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!
Easy Keto Fettuccine Alfredo
Fettuccine is a type of pasta that is very popular in Tuscan and Roman cuisine. It is usually made of egg and flour and has a flat thick shape. For the keto version, we use almond flour, coconut flour, egg and xanthan gum.
This is a very easy and quick pasta recipe that can be a life changer for those keto followers that miss a good old pasta bowl. It can be made ahead of time and kept in the fridge for a week or two and it will cook in just a couple of minutes.
INGREDIENTS
- Dough
- 3 tbsp coconut flour
- 1 cup almond flour
- 2 tsp xanthan gum
- 1 egg lightly beaten
- 1/4 tsp sea salt
- 2 tsp apple cider vinegar
- 2-4 tsp water if needed
- To cook
- 2 tbsp butter
- 1 tbsp Parmesan cheese
- 1/4 cup heavy cream
- 2 cloves garlic slivered optional
- 1 tsp lemon zest
- salt and pepper to taste
INSTRUCTIONS
- Prepare a large bowl for the ingredients. Mix the coconut flour, almond flour, and xanthan gum in the bowl. Add the apple cider vinegar and egg and mix thoroughly. Put a pinch of salt to taste. Add water teaspoon by teaspoon, as needed.
- Mix the dough using your hands and roll it to form a ball. Cover it with some plastic wrap and place in the fridge for at least 30 minutes.
- Take out the dough from the fridge and place on a flat surface. Using a rolling pin, flatten the dough to your preferred thickness. Once ready, cut it to form your favorite pasta shape and shape it freely. If a pasta machine is available, use it for a more precise result.
- Replace in the fridge for another 15 or so minutes. Afterwards, place on a pan and cook until ready. Top with the fat of your choice. It can also be served with any other keto-friendly sauces such as pesto, tomato, or plain garlic butter as used in this recipe. Transfer to a serving plate and enjoy while warm.
RECIPE NOTES
For the Fettuccine pasta (dough) only:
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