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!
Rich Keto Shortbread Brownie Cookies
Have you ever been in a mood for a brownie and a shortbread cookie? Well, my keto shortbread brownie cookies were birthed out of that exact craving. So if you are looking for a recipe that includes two favorites, you are in for a major treat.
Sometimes, when I am creating a recipe I immediately know if it’s going to be winner. By the same token when I know something is not going to work I can tell almost instantly.
Thankfully, I knew that these keto shortbread brownies cookies were going to be a hit. It’s moments like these that truly get me excited about keto baking.
A delicious keto brownie with a shortbread base. It gives you the best of a brownie and a shortbread cookie.
Ingredients
- Low Carb Shortbread Base:
- 1 cup of finely ground almond flour (it needs to be finely milled)
- ¼ cup of sugar substitute (I use Swerve)
- ½ cup (1 stick) of unsalted butter allowed to soften at room temperature.
- ¼ teaspoon of sea salt
- Low Carb Brownie Topping:
- 3 ounces of unsweetened baking chocolate bar (I use Baker’s)
- ½ cup (1 stick) of unsalted butter
- 2 large whole eggs
- 1 cup of sugar substitute (I use Swerve)
- ½ teaspoon of baking powder
- ½ teaspoon of sea salt
Instructions
- Pre-heat oven to 350 degrees.
- Lightly grease an 11X7 pan or a 10-inch round spring form pan like I did.
- Create the base of this cookie by mixing the almond flour and sugar substitute in a stand-up mixer.
- Once combined add the softened butter until dough forms.
- Place the layer of this dough into the bottom of your pan. I use wet hands to pat the dough so it doesn’t stick.
- Bake until light and golden brown for 20 minutes and then allow to fully cool before proceeding. (Place the base in the refrigerator for 15 minutes to fully cool)
- Leave your oven on and prepare the low carb brownie topping:
- Melt the chocolate and butter in a double-broiler or use the microwave in 1 minute intervals. Make sure to mix well and then set aside to cool.
- To the melted and cooled butter and chocolate mix, add the 2 eggs,sugar substitute, baking powder and sea salt. Whisk well until fully combined.
- Spread this low carb brownie mixture to the low carb shortbread base evenly.
- Bake for about 20 minutes until the top rises slightly. The center will drop once it cools. You don’t want to over bake them so that they maintain a rich fudgy texture on top. Allow them to cool completely before slicing and enjoying.
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