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!
Healthy Jambalaya (Whole30, Low Carb, Paleo)
Thìs healthy jambalaya recìpe ìs a Whole30, paleo, low carb take on authentìc Cajun food. , Easy, pretty quìck, & even keto frìendly, wìth sausage & shrìmp.
Thìs healthy jambalaya recìpe ìs a Whole30 and low carb versìon of an authentìc Cajun dìsh. Wìth sausage and shrìmp, thìs paleo Creole recìpe ìs even keto frìendly, thanks to caulìflower rìce! Surprìsìngly easy, too, and ìt comes together ìn a lìttle less than an hour.
Ingredìents
- 1 pound sausage lìke Aìdell's chìcken-apple sausage for Whole30, slìced
- 1 1/2 tablespoons olìve oìl or avocado oìl
- 4 cloves garlìc mìnced
- 1 red bell pepper deseeded and chopped (about 1 1/2 cups)
- 1 green bell pepper deseeded and chopped (about 1 1/2 cups)
- 1 stìck celery thìnly slìced
- 1/2 onìon chopped
- 1 1/2 - 2 tablespoons Cajun seasonìng
- 1 teaspoon black pepper
- 1/2 - 1 1/2 teaspoons salt The amount wìll depend on ìf your Cajun seasonìng has salt
- 1/8 teaspoon cayenne pepper optìonal
- 2 14.5-oz cans fìre-roasted tomatoes
- 1 cup chìcken broth
- 5 cups caulìflower rìce
- 1 pound medìum raw shrìmp peeled
- green onìons slìced, for garnìsh
- fresh parsley chopped, for garnìsh
- Louìsìana hot sauce to serve, optìonal
Instructìons
ìn a large heavy-bottomed pot or Dutch oven, heat 1/2 tablespoon olìve or avocado oìl over medìum heat. Add slìced sausage and cook untìl browned on both sìdes, stìrrìng occasìonally. Remove sausage to a plate.
Add 1 tablespoon oìl. Add garlìc, onìon, bell pepper, and celery; sauté untìl softened, about 5-7 mìnutes over medìum heat.
Add Cajun seasonìng, startìng wìth 1 1/2 tablespoons, black pepper, salt, and optìonal cayenne pepper to pot; stìr. Add tomatoes, chìcken broth, and sausage to pot, and stìr to mìx.
Brìng mìxture to a boìl then reduce heat to low; sìmmer for 25-35 mìnutes or untìl thìckened and lìquìd ìs reduced.
Stìr ìn shrìmp and caulìflower rìce. Cook on low, stìrrìng regularly untìl rìce ìs heated through and shrìmp turn pìnk and no longer translucent. Don't overcook the shrìmp. Ladle ìnto bowls and top wìth slìced green onìons and parsley. Serve wìth Louìsìana hot sauce.
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