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!
EVERYTHING BAGEL DOGS
After moving out of my parents home at age 18, my first job was a baker at an Einstein Bros. Bagels. At this point in time we were still using the old food pyramid…which states a healthy diet should consist of a whopping 6-11 servings of bread & grain a day. So naturally, my brain said “bagels are healthy!”
Wrong.
I gained 40 pounds the one year I worked there. It was terrible, but I really had no idea how to eat healthy as a teenager. One of the items I used to make there were bagel dogs and they were delicious! Basically, it was a kosher dog wrapped in bagel dough and the rolled around in seeds, spices and cheese.
Normally, I am not a hot dog fan at all. But these make me so happy! With about 6 net carbs, they are also great for keto and low carb dieting!
Ingredients:
- 4 kosher hot dogs
- 1 1/2 cups shredded mozzarella
- ¾ cup almond meal/flour
- 1 tsp xanthan gum
- 2 tbs cream cheese
- 2 eggs (one for dough, one for egg wash)
- Everything Spice Mix:
- 2 tablespoons sesame seeds
- 2 tablespoons poppy seeds
- 1 tablespoon dried minced onion
- 2 teaspoons dried minced garlic
- 1 teaspoon pretzel salt or other coarse salt
Method:
- Preheat oven to 400 degrees. Line a sheet pan with parchment paper or a silpat.
- Place mozzarella & cream cheese in a medium sized microwaveable bowl and microwave for about 1.5 minutes. Stir to combine everything. Make sure all the cheese is melted.
- In a separate bowl, add almond meal, 1 egg and xanthan gum. Mix until combined.
- Add the hot cheese to the almond mixture and work the to into each other. Using a rubber spatula works, or wetting your hands and kneading it in the bowl. Mix until you have a homogeneous dough.
- Portion dough into 4 balls and on a silpat or parchment paper, gently roll each one out to about 15″ log. Having wet hands will help from sticking to you!
- Wrap one piece of dough around each hot dog.
- Beat remaining egg in a small bowl to make your egg wash. Brush onto each dog.
- Mix all of the Everything Bagel Spices into a medium bowl and dip each dog into it, covering the dough completely.
- Place dogs on lined sheet pan and bake for about 20 minutes, the dough should be slightly golden.
- YUM!
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