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 POT PIE
KETO CHICKEN POT PIE
Yesterday was a dreary day around here. It was rainy and all I wanted for dinner was some kind of comfort food. I had attempted a Keto Chicken Pot Pie a couple of weeks ago, but the crust just didn’t turn out like I had hoped. I had spread it out like you would a normal chicken pot pie, but coconut flour is extremely absorbent so it dried out the filling. As a blogger sometimes we create recipes multiple times to get it just right. So, last night was Keto Chicken Pot Pie take two. Instead of spreading out the crust I carefully dolloped it on top by spoonfuls so that it wouldn’t absorb too much of the filling. I only included a half of a cup of mixed veggies due to the carb content, but you could substitute with green beans or asparagus to further reduce the carb content. Nevertheless, we think it turned out yummy! If you don’t want to cook chicken in the slow cooker, you could use a rotisserie chicken from the grocery store. Also, if you have a cast iron skillet you will only have one pan to wash, which is winning for this busy momma. My entire family thought it was delish! My two year old loved her chicken and biscuits and kept asking for more green balls (peas)
I have updated the recipe to include adding Xanthan Gum to thicken the filling mixture now that I have had a chance to test it. A little bit truly goes a long way.
Keto Chicken Pot Pie
Servings: 8 servings
Author: Kasey
Ingredients
For the Chicken Pot Pie Filling:
- 2 tablespoons of butter
- 1/2 cup mixed veggies could also substitute green beans or broccoli
- 1/4 small onion diced
- 1/4 tsp pink salt
- 1/4 tsp pepper
- 2 garlic cloves minced
- 3/4 cup heavy whipping cream
- 1 cup chicken broth
- 1 tsp poultry seasoning
- 1/4 tsp rosemary
- pinch thyme
- 2 1/2 cups cooked chicken diced
- 1/4 tsp Xanthan Gum
For the crust:
- 4 1/2 tablespoons of butter melted and cooled
- 1/3 cup coconut flour
- 2 tablespoons full fat sour cream
- 4 eggs
- 1/4 teaspoon salt
- 1/4 teaspoon baking powder
- 1 1/3 cup sharp shredded cheddar cheese or mozzarella shredded
Instructions
- Cook 1 to 1 1/2 lbs chicken in the slow cooker for 3 hours on high or 6 hours on low.
- Preheat oven to 400 degrees.
- Sautee onion, mixed veggies, garlic cloves, salt, and pepper in 2 tablespoons butter in an oven safe skillet for approx 5 min or until onions are translucent.
- Add heavy whipping cream, chicken broth, poultry seasoning, thyme, and rosemary.
- Sprinkle Xanthan Gum on top and simmer for 5 minutes so that the sauce thickens. Make sure to simmer covered as the liquid will evaporate otherwise. You need a lot of liquid for this recipe, otherwise, it will be dry.
- Add diced chicken.
- Make the breading by combining melted butter (I cool mine by popping the bowl in the fridge for 5 min), eggs, salt, and sour cream in a bowl then whisk together.
- Add coconut flour and baking powder to the mixture and stir until combined.
- Stir in cheese.
- Drop batter by dollops on top of the chicken pot pie. Do not spread it out, as the coconut flour will absorb too much of the liquid.
- Bake in a oven 15-20 min.
- Set oven to broil and move chicken pot pie to top shelf. Broil for 1-2 minutes until bread topping is nicely browned.
Nutritional information according to MyFitnessPal App based on 8 equal sized servings:
Calories 297, Fat 17.6, Protein 11.6, Carbs 4.3 – Fiber 1.7 = 2.6 carbs
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