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!
LOW CARB PUMPKIN PIE
LOW CARB PUMPKIN PIE
Mini pumpkin pies that are not only dairy free, sugar free but also low in carbs. Have a little spice in your life without the guilt!
Low Carb Pumpkin Pie
Prep Time 15 mins
Cook Time 45 mins
Total Time 1 hr
Course: Dessert
Cuisine: American
Servings: 12
Calories: 194 kcal
Author: yvonne
Ingredients
Crust
- 1/2 cup almond flour
- 1/3 cup coconut flour
- 1/4 cup butter Dairy Free option: coconut oil or butter flavored coconut oil
- 1.5 tablespoons Monksweet or any Keto sweetener
- 1/2 teaspoon vanilla extract
Pumpkin Pie Filling
- 1/2 cup coconut flour
- 1/2 teaspoon baking powder
- 1/2 cup Monksweet or any Keto sweetener
- 6 large eggs
- 3/4 cup canned pumpkin
- 2 teaspoons pumpkin pie spice
- 1/3 cup unsweetened vanilla almond milk
- 1/3 cup avocado oil
- 2 tablespoons flax meal
Instructions
Crust
- Preheat oven to 325 degrees F.
- In a large mixing bowl or food processor, combine almond and coconut flour, sweetener, vanilla and melted butter or coconut oil
- Mix until combined. Should have the consistency or crumbly wet sand.
- Using your fingers press into the bottom of your molds, cupcake liners or pie pan. I use about 1/2 tablespoon of the crust mixture per mini pie, but you can vary it depending on how thick you like your crust.
- Bake for approximately 15 minutes for the small pies and adjust for longer cooking time if you are making a large pie.
Filling
- In a large mixing bowl combine all filling ingredients.
- Mix well. ( I find sometimes there are lumps in the batter that won't dissolve even with the most vigorous mixing. In this case, I will often set the batter aside for 10 minutes and with a quick mix the lumps will have incorporated themselves into the batter.
- Portion batter and pour on top of your pre-baked crust.
- Bake at 325 degrees F for approximately 30 minutes for the mini pies.
- After cooling, refrigerate for at least one hour. Best served chilled.
