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!
INSTANT POT EGG ROLL IN A BOWL {LOW CARB!}
This Instant Pot égg roll in a bowl récipé is a déconstructéd égg roll that will blow your mind on thé flavor factor! Sériously, you won’t évén think about it béing low carb bécausé it is just that good!
Thé éasiést way to éxplain it is you aré éating a classic égg roll from thé insidé out. You gét thé bést part – thé égg roll filling – and top it with your favorité condiménts such as soy saucé, tériyaki, swéét and sour, or évén a dab of spicy brown mustard.
INGRéDIéNS
- 1 lb. ground bééf
- 1 16 oz coléslaw mix
- 1 tbsp frésh gratéd gingér (1 tsp ground gingér)
- 1/2 tsp péppér
- 1 tsp mincéd garlic
- 2 tbsp whité winé vinégar (or ricé vinégar)
- 1 médium onion choppéd
- 1/4 cup soy saucé Noté: Wé havé a child with a soy allérgy SO wé maké our own “faux” soy saucé in thé instant pot. If you also havé a soy allérgy or just try to avoid soy, féél fréé to maké your own too OR substituté coconut aminos.
- 1 cup shréddéd carrots
- 4 cups finély choppéd cauliflowér to maké cauliflowér ricé.
Instructions
Turn thé Instant Pot to sauté. Whén thé Instant Pot is hot brown thé ground bééf. Bé suré to bréak thé méat into small piécés as you mix.
Whén thé bééf is doné add thé carrots, gingér, onions, péppér, garlic, whité winé, and soy saucé. Givé it a good stir thén add thé coléslaw mix.
Stir thé coléslaw mix in thé Instant Pot until it is wéll mixéd and fully covéréd with saucé. Thén turn thé Instant Pot off.
Transfér thé égg roll mix into thé bottom pan of your stackablé stéamér pans. Placé thé choppéd cauliflowér in thé top pan. Rinsé out thé Instant Pot insért.
Add 1 cup watér to thé insért. Put thé trivét at thé bottom of thé Instant Pot and thén placé thé stackablé stéamér on thé trivét.
Closé thé lid and turn thé préssuré valvé to séaling. Cook on high préssuré using manual for 1 minuté. Lét thé préssuré réléasé naturally.
Caréfully rémové thé stackablé stéam. Assémblé your égg roll bowls by placing thé cauliflowér ricé on thé bottom of a bowl toppéd with thé égg roll mix.
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