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 Cinnamon Rolls Recipe – Low Carb and Made with Cream Cheese Frosting
Keto Cinnamon Rolls Recipe – Low Carb and Made with Cream Cheese Frosting
I just made the best Keto Cinnamon Rolls Recipe that fits my Low Carb lifestyle and is made with Cream Cheese Frosting! I am in heaven!
Day by day I am realizing that there are many ways to incorporate treats into my Ketogenic diet way of life. I’ve been “eating keto” since January! I feel less bloated, lost weight and feel amazing! I don’t see me changing this way, ever!
Ingredients
- 2 cups Mozzarella Cheese
- ¾ cup Almond Flour
- 1 teaspoon baking powder
- 3 tablespoons cream cheese
- 1 tablespoon Stevia or Swerve
- 1 teaspoon cinnamon
- 1 egg
- ¼ stick butter (melted)
- Sprinkle of Stevia or Swerve (for the inside of the dough)
- Keto Cinnamon Rolls Recipe Frosting Ingredients
- 2 tablespoons heavy cream
- 2 tablespoons cream cheese
- 1 tablespoon powdered swerve
Instructions
- Combine the Mozzarella Cheese and cream in a microwave-safe bowl and cook it on high for about 1 minute. (you can melt these ingredients over the stove top on low if you prefer)
- After all the cheese has melted, carefully stir the ingredients (Almond Flour, Baking Powder, and egg) until all is well combined and smooth. This will cool down the dough a bit too.
- Dump the dough onto a sheet of parchment paper and begin to knead the dough until the egg is fully mixed in. The dough will be really sticky until you knead it together. You can sprinkle a little bit of almond flour on the dough to roll it out and prevent sticking too.
- Use a rolling pin to smooth out the dough in a large rectangle shape.
- Melt the ⅛ stick of butter and spread it over the rolled out dough.
- Sprinkle cinnamon and Stevia sweetener on to the dough.
- Roll up the dough as seen in the photos.
- Use a piece of string to cut the dough into 15 different cinnamon rolls.
- Place a piece of parchment paper in the bottom or your pan to line it before baking.
- Place the rolls in a baking pan.
- Set the over to 350 degrees and bake them for about 10 minutes or until golden brown.
- While the cinnamon rolls are baking in the oven, you can begin to mix up the frosting.
- Combine the heavy cream, cream cheese and powdered sweetener into a bowl and mix it with a mixer on high speed until the ingredients is nice and smooth.
- Allow the cinnamon rolls to cool for about 5 or 10 minutes before applying the cream cheese frosting.
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