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 FRIED CHICKEN TENDERS CHICK-FIL-A COPYCAT RECIPE
KETO FRIED CHICKEN TENDERS CHICK-FIL-A COPYCAT RECIPE
I was craving Chick-Fil-A, which led me to wondering how does Chick-Fil-A make their chicken? Of course panko and chicken tenders aren't on my Keto diet menu!
But then of course I got the great idea to make a Keto version of Chick-Fil-A's Chicken tenders recipe using some keto diet basics, almond flour and Pork Panko (Pork rinds)
If you're wanting a new keto lunch idea these low carb fried chicken tenders are delicious and the Chick-Fil-A copycat sauce (keto version of course) is a obvious must try too.
KETO FRIED CHICKEN TENDERS
recipe makes 8 Chicken Tenders
Prep Time: 1 hour 5 minutes
Cook time: 15 minutes
WHATS YOU NEED:
- 8 Chicken Tenders
- 24oz Jar of pickles (you only need the juice)
- 3/4 cup Now Foods Almond Flour
- 1 tsp Salt
- 1 tsp pepper
- 2 eggs beaten
- 1 1/2 cups pork panko
- coconut oil for frying
HOW TO DO IT:
- Put chicken tenders and pickle juice in a large zip lock bag and marinate for at least 1 hour (I left mine marinating over night)
- In a small bowl, mix almond flour, salt and pepper
- Create an assembly line of three bowls, one with almond flour mixture, the second with the eggs and the third with the pork panko
- Dredge the Chicken in the almond flour mixture, then in the egg and finally in the pork panko until well coated
- Fill a saute pan about 2 inches with coconut oil and put on medium high heat. If available use a thermometer and bring oil to 350 F
- Once the oil is hot place tenders in oil and cook about 3 minutes on each side or until golden brown. Cooking time will vary depending on the thickness of your tenders
- LOW CARB COPYCAT CHICK-FIL-A SAUCE
WHATS YOU NEED:
- 1/2 cup mayo
- 2 tsp yellow mustard
- 1 tsp lemon juice
- 2 tbs Honey Trees Sugar Free Honey *this is sweetened with similar ingredients as splenda, I try to eat as natural as possible so I only use small amounts in recipes every now and then
- 1 tbs Organicville BBQ sauce
HOW TO DO IT:
- In a small bowl add all the ingredients, mix well
