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 Lasagna WITH NOODLES!
Keto Lasagna WITH NOODLES!
I don’t know where to begin. This lasagna was EVERYTHING.
It tastes BETTER than regular lasagna..BETTER. I am being 100% honest guys. You need to make this like ASAP.
The “noodles” themselves are delicious on their own but pair that with a ton of cheese, meat and sauce…and OMG. That’s all I can say.
I slightly tweaked this recipe from it’s original I found here. (The author, Kyndra is a genius & I give her full credit!)
Ingredients:- Noodles:
- 2 eggs
- 4 oz cream cheese, softened
- 1/4 cup Parmesan cheese, grated (I used half real parmesan and half dried)
- 1 1/4 cup mozzarella cheese, shredded (130g)
- Pinch of each: majoram, thyme, rosemary
- 1/2 tsp basil
- 1/2 tsp oregano
- 1/4 tsp garlic powder
- 1/4 tsp onion powder
- 1/4 tsp salt
Filling:
- 1 lb ground beef
- 1 1/2 cups of lower-carb pasta sauce (I used “Classico Tomato Basil” but added some salt, splenda and basil to taste )
- 3/4 cup (90g) mozzarella cheese, shredded
- 6 tbsp 2% cottage cheese
- 1/3 chopped onion
- 1oz finely chopped green pepper
- 1 minced garlic clove
- 1/2 tsp chili pepper flakes (optional)
- 1 tsp dried oregano
- 1 tsp dried basil
- Pinch of each: majoram, thyme, rosemary
- Salt and pepper to taste
DIRECTIONSNoodles
- Preheat oven to 375° Line a 9×13 baking dish with tinfoil sprayed with oil or parchment paper.
- In mixing bowl, using a hand mixer, cream together cream cheese and eggs.
- Next, add Parmesan cheese and spices. Mix to combine.
- Fold in mozzarella cheese and mix until well incorporated.
- Spread the mixture into the baking dish, forming an even layer.
- Bake for 20-25 minutes.
- When the “noodles” are done baking, cool in the fridge for about 20 minutes and then cut into thirds. This makes three perfectly sized “noodle” layers for an 8.5 X 4.5 X 2.5 loaf pan.
*NOTE: You can also make the noodles ahead of time and store them in your fridge or freezer!)
For The Filling
- In a large skillet over medium-high heat, combine ground beef, onion, peppers and your spices. Cook until the meat is browned
- Drain excess fat from pan and add ¾ cup of your sauce to meat. Reduce heat to low and simmer for 10 minutes.
If you guys don’t find this down-right epic then you might be crazy. This recipe is amazing and I just wanted to again than the original author for sharing such a wonderful dish!
Nutrition per serving(serves 4): 35F/8C(NET)/48P
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