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!
Zucchini Ricotta Cheesecake
This zucchini ricotta cheesecake is a delicious savoury dish served either cold or from the oven.
Try a savoury cheesecake for a nice change from a frittata or low carb quiche for lunch or supper. You might be pleasantly surprised! Although the husband refuses to call this a cheesecake because it has no biscuit bottom. I could call it a crustless savoury pie and he would eat it happily without the back chat. A savoury low carb cheesecake to enjoy in place of a frittata or egg dish to shake things up
Ingredients
- 2 cups Zucchini grated and water squeezed out
- 15 oz Ricotta cheese
- 1/2 cup Parmesan cheese grated
- 2 Spring onions chopped
- 2 Garlic cloves chopped
- 1/4 cup Dill, fresh chopped
- 1 tablespoon Lemon zest
- 2 Eggs beaten
- 1/3 cup Goats cheese
- 1/2 teaspoon Salt
- 1/2 teaspoon Black pepper
- US Customary - Metric
Instructions
- Preheat the oven to 180C/350F degrees.
- Grease a 7 inch springform pan.
- Combine the ricotta, parmesan, onions, garlic, chives, dill and lemon thoroughly in a bowl. Add the eggs and mix well.
- Add the zucchini and stir well.
- Put the mixture into the springform pan and spread evenly.
- Top with slices or chunks (depending whether you use hard or soft) of the goat’s cheese and put it over the top of the ricotta cheesecake
- Bake for 1 hour until the goats cheese is melted.
- Remove and cool in the pan for 10 minutes, then remove and either serve warm or allow to cool and serve. Either way is delicious.
Recipe Notes
Serves 8 slices
Nutritional Info per slice: 175 Calories, 12g Fat, 13g Protein, 4g Total Carbs, 1g Fibre, 3g Net Carbs
Any nutritional analysis on the website is based on an estimate, calculated by http://nutritiondata.self.com from the individual ingredients in each recipe. Variations may occur for various reasons, including product availability and food preparation. We make no representation or warranty of the accuracy of this information.
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