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 CARROT CAKE WITH CREAM CHEESE FROSTING
This recipe for Keto Carrot Cake with Cream Cheese Frosting is the PERFECT spring time dessert. With only 1 net carb per slice it’s a great, low carb alternative to traditional carrot cakes. Serve it as is – or toss in some chopped pecans for some extra crunch!
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Despite the snow that we have been getting this week here in southern Indiana – it is officially spring time! This carrot cake is perfect for springtime gatherings such as Easter or mothers day and with the carbs super low, it would also be a great anytime treat!
This recipe for Keto Carrot Cake with Cream Cheese Frosting is the PERFECT spring time dessert. With only 1 net carb per slice it's a great, low carb alternative to traditional carrot cakes. Serve it as is - or toss in some chopped pecans for some extra crunch!
Ingredients
For the cake:
- 1/2 cup erythritol (granular or confectioners)
- 5 tbsp butter softened
- 4 large eggs
- 2 tbsp unsweetened almond milk
- 1 tsp vanilla
- 1 1/2 cups Almond flour
- 2 tbsp coconut flour
- 1 tbsp baking powder
- 1 1/2 tsp ground cinnamon
- 1/4 tsp ground allspice
- 1/2 cup carrot (about 1 large carrot) finely grated
For Cream Cheese Frosting:
- 4 oz cream cheese softened
- 2 tbsp butter softened
- 1 tsp vanilla
- 1 tbsp heavy cream
- 1/4 cup confectioners erythritol
Instructions
For the Cake:
- Preheat the oven to 350 degrees F. Line the bottom of a 9" cake pan with parchment paper and spray with non-stick cooking spray.
- In a large bowl, beat together the erythritol and butter until fluffy.
- Beat the eggs in, then the almond milk and vanilla.
- Next, beat in the almond flour, coconut flour, baking powder and spices.
- Fold in the shredded carrot and mix just until it is well integrated into the batter.
- Transfer to prepared pan and bake for 18-25 minutes or until a toothpick inserted into the center of the cake comes out clean.
- Allow to cool completely before frosting.
For Cream Cheese Frosting:
In a medium bowl, beat the butter and cream cheese until smooth and uniform. Add the erythritol and vanilla and continue mixing. Add the heavy cream and stir until you have a smooth frosting. Add more heavy cream 1/2 tbsp at a time if your frosting is too thick.
Nutrition Info and Notes
Nutrition info for 1/12th of the cake: 148 calories, 14g fat, 14g carbs, 1g fiber, 12g erythritol, 4g protein. 1 net carb per serving!
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