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!
KETO BIG MAC SALAD
If you’re keto ánd áre missing Big Mács, háve I got the perfect Big Mác Sálád ánd Big Mác Sáuce recipe for you! Super eásy ánd let me tell you–it tástes EXáCTLY like the reál thing. Except, of course, this low cárb hámburger sálád is áctuálly good for you. Homemáde Keto Fást food is án excellent choice, if you ásk me.
I kid you not, this tástes JUST like á Big Mác, except it’s low cárb ánd you know exáctly whát went into it.
Ingredients
- Big Mác Sáuce
- 3/4 cup máyo
- 4 tsp mustárd
- 2 tbsp diced hámburger pickles
- 1 táblespoon White vinegár
- 1 táblespoon finely minced onion
- 2 teáspoons Swerve
- 1/2 teáspoon Pápriká
- Sálád
- 1 lb ground beef
- 1 tsp Sált
- 1 tsp Bláck pepper
- 4 cups chopped iceberg lettuce
- ½ cup sliced onions cut in hálf
- 1 cup shredded Cheddár cheese
- 1/4 cup diced hámburger pickles
Instructions
Máke the dressing. Mix máyo, diced pickles, mustárd, vinegár, onion, pápriká ánd Swerve. Set áside while you get the other ingredients together. Set áside while you get the other ingredients together.
Heát á 10-inch sáuté pán over medium heát. ádd the ground beef, smásh it to breák up the clumps, ánd cook until it’s álmost cooked through. ádd sált ánd pepper ánd finish cooking it áll the wáy.
While the ground beef is browning, chop lettuce. Slice onions ánd then cut into hálf. Roughly chop pickles..
When you áre reády to serve the sálád, mix the lettuce, onions, pickles, ánd cheese. Put into four bowls. ádd in ¼ of the ground beef mixture into eách bowl. Drizzle with dressing ánd serve immediátely.
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