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 CINNAMON ROLLS
Keto Cinnamon Rolls are a sweet cheesy dessert which is made from fathead pizza dough, mixed with stevia to give it a slight sweetness alongside the cinnamon. Its the perfect dessert for a cheese lover alike.
The first few batches I tried turned too sloppy. This was because I either had cooked the recipe for too long or at a higher temperature than necessary. After ironing out the kinks during my “on-the-fly” recipe development, I thought it would be a shame to not put this on the website! – Sure enough, it worked!
INGREDIENTS
- Base
- 1.5 Cups Mozzarella Cheese
- 2 Tbsp Cream Cheese
- 1 Egg
- 3/4 Cups Almond Flour
- 1 Tbsp Natvia (Or Erythritol)
- Cinnamon Inside
- 1 Tbsp Natvia (Or Erythritol)
- 1 tsp Cinnamon
- 1 Tbsp Warm Water
- Icing
- 1 Tbsp Cream Cheese
- 1 Tbsp Heavy Cream
- 1 Tbsp Natvia (Or Erythritol)
INSTRUCTIONS
- Mix the cheese together into a microwave safe bowl, and heat on high in 30 second increments until the mixture is melted just enough to be able to bind completely. (this should be about 1.5 mins)
- Mix in the stevia, egg, almond flour. Put in between two sheets of parchment paper and roll out into a rectangle.
- Place the dough in the oven flat out for around 5 mins at 180C (355F). Remove from oven and let it cool slightly.
- Mix the stevia, cinnamon, and water in a small cup and spread over the rolled out cheese mixture.
- Begin from one side, and roll the scrolls into one long roll. Cut into 2 finger lengths and place onto a baking tray. Put in the oven at 180 C (355F) for another 7 mins.
- Mix the cream cheese, cream and stevia together and but it into a plastic bag. Cut the corner off and pipe over the cinnamon scrolls. Enjoy!
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