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!
PIZZA MEATBALLS
PIZZA MEATBALLS
These pizza inspired meatballs are filled with pepperonis, pizza sauce and onions. Whole 30, Keto, Clean Eating, and Paleo.
Pizza Meatballs
Course Appetizer, Main Dish
Keyword Meatballs
Prep Time 15 minutes
Cook Time 25 minutes
Servings 20 meatballs
INGREDIENTS
Paleo Meatballs
- 2 pound ground beef
- 1 1/2 tsp garlic powder
- 3 tbsp chopped sweet onions
- 1/2 tsp Pink salt
- 1 tsp black cracked pepper
- 1/2 tsp onion powder
- 1 tbsp oregano
- 2 1/2 tbsp tapioca flour
- 1 large egg
- 1/2 cup chopped compliant pepperonis check for no nitrates and no added sugar (can sub compliant salami or omit all together for Whole30 compliant)
- 1 1/4 cup compliant pizza sauce or see my recipe below
Compliant Pizza Sauce (Makes 1 1/2 Cup)
- 1 15 oz can tomato sauce
- 1 6 oz can tomato paste
- 1/2 tsp Pink salt
- 1/4 tsp cracked black pepper
- 1 tsp dried oregano
- 1/2 tsp dried basil
- 1 tsp Italian seasoning
- 2 tbsp water
- 1/2 tsp onion powder
- 1/2 tsp garlic powder
INSTRUCTIONS
Paleo Meatballs
- Preheat the oven to 400° and line a baking sheet with parchment paper.
- In a large mixing bowl, combine hamburger meat egg, onions, seasoning, salt, pepperonis, pizza sauce and tapioca flour. Mix until everything is completely combined.
- Use a cookie scoop or a big spoon to scoop the meat. Shape each meatball (1 1/2 inch)
- Place each meatball 1 inch apart on the baking sheet. Bake 22-25 minutes (depending on desired doneness). Use any extra sauce for dipping
Paleo Pizza Sauce
- Add all ingredients to a medium size sauce pan and whisk together.
- Turn to medium/high heat and use a wooden spoon to stir occasionally as it cooks.
- Bring to a boil then turn to low. Cook for 20 minutes
- Serve immediately or store in fridge for up to 1 week.
RECIPE NOTES
Make friends with your local butcher to get the easiest compliant pepperoni. If you can't find Whole 30 compliant pepperoni, sub a compliant salami or omit this ingredient all together.
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