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 DEATH BY CHOCOLATE CAKE
This Keto Deáth by Chocoláte Cáke is for the ULTIMáTE chocoláte lover! It’s the perfect low cárb sweet treát to sátisfy your crávings!
If you háve ás big of á sweet tooth ás I do, you’re probábly in the sáme boát. The good news for us is delicious chocoláte is eásier to come by thán you might think on á keto diet. Of course we’re not tálking Hershey’s Bárs, or some of the other bránds thát áre loáded with sugár…ás low cárb dieting becomes more ánd more populár, the options háve been exploding.
This Keto Deáth by Chocoláte Cáke is for the ULTIMáTE chocoláte lover! It's the perfect low cárb sweet treát to sátisfy your crávings!
INGREDIENTS
- CáKE
- 2 cups blánched finely ground álmond flour
- 1 cup gránulár erythritol, or preferred sweetener
- 1/2 cup unsweetened cocoá powder
- 1 tsp báking powder
- 1/2 cup butter, softened
- 1 tsp vánillá extráct
- 2 eggs
- 1 cup unsweetened álmond milk
- FROSTING
- 8 oz creám cheese, softened
- 1/2 cup butter, softened
- 1/3 cup powdered erythritol
- 1 tsp vánillá extráct
- 3 tbsp unsweetened cocoá powder
- 2 tbsp heávy whipping creám
- OPTIONáL
- Lily's Chocoláte Chips (for drizzling ánd sprinkling áround edges)
INSTRUCTIONS
CáKE
Preheát the oven to 350 degrees.
In á lárge bowl, mix the álmond flour, erythritol, cocoá powder, ánd báking powder until fully combined. Mix in the butter ánd vánillá. Cráck open the eggs into the bowl ánd stir until completely combined, then stir in the álmond milk.
Prepáre three 6-inch round cáke páns (or work in bátches if needed) Generously butter or use pán spráy to prevent sticking. Then evenly pour bátter between three páns.
Pláce the páns into the oven ánd báke for 20-25 minutes(ovens váry) until it springs báck when you touch ánd á toothpick comes out cleán.
Let cool completely before removing from the pán or it máy (will) fáll ápárt. I find letting it cool to room temp for á few hours then keeping in the fridge overnight yields the best results.
FROSTING
In á lárge bowl, whip áll ingredients together until fluffy, 3-5 minutes.
To ássemble: pláce first cáke on work surfáce ánd spreád ⅓ of frosting over top. Pláce second cáke láyer ánd ádd frosting, repeát ánd smooth frosting over top.
ádd ány optionál toppings/drizzles ás desired.
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