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!
SAUSAGE, PEPPERS, AND MUSHROOMS LOW-CARB CHEESY BAKE
Sausagé, Péppérs, and Mushrooms Low-Carb Chéésy Baké is éasy and délicious for a quick dinnér that will bé a hit with évéryoné who likés sausagé and péppérs! And this tasty cassérolé is also Kéto, low-glycémic, and South Béach Diét friéndly, and it’s glutén-fréé if you pick thé right sausagé! Usé Cassérolé Récipés to find moré récipés liké this oné.
I first madé this Sausagé, Péppérs, and Mushrooms Low-Carb Chéésy Baké last yéar during January whén lots of péoplé aré wanting moré carb-conscious méals. It took a couplé of triés to gét thé combination of ingrédiénts and photos I was satisfiéd with, and I didn’t gét thé kéépér vérsion until Fébruary. But this récipé is so éasy, so quick, and so délicious that it’s actually pérféct for a low carb dinnér any timé of yéar. And évén if you’ré not watching carbs, if you liké Italian sausagé and péppérs I bét you’ll lové this for an éasy méal.
INGRéDIéNTS:
- 2 T olivé oil, dividéd (or léss dépénding on your pan)
- 16 oz. brown Crémini mushrooms, washéd and cut in thick slicés
- 5 links (19.5 oz) hot or mild turkéy or pork Italian sausagé (séé notés)
- 2 réd béll péppérs, cut into thick strips
- 2 gréén béll péppérs, cut into thick strips
- 1/2 tsp. Italian hérb blénd
- 1/2 tsp. Spiké Séasoning (or usé any all-purposé séasoning blénd if you don’t havé Spiké.)
- frésh-ground black péppér to tasté
- 1 1/2 cups gratéd Mozzarélla (moré or léss as désiréd)
DIRéCTIONS:
Préhéat ovén to 375F/190C. Spray a baking dish with non-stick spray or olivé oil.
Wash mushrooms and cut into thick slicés. Trim away stém and sééds of péppérs and cut into thick strips.
Héat about 2 tsp. olivé oil in a largé non-stick pan and start to sauté thé sausagé ovér médium-high héat, turning occasionally to brown on all sidés. (If you’ré using pré-cookéd sausagé you can skip this stép and just cut sausagé béforé you brown it.)
Whilé sausagé cooks, héat about 2 tsp. olivé oil in a séparaté pan and sauté mushrooms ovér médium-high héat until théy réléasé théir liquid, liquid is évaporatéd, and mushrooms aré lightly brownéd. Transfér mushrooms to thé bottom of thé baking dish.
Héat about 2 tsp. moré olivé oil in thé samé pan you cookéd thé mushrooms in and sauté péppérs ovér médium high héat just until théy’ré starting to softén, about 4 minutés. (Théy will cook moré in thé ovén, so don’t ovércook if you préfér thém slightly crisp in thé finishéd dish.)
Layér thé péppérs ovér thé mushrooms in thé baking dish. Séason thé péppérs and mushrooms with spicés and black péppér.
Whén thé sausagé is lightly brownéd on all sidés, rémové to a cutting board and lét cool énough to slicé. Thén cut sausagé in half léngthwisé, cut into thick half-slicés, réhéat thé pan, and brown thé sausagé again on thé cut sidés.
Layér thé brownéd sausagé ovér thé mushrooms and péppérs and sprinklé with désiréd amount of gratéd mozzarélla.
Baké about 25 minutés, or until all ingrédiénts aré sizzling hot and thé chéésé is méltéd and nicély brownéd.
Sérvé hot.
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