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!
Easy Keto Meatloaf Bursting with Flavor!
Easy Keto Meatloaf Bursting with Flavor!
Meatloaf has always been a favorite in my house, my picky kids and my husband all love it. It’s actually really easy to make a keto meatloaf, the only thing missing is the sauce. I tried making a meatloaf topping with sugar free ketchup and no brown sugar- but I wasn’t too crazy about it… none of us were.
But if you can figure out a way to make a low carb meatloaf topping, do let me know in the comments or email it to me!
Either way, the meatloaf is DELICIOUS without the topping- so don’t let that stop you! You can also top it with cheese or a little bit of A1 sauce. My husband actually really likes it with A1 sauce mixed with a dash of Worcestershire sauce. My kids love it topped with mozzarella cheese, so it’s really just preference. I eat mine without any topping.
Easy Keto Meatloaf Bursting with Flavor!
Keto Meatloaf Ingredients:
- 1 1⁄2 lbs ground beef
- 1 cup pork rind, crumbs
- 1 egg
- 1⁄3 cup tomato sauce
- 1⁄2 teaspoon salt
- 1⁄2 teaspoon pepper
- 2 tablespoons parsley
- 1⁄2 cup grated parmesan cheese
- 1⁄4 cup chopped onion
- 1⁄2 teaspoon garlic powder
Keto Meatloaf Directions:
- Preheat oven to 350 degrees
- Mix ground beef and all ingredients
- Shape into a firm oval loaf in a meatloaf pan
- You can use any shallow pan, but if your family loves meatloaf… I highly recommend getting a meatloaf pan. They make cooking meatloaf so much easier and they’re pretty cheap!
- Bake for 1 hour
- Enjoy!
Keto Meatloaf Nutrition Facts:
Nutrition Facts
Servings: 6 Amount per serving
Calories 311
% Daily Value*
Total Fat 18.7g 24%
Saturated Fat 8.4 g 42%
Cholesterol 107 mg 36%
Sodium 795mg 35%
Total Carbohydrate 2.1g 1%
Dietary Fiber 0.4g 1%
Total Sugars 0.5g
Protein 32.8 g
Vitamin D 3 m cg 13%
Calcium 195 mg 15%
Iron 2 mg 13%
Potassium 74 mg 2%
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