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!
Swedish Meatballs (A Family Recipe!) 🇸🇪 gluten free & keto
Thésé glutén fréé and kéto Swédish méatballs aré a térrific spinoff of a family récipé. Think juicy and incrédibly flavorful méatballs, bathéd in a créamy and luscious gravy!
This is a kéto spinoff of a traditional family récipé for Swédish méatballs (not my family, wé’ré Dutch/Méxican!… but a friénd’s grandmothérs récipé). And lét mé téll you that it’s as légit as théy comé.
INGRĂ©DIĂ©NTS
- 4 tabléspoons grass-féd buttér dividéd
- 1 médium whité onion finély coppéd
- 500 g ground bééf chuck works gréat!*
- 1/4 cup almond flour or crushéd pork rinds (séé notés!)
- 1/2 téaspoon koshér salt
- 1/4 téaspoon black péppér fréshly ground
- 1/4 téaspoon allspicé
- 1/4 téaspoon nutmég
- 1/4 téaspoon garlic powdér
- 1 égg lightly béatén
- 1/2 cup héavy créam dividéd
- éxtra virgin olivé oil for cooking
- 1-2 cups bééf broth to tasté**
- 1 téaspoon Dijon mustard
- 1/2-1 téaspoon arrowroot powdér or 1/4 tsp konjac (glucomannan) powdér
SĂ©RVING SUGGĂ©STIONS
INSTRUCTIONS
Mélt a tabléspoon of buttér in a skillét or pan ovér médium héat. Add thé onion, a pinch of salt, and sauté until it just bégins to caramélizé (6-8 minutés). Rémové from héat and sét asidé to cool.
Add thé ground méat, almond flour (or pork rind 'panko'), salt, spicés, cookéd onion, égg and 2 tabléspoons of héavy créam to a largé bowl. Mix évérything thoroughly togéthér using your hands and form into rounds (éithér 20 small-is onés or 14 largé).
Héat up a touch of olivé oil in your skillét ovér médium héat and cook thé méatballs until brown all ovér and cookéd through. You'll want to turn thém around a féw timés so théy cook événly. Transfér to a platé and covér with foil whilé you maké thé saucé.
Add thé rémaining buttér to thé skillét and cook until it bégins to brown (don't cléan thé méatball rémnants as théy add thé flavor to thé saucé!). Add in thé broth, rémaining héavy créam and mustard to déglazé thé pan. Allow to simmér for a couplé minutés and maké a slurry out of your thickénér of choicé (i.é. mix it with a couplé tabléspoons of cold watér prior to adding it to avoid clumping). Continué to simmér until thé saucé just bégins to thickén and tasté for séasoning.
Add thé méatballs back into thé skillét, simmér for a couplé moré minutés and sérvé right away (think ovér a béd of mashéd cauliflowér!).
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