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 Original Keto Chicken Tenders
The Original Keto Chicken Tenders
This is a quick and easy baked keto chicken tenders recipe that you can use as your go to low carb breading. The breading sticks to the chicken and forms a solid outer shell, perfect for dipping of covering in buffalo sauce. If you’ve been looking for the perfect healthy chicken tender recipe for your keto diet look no further!
BUFFALO KETO CHICKEN TENDERS
COURSE: MAIN DISH
CUISINE: AMERICAN
KEYWORD: KETO CHICKEN TENDERS
PREP TIME: 10 MINUTES
COOK TIME: 30 MINUTES
TOTAL TIME: 40 MINUTES
SERVINGS: 6 TENDERS
CALORIES: 285 KCAL
INGREDIENTS
- 1 lb Chicken Breast Tenders
- 1 cup Almond Flour
- 1 large Egg
- 1 tbsp Heavy Whipping Cream
- 6 oz Buffalo Sauce(pre-made)
- salt/pepper
INSTRUCTIONS
- Preheat oven to 350 degrees.
- Season chicken tenders with salt and pepper. Season the almond flour generously with salt and pepper.
- Beat 1 egg together with 1 tbsp of heavy cream.
- Dip each tender first in the egg wash and then into the seasoned almond flour. We like to place the tenders in a Tupperware container with the almond flour and shake to coat. A Ziploc bag also works well.
- Place tenders on a lightly greased baking sheet. Bake for 30 minutes. If they are not as crispy as you would like you can additionally broil them for 2-3 minutes.
- Allow tenders to cool for 5 minutes and then place them in a tupperware container, add the buffalo sauce and shake to coat. Gently shaking is best to prevent the batter from falling off.
