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 BREADSTICKS
KETO BREADSTICKS
These cheesy breadsticks are keto, low carb and gluten free. They are easy to make and ready in about 30 minutes.
KETO BREADSTICKS
PREP TIME: 20 MINUTES
COOK TIME: 10 MINUTES
TOTAL TIME: 30 MINUTES
COURSE: APPETIZER, SIDE DISH
CUISINE: AMERICAN
SERVINGS: 12 PIECES
Cheesy breadsticks which are also low carb, keto and gluten free.
INGREDIENTS:
BREADSTICKS DOUGH
- 1 1/2 cups shredded mozzarella cheese
- 1 oz cream cheese
- 1/2 cup almond flour
- 3 tbsp coconut flour
- 1 large egg
TOPPINGS
- 1/2 cup shredded mozzarella cheese
- 1/3 cup shredded parmesan cheese
- 1 tsp finely chopped parsley
DIRECTIONS:
- Preheat oven to 425°F.
- Add mozzarella and cream cheese to a large microwave-safe bowl. Melt in the microwave at full power in 30-second intervals. After each 30 seconds, stir cheese until cheese is completely melted and uniform (see photo above). This should take around 1-1 1/2 minutes total. Do not try to microwave the full time at once because some of the cheese will overcook. You can also melt the cheese over the stove in a double boiler.
- Add cheese ball to a food processor with dough blade attachment. Add in almond flour, coconut flour and egg. Pulse on high speed until the dough is uniform. The dough will be quite sticky, which is normal.
- Allow the dough to cool slightly, which will also make it less sticky and easier to work with. Roll the dough out between two sheets of parchment paper until 1/4 inch thick. Peel top sheet of parchment paper off of dough. Move the dough (still on the bottom parchment paper) onto a baking sheet.
- Spread 1/4 cup of mozzarella cheese over the dough, leaving a 1/2 inch perimeter. Bake for about 5-6 minutes, or until edges of the dough are golden and puffy.
- Evenly sprinkle the surface of dough with remaining mozzarella cheese and parmesan cheese, leaving a 1/2 inch perimeter. Bake for 3-5 more minutes or until cheese is melted. Garnish with parsley before serving.
NOTES:
I recommend using a food processor to make the dough because the dough is quite sticky so it's hard to mix by hand.
Because the dough is sticky it's important to use parchment paper to roll out it as detailed in the instructions.
This recipe calls for both almond and coconut flour because the coconut flour helps absorb the liquid and the almond flour keeps the dough from being too sweet.
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