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!
Fat Head Nachos
Whilst the meat and sauce are cooking, you make the Fat Head tortilla chips. See the conversion below to see how to make these using almond flour or coconut flour.
Ingredients
- Fat Head Tortilla Chips
- 170 g pre-shredded/grated mozzarella
- 85 g almond meal/flour
- 2 tbsp cream cheese
- 1 egg
- salt to taste
- 1 tsp cumin powder
- 1 tsp coriander/cilantro powder
- pinch chilli powder
- Nacho Meat Sauce
- 1 red onion diced
- 500 g ground/mince beef
- 400 g tinned/canned tomatoes diced
- 1/2 tsp chilli powder, or to taste
- 1 tbsp tomato paste
- Topping Options
- guacamole
- salsa
- shredded/grated cheese
- sour cream
- jalapeños
Instructions
- Nacho Meat Sauce
- Gently fry the diced onion in oil until clear then add the meat, breaking it up into tiny pieces as it cooks and browns. This should take up to 5 minutes.
- Add the spices and tinned/canned tomato and tomato paste. Stir then simmer on a low heat for 15 minutes (uncovered to thicken the meat sauce) whilst you make the Fat Head tortilla chips and toppings.
- Fat Head Tortilla Chips
- Mix the shredded/grated cheese and almond flour/meal in a microwaveable bowl. Add the cream cheese. Microwave on HIGH for 1 minute.
- Stir then microwave on HIGH for another 30 seconds. Remove and stir again. Add the egg, salt, and spices. Mix.
- Place the Fat Head pastry between 2 pieces of baking parchment/paper and roll into a thin, rectangle (see photos here). Remove the top baking paper/parchment.
- Slide the baking paper/parchment with the Fat Head pastry, on a baking tray (cookie tray) or pizza stone, and bake at 220C/425F for 12-15 minutes, or until browned on the top. Flip the FatHead pastry over (onto baking paper/parchment) and brown the other side.
- Once cooked, remove from the oven and cut into tortilla chip triangle shapes. Bake again at 220C/425F for 3 - 5 minutes.
- Putting It All Together
- Place a handful of Fat Head tortilla chips on a plate or serving dish.
- Spoon the hot meat sauce over the tortilla chips.
- Add the grated/shredded cheese which will melt on the hot meat sauce all by itself, then top with everything you love. Serve with a big side salad and plenty of olive oil (optional).
Recipe Notes
Nutrition notes were calculated using the Fat Head tortilla chips and the meat sauce. Additional toppings are extra, because what and how much you use will be completely different for everyone.
Nutrition Facts
Fat Head Nachos
Amount Per Serving
Calories 426Calories from Fat 267
% Daily Value*
Total Fat 29.7g46%
Total Carbohydrates 8.1g3%
Dietary Fiber 3g12%
Sugars 3.5g
Protein 32g64%
* Percent Daily Values are based on a 2000 calorie diet.
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