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!
THE AMAZING 8min LOW-CARB FLATBREAD
THE AMAZING 8min LOW-CARB FLATBREAD
Guys I feel like I made history today. SERIOUSLY. If you are someone who eats low-carb then you will know what I mean when I say trying to find bread replacement options is NOT EASY. A lot of keto bread recipes I’ve tried in the past have been huge flops(literally, I’ve seen them deflate before my eyes..LOL). BUT THIS ONE…oh this one is so different.
It’s soft, fluffy, actually tastes GOOD and works as a replacement for so many things! Burger buns, naan bread with dip, cheese bread, pizza crust, you name it! Did I mention it only takes 2 minutes to prepare and 5-6minutes to bake? (SCROLL DOWN TO THE BOTTOM TO SEE A VIDEO OF THE TEXTURE)
So without further ado, here is the top secret amazing recipe I have been raving about. It’s about to rock your world..
Ingredients:
- 2 tbsp coconut flour
- 1 tbsp almond flour
- 2 tbsp vital wheat gluten (do not sub! This is the protein extracted from bread that gives it it’s elasticity. It has virtually no carbs and works great in low-carb baking to give items a more traditional feel!)
- 1/4 tsp baking powder
- pinch of baking soda
- 1/8 tsp salt
- 1 tsp parmesan and herb seasoning (OR any other seasonings you prefer!)
- 2 tbsp + 1 tsp(65g) full fat sour cream
- Olive oil: optional, for brushing
Directions:
- Preheat oven to 450*F.
- Combine all dry ingredients in a small bowl.
- Add the sour cream and stir until a dough forms.
- Roll the dough into a ball and place on a greased baking sheet.
- Roll the dough out to your desired thickness, it will rise just slightly. Roll it thinner if you want a crispier result.
- Brush the dough with olive oil and sprinkle any toppings you’d like such as shredded cheese, parmesan etc.
- Bake for 5min (or longer for crisper texture), you don’t need to flip the bread but you can half-way through if you’d like both sides to be browned.
- Enjoy!
(I enjoyed mine torn into pieces with some spinach dip!)
Nutrition for the whole flat bread: 17F/7C(NET)/20P
Nutrition for half: 8.5F/3.5C(NET)/10P (This is a perfect serving as it’s quite filling!)
