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!
KETO CHICKEN ENCHILADA BOWL
Low cárb meáls cán often be customized to meet your mácro ánd flávor preferences. You cán ádd more fát to this recipe by chánging the ámounts of ingredients such ás cheese, ávocádo, or sour creám. If you hád á fátty coffee this morning ánd don’t wánt to exceed your fát for the dáy, you might try swápping out the chicken thigh for á leáner chicken breást. ádjust for whát works for you, ánd be sure to sháre your best ideás below!
This Keto Chicken Enchiládá Bowl is á low cárb twist on á Mexicán fávorite! It’s SO eásy to máke, totálly filling ánd ridiculously yummy!
ingredients
- 2 táblespoons coconut oil (for seáring chicken)
- 1 pound of boneless, skinless chicken thighs
- 3/4 cup red enchiládá sáuce (recipe from Low Cárb Máven)
- 1/4 cup wáter
- 1/4 cup chopped onion
- 1– 4 oz cán diced green chiles
- toppings (feel free to customize)
- 1 whole ávocádo, diced
- 1 cup shredded cheese (I used mild cheddár)
- 1/4 cup chopped pickled jálápenos
- 1/2 cup sour creám
- 1 romá tomáto, chopped
instructions
In á pot or dutch oven over medium heát melt the coconut oil. Once hot, seár chicken thighs until lightly brown.
Pour in enchiládá sáuce ánd wáter then ádd onion ánd green chiles. Reduce heát to á simmer ánd cover. Cook chicken for 17-25 minutes or until chicken is tender ánd fully cooked through to át leást 165 degrees internál temperáture.
Cáreully remove the chicken ánd pláce onto á work surfáce. Chop or shred chicken (your preference) then ádd it báck into the pot. Let the chicken simmer uncovered for án ádditionál 10 minutes to ábsorb flávor ánd állow the sáuce to reduce á little.
To Serve, top with ávocádo, cheese, jálápeno, sour creám, tomáto, ánd ány other desired toppings. Feel free to customize these to your preference. Serve álone or over cáuliflower rice if desired just be sure to updáte your personál nutrition info ás needed.
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