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!
Cheesy Crustless Quiche with Broccoli and Ham
Ham, broccoli, and cheese take center stage in this crustless quiche! It's low-carb, gluten-free, and full of rich creamy goodness!
Broccoli, ham and cheddar enveloped in a silky custard are irresistible in this crustless quiche. But wait! There’s more. This quiche is low-carb, gluten-free, filling, luscious, and take only minutes to prepare!
Sorry, crust. You used to be my favorite part of quiche, but the rich and cheesy filling in this pie is the star event, and I didn’t even notice you were missing.
INGREDIENTS:
- 1 1/2 cups grated cheddar (about 7 ounces)
- 2 large eggs
- 3 large egg yolks
- 1 1/2 cups heavy cream
- 1/4 teaspoon salt
- 1/8 teaspoon black pepper
- Special equipment:
- 9-inch round baking dish or pie pan
- Vegetable oil spray (for the pan)
- 1 medium stalk broccoli, stem and crown
- 5 ounces ham steak, cubed
INTRUCTIONS :
- Prepare the oven and baking dish: Place a rack in the center of the oven. Preheat the oven to 375°F. Spray a 9-inch round ceramic baking dish or pie pan with vegetable oil. Have a baking sheet on hand.
- Prepare the broccoli: Bring a large saucepan of salted water to a boil. Cut a sliver off the bottom of the broccoli stem and peel the stem with a vegetable peeler. Slice the stem into 1/2 inch-thick, bite-size pieces. Cut the broccoli crown into small florets.
- Cook the broccoli in the boiling water for 4 to 5 minutes, or until tender. Strain the broccoli to remove the water, and spread the broccoli over the bottom of the baking dish.
- Add the ham and cheese to the baking dish: Distribute the ham cubes over the broccoli. Reserve 1/2 cup of the cheese to sprinkle on top of the filled quiche. Sprinkle the remaining cheese over the broccoli.
- Make the custard: In a medium bowl, whisk the eggs and egg yolks together. Whisk in the cream, salt, and pepper. Pour the cream mixture over the filling in the pan and sprinkle the top with the reserved cheese.
- Bake the quiche: Set the baking dish on the baking sheet and place it in the oven. Decrease the oven temperature to 350ºF.
- Bake the quiche for 30 minutes, or until the top is golden and the center puffs, but is still slightly wobbly in the center.
- Cool the quiche: Set the baking dish on a wire rack to cool for at least 30 minutes before cutting into wedges. Quiche can be served warm or at room temperature.
Recipe Adapted From
Cheesy Crustless Quiche with Broccoli and Ham Recipe
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