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 Chicken Tenders
Keto Chicken Tenders
We cracked the code to make these delicious keto chicken tenders (also known as chicken fingers, chicken goujons, or chicken strips). They are perfect for a snack or for a full lunch. This mouthwatering low carb fried chicken will make your friends and family love you. They won’t even know that it’s low carb. We like it a little bit spicy. You can add extra herbs and spices of your choice when marinating the chicken but it is optional. You can prepare them fried or baked. You can use homemade ketchup or mayonnaise, or sour cream for the dip.
INGREDIENTS
- 500 g chicken breast
- 1 cup almond flour
- 1/4 cup sour cream
- 1 tbsp lemon juice
- 1 large egg
- 2 cloves garlic
- 1/2 tsp chili powder optional
- 1 tsp salt
- 1/2 tsp pepper
- coconut oil for frying
INSTRUCTIONS
- Slice your chicken breast to produce lengthwise ribbons.
- Smash the spices and garlic clove in a mortar. Coat the chicken with the crushed spices and garlic. Crack the egg in the chicken bowl. Mix together with the sour cream and lemon juice. Fold gently to drench the chicken in the seasonings.
- Cover the chicken with the lid and chill in the fridge for about an hour, flipping the pieces occasionally to marinate thoroughly. After an hour, remove the liquid to make sure the meat is not too wet and soggy.
- Pour the almond flour in a container with a lid. Transfer the seasoned chicken into the container. Replace the lid and shake well to coat the chicken with enough flour.
- Set a deep fryer to 375°F and pour in the oil in.
- Once the oil becomes hot enough, deep fry the chicken strips for 10-15 minutes. Serve immediately once the strips become golden.
RECIPE NOTES
Macros (per serving): Calories: 236 – Fat: 10.7g – Net carbs: 2.1g (total carbs: 2.9g, dietary fiber: 0.8g) – Protein: 30.1g
