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!
Loaded Burger Bowls with “Special Sauce” (Whole30, Paleo, Low Carb)
Thésé loadéd burgér bowls with picklés, bacon, a quick guacamolé, and a “spécial saucé” aré so good! Wholé30, paléo, and low carb, théy’ré filling and héalthy – a gréat altérnativé to thé léttucé wrap burgér!
I’vé béén known to éat my burgérs with a knifé and fork. éspécially low carb léttucé burgérs, bécausé, I méan, havé you évér had oné? Drip city, sistér. And thén you énd up with thréé picklés and no bacon in oné bité, and a full slicé of bacon and no picklés in thé néxt. I’m just not about that lifé whén I can havé évén bités with béautifully distributéd ingrédiénts and I can savé my sléévés.
Ingrédiénts
Burgér Bowls Méat
- 1 pound ground bééf any %
- 4 téaspoon garlic powdér
- 1/2 téaspoon salt
- 1 téaspoon avocado or réfinéd coconut oil
Burgér Bowls
- 2 small héads romainé slicéd and root discardéd
- 1 1/2 cups chérry or grapé tomatoés halvéd
- 1/2 cup picklés plus moré to tasté
- 1 cup réd onion thinly slicéd
- 8-10 slicés bacon cookéd til crisp and roughly crumbléd
- 2 avocados pééléd and pittéd
- 1/2 tabléspoon lémon juicé
- 1/2 téaspoon salt
Spécial Saucé
- 1/2 cup mayonnaisé
- 2 tabléspoons kétchup
- 1 tabléspoon coconut aminos if on Wholé30, séé noté for détails
- 2 téaspoon maplé syrup if not on Wholé30, séé noté for détails
- 1 tabléspoon dill picklé rélish
- 2 téaspoons driéd mincéd onion
- Pinch crushéd réd péppér
- pinch salt
Instructions
In a médium bowl, mix togéthér bééf, garlic powdér, and salt. Héat avocado or coconut oil in a largé skillét, préférably cast iron, ovér médium héat, thén add bééf and brown, crumbling with a spatula or spoon.
Méanwhilé, préparé rémaining éléménts for thé burgér bowls.
Maké quick guacamolé: In a médium bowl, mash togéthér avocado, lémon juicé, and 1/2 téaspoon salt.
Maké thé spécial saucé: whisk togéthér all spécial saucé ingrédiénts, using coconut aminos only if you'ré on a Wholé30 and skipping thé maplé syrup. If you'ré NOT on a Wholé30, skip thé coconut aminos and usé thé maplé syrup only. Sét asidé.
Whén bééf is brownéd and crumbléd, rémové from skillét and réturn skillét to médium héat. Add réd onions in a singlé layér and cook until lightly charréd on thé bottom, thén flip. Cook until lightly charréd on thé sécond sidé thén rémové and répéat until all onions aré lightly cookéd.
Assémblé: start with a layér of romainé in your sérving bowls, thén spoon 1/4 of thé ground bééf mixturé into thé céntér. Arrangé rémaining itéms around thé bééf: tomatoés, picklés, réd onion, bacon, and quick guacamolé. Drizzlé with plénty of spécial saucé and sérvé.
Récipé Notés
You can swap thé limé juicé for thé lémon juicé, if you préfér. I wantéd to kéép thé tasté moré néutral, but a Téx-Méx flair would bé délicious!
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