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!
COCONUT CREAM CHEESECAKE RECIPE – GLUTEN FREE
COCONUT CREAM CHEESECAKE RECIPE – GLUTEN FREE
Cheesecake is one of the most popular low carb high fat desserts. We love this yummy gluten free coconut cream cheesecake recipe. It’s a great way to fill up on fat!
Cream cheese is by far one of my favorite low carb ingredients. It goes well in both sweet and savory recipes. Adding cream cheese really hides the unpleasant taste of powdered low carb sweeteners that contain erythritol.
This low carb coconut cream cheesecake is very filling so you’ll want to keep the servings fairly small. I had a slice for breakfast and wasn’t hungry until lunch time !
Gluten Free Coconut Cream Cheesecake Recipe
Cheesecake is one of the most popular low carb high fat desserts. We love this yummy gluten free coconut cheesecake. A great way to fill up on fat!
Ingredients
CRUST:
- 1 1/2 cups almond flour
- 1 teaspoon cinnamon
- 3 tablespoons low carb sweetener
- 1/2 cup butter melted
FILLING:
- 4 blocks cream cheese 8 ounces each
- 3/4 cup low carb sweetener
- 1/2 can coconut cream 13.5 ounce size
- 3 large eggs
- 1 teaspoon vanilla extract
FROSTING:
- 1/2 can coconut cream 13.5 ounce size
- 1/4 cup powdered low carb sweetener or Sukrin Melis
- 2 tablespoons cream cheese softened
Instructions- Mix together crust ingredients and press into the bottom of a springform pan. Refrigerate while preparing filling.
- In a large bowl, beat together filling ingredients. Mix just until smooth.
- Pour filling onto the crust and bake at 350°F for 15 minutes. Reduce the heat to 250°F and bake for another 75-90 minutes.
- Allow to cool completely in the refrigerator. Run knife along edge of cake and remove springform side.
- For frosting, beat together coconut cream, powdered sugar, and cream cheese until creamy.
- Spread frosting over the cooled cake. Refrigerate for at least an hour before slicing.
