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!
Easy Cheesy Zucchini Gratin – Low Carb & Keto
This Easy Cheesy Zucchini Gratin has become a staple in our house! It’s cheesy and creamy, super easy to throw together, and the perfect low carb side dish for your keto diet!
INGREDIENTS
- 4 cups sliced raw zucchini
- 1 small onion, peeled and sliced thin
- salt and pepper to taste
- 1 1/2 cups shredded pepper jack cheese
- 2 Tbsp butter
- 1/2 tsp garlic powder
- 1/2 cup heavy whipping cream
INSTRUCTIONS
- Preheat oven to 375 degrees (F).
- Grease a 9×9 or equivalent oven proof pan.
- Overlap 1/3 of the zucchini and onion slices in the pan, then season with salt and pepper and sprinkle with 1/2 cup of shredded cheese.
- Repeat two more times until you have three layers and have used up all of the zucchini, onions, and shredded cheese.
- Combine the garlic powder, butter, and heavy cream in a microwave safe dish.
- Heat for one minute or until the butter has melted. Stir.
- Gently pour the butter and cream mixture over the zucchini layers.
- Bake at 375 degrees (F) for about 45 minutes, or until the liquid has thickened and the top is golden brown.
- Serve warm.
NOTES
Depending on your zucchini, you may find it takes longer to cook in order to get your sauce to reduce. If you find it very watery after the 45 minutes, lower the oven temp to 350 and cook it another 10 minutes or so.
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