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 VANILLA POUND CAKE
This Keto Vanilla Pound Cake is an incredibly simple dessert with excellent macros and just the right amount of sweetness. It also stores very well, that is…if there are any leftovers!
This Keto Vanilla Pound Cake is an incredibly simple dessert with excellent macros and just the right amount of sweetness. It also stores very well, that is…if there are any leftovers!
ingredients
- 2 cups almond flour (I use this kind)
- 1/2 cup butter
- 1 cup erythritol (I used this)
- 2 tsp baking powder
- 1 tsp vanilla extract
- 1 cup sour cream
- 2 ounces cream cheese
- 4 large eggs
instructions
- Preheat oven to 350 degrees Fahrenheit
- Generously butter a 9 inch bundt pan, set aside
- Combine almond flour and baking powder in a large bowl, set aside
- Cut butter into several small squares and put in separate bowl, add cream cheese
- Microwave butter and cream cheese for 30 seconds. Be careful to not burn cream cheese. Stir these wet ingredients together until well combined.
- Add erythritol, vanilla extract, and sour cream to butter and cream cheese mixture. Stir well.
- Pour wet ingredients into large bowl of almond flour and baking powder. Stir well.
- Add eggs to batter. Stir well.
- Pour batter into buttered bundt pan, place in oven and bake for 50 minutes or until a toothpick placed in the cake comes out clean.
- For best results, let cake cool completely for at least 2 hours, preferably overnight. If you remove it too soon, it may crumble a bit.
notes
A toothpick should come out mostly clean, with just a few crumbs when the cake is done.
If it looks overly wet place it back in the oven in 5 minute intervals until cooked. It should bounce back when gently touched but may have a little jiggle. This is typical with almond flour desserts until completely cool.
The edges are going to start getting dark brown and looking burnt pretty quickly. They’re not burnt. (see photo in post for reference)
You can make this vanilla pound cake with coconut flour, but I have not tried it and do not know the correct amounts.
You can easily half the recipe or alter the shape to make cupcakes or a loaf. You can also easily customize the flavor by adding strawberries or blueberries to the cake batter, or to the dish once it’s done, like I’ve shown in the pictures (nutritional info does not include strawberries or whipped cream).
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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