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!
GLUTEN FREE POTSTICKERS | LOW CARB, KETO-FRIENDLY!
GLUTEN FREE POTSTICKERS | LOW CARB, KETO-FRIENDLY!
With this recipe, it feels like we've achieved the impossible - never did I think we could create low carb, Gluten Free Potstickers!
GLUTEN FREE POTSTICKERS | LOW CARB, KETO-FRIENDLY!
COURSE: SIDE DISH
KEYWORD: GLUTEN FREE POTSTICKERS
PREP TIME: 10 MINUTES
COOK TIME: 5 MINUTES
TOTAL TIME: 4 HOURS 15 MINUTES
SERVINGS: 12 SERVINGS (1 POTSTICKER PER SERVING)
CALORIES: 111 KCAL
INGREDIENTS
WRAPPER
- 2 cup Shredded mozzarella cheese
- 2 large egg yolks
FILLING
- 8 oz ground pork
- 2 tbsp liquid aminos
- 1 tsp rice wine vinegar
- 1/2 tsp Chinese five spice
- 1/2 tsp ground ginger
- 1/2 tsp minced garlic
INSTRUCTIONS
- Microwave cheese in a medium bowl for 30-45 second until melted. Add yolks and combine using a spatula. Microwave for an additional 10 seconds and combine fully.
- Pour the cheese yolk mixture onto a greased parchment paper and cover with another piece of greased parchment paper. Roll out the mixture pretty thing with a rolling pin.
- Cut out 12 circles and fill the center of each with your favorite filling (we used cooked ground pork as seen above in the recipe). Fold up the sides to meet in the center at the top and squeeze closed (watch video to see how I did it).
- Place all the complete potstickers on a parchment lined plate and refrigerate for 3-4 hours to allow them to set and harden.
- Heat a pan to medium-high heat and add in 2 tbsp of oil of choice (we used avocado oil). Add the cold potstickers to the heated pan in two batches and allow to crisp on one side before flipping. Once browned on both sides remove and set aside.
- Optional: garnish with sesame oil and sesame seeds.
- Note: You may have to re-microwave the mixture unused when cutting out the potstickers and re-roll it out to make more!
RECIPE NOTES
The nutrition information listed below is per serving.
This recipe makes 12 servings. 1 potsticker per serving. Net Carbs: 0.50g
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