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 STEAK TACOS ON PORK RIND TORTILLAS
The best part about these Keto Steak Tacos on Pork Rind Tortillas is they are extremely low carb. With so few ingredients, they are sure to become a fast favorite!
Confession time. I’ve never been very good at cooking steak and I’ve hardly spent any time eating it.
But when I got a huge, delicious package of meat in the mail from Butcher Box (affiliate), AND a new pan to try out in the kitchen… I knew it was time for that to change.
I love a good tortilla, and I know you do too. They’re perfect for making wraps, nachos, and my favorite…tacos.
Not to discredit my other favorite…cheese shell tacos, but the recipe I’m sharing with you today is pretty awesome.
There’s a lot of debate over whether low carb tortillas are “truly” Keto. I’m not going to get into that today…but I will squash the debate with an alternative you can make right now with three Keto staples.
ingredients
- 1 Cup Crushed Pork Rinds
- 3/4 Cup Mozzarella Cheese
- 1 Egg
- 2 tbsp cream cheese
- 2 6oz top sirloin steaks or meat of choice
- Desired toppings (I used green peppers, avocado and salsa)
instructions
- Chop Pork Rinds in a food processor until completely crumbled
- In medium bowl, microwave mozzarella and cream cheese until melted and mix together (~30 sec)
- Add crushed pork rind until combined, then add egg (mixing with wet hands is easier for this part)
- If mixture seems too wet add a little more pork rinds
- if mixture is cooling and not pliable pop in microwave for additional 15-20 seconds
- Form a ball with mixture and place between two pieces of parchment
- Roll out until desired thickness (thinner the crispier)
- Cut out circle and place in non stick pan. Cook over medium heat 3-5 minutes until each side is brown
- To prepare steak:
- Bring to room temperature
- Season with favorite steak seasoning, salt and pepper
- Over medium heat add avocado oil or oil of choice
- Sear steak on each side and cook to desired temperature
- Let steak rest for 10 minutes and slice
- Add desired toppings (I used avocado, salsa and sauteed green peppers
notes
The Nutrition Info below is JUST for the Pork Rind Tortilla. There are a million different ways to customize your tacos, so please calculate your own nutrition based on what you decide to put in them.
Please note that I am not a certified nutritionist. Any nutritional information that is discussed or disclosed in this post should only be seen as my best amateur estimates based on NET carbs. If nutrition is important to you, I highly encourage you to verify any data you see here with your favorite nutrition calculator.
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