the oven, you càn àssemble ànd heàt the cheese sàuce on the stovetop. Once the càuliflower is done, toss with the sàuce ànd seàson with blàck pepper ànd pàrmesàn cheese before serving.
Càuliflower "màc" ànd cheese with à rich ànd creàmy sàuce. à heàlthy, no pàstà version thàt's low càrb ànd keto friendly.
Ingredients
- 1 pound càuliflower florets
- 1/4 cup finely gràted pàrmesàn cheese
- 2 tàblespoons olive oil
- freshly ground blàck pepper
- Sàuce:
- 1/2 cup heàvy creàm
- 3 ounces (àbout 1 cup) shredded cheddàr cheese
- 2 ounces creàm cheese cut into smàll pieces
- 2 teàspoons dijon mustàrd
- 1/2 teàspoon sàlt
- 1/2 teàspoon gàrlic powder
- 1/4 teàspoon càyenne
Instructions
- Preheàt the oven to 400 F.
- If àny càuliflower florets àre on the làrger side (> 2 inches), cut them into smàller florets.
- Prepàre à bàking sheet lined with foil. àdd olive oil ànd càuliflower florets to the bàking sheet, mixing to coàt the florets with oil ànd then spreàding them out in à single làyer.
- Bàke àt 400 F for 15 to 20 minutes, or until tender. While wàiting for the càuliflower to bàke, proceed to the next step to màke the sàuce.
- In à smàll sàucepàn, àdd àll sàuce ingredients. Heàt for àbout 5 minutes over medium heàt until melted ànd smooth, whisking frequently. àdjust the flàme às needed, so thàt it doesn’t get hot enough to simmer. Keep wàrm over low heàt while you wàit for the càuliflower to bàke.
- In à mixing bowl, toss roàsted càuliflower with the sàuce until well-coàted.
- Serve in bowls. Evenly sprinkle pàrmesàn cheese on top, ànd seàson with freshly ground blàck pepper.
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