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!
Easy Microwave Low Carb Bread
If you’re on a low carb diet, then you know the grief and suffering that comes from the absence of bread. For me, it used to be a staple at every meal– toast with breakfast, a sandwich for lunch, and even more bread with dinner. Why not!? It’s soooo dang good.
Fortunately, you can still eat bread while keeping your carb count low! You can thank coconut and almond flour for that. I’ve always got my pantry stocked full of both of these flours because they compliment each other really well.
INGREDIENTS:
- 1 large egg
- 1 tbsp almond flour
- 1 tbsp coconut flour
- 1 tbsp milk
- 1 tbsp olive oil
- 1/4 tsp baking powder
- pinch of salt
- OPTIONAL INGREDIENTS:
- 1/4 cup shredded cheddar cheese
- garlic powder, herbs or spices of your choice
INSTRUCTIONS:
- In a small bowl, whisk together the egg, flours, milk, baking powder and salt. Add in the herbs and cheese, if using, and stir to combine.
- Pour the batter into a small microwave safe bowl or wide mug and microwave for 90 seconds.
- Place the mug or bowl upside down on a cutting board or plate and let the bread slide out. Cut it crosswise making two round english muffin shaped biscuits.
- To toast, place the bread rounds on a high heat skillet with a touch of butter or oil for 30-60 seconds on each side.
- TIPS:
- The combination of the coconut flour and almond flour give this biscuit just the right amount of structure and moisture. If you are using just coconut flour, I would only use 1.5 tbsps. If you are using just almond flour, you will probably need 3-4 tbsps.
- This multi purpose bread can be eaten as toast or sandwich bread! It’s absolutely delicious with a fried egg, a few slices of bacon, cheese and avocado piled on in between
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