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 Waffle
I found my waffle maker at the back of the cupboard a few weeks ago and was just about to throw it out when I looked at the old recipe I used to make all the time and decided to adapt the recipe we once loved, but remove the flour and the sugar.
Well, my waffle maker lived to see another day and my children say they like these keto waffles better than the high carb version we used to eat.
Each low-carb waffle is not much more than an egg, coconut flour and some butter (plus a few other ingredients to make them rise and tasty).
Keto Waffles – No Sugar, No Grains
My old recipe that arrived with the waffle maker, requires 2 cups of flour and 1 cup of sugar. I can’t believe I used to make them on a regular basis (and then there was the additional maple syrup or golden syrup that was added on top).
But most high carb recipes can be adapted if you know how. I replaced the wheat flour for coconut flour and replaced the sugar with sweetener and plenty of vanilla.
What resulted was the most amazing, light, fluffy, tasty keto waffles you can imagine. I have tried many low carb and grain free pancake recipes over the years, and I can hand on heart say these keto waffles are the best.
What’s even better, is that there are no complicated ingredients, no added sugars, it’s grain free, there’s no protein powders, and uses ingredients we will all have in our cupboards. So give these a go and see what you think.
Keto Waffles The Ideal Breakfast Meal Prep Recipe
They can even be frozen in between sheets of baking paper/parchment, in an airtight container.
Note On Nuts:: “The FDA lists coconut as a tree nut but in fact, coconut is a seed of a drupaceous fruit. Most people allergic to tree nuts can safely eat coconut. Coconut allergy is reasonably rare. If you are allergic to tree nuts, talk to your allergist before adding coconut to or eliminating coconut from your diet.”These have to be the easiest keto waffles out there, and no protein powders. Just a few ingredients and simple to make. Make a double or triple batch and freeze them. Make them sweet or savoury. #sugarfree #lowcarb #lchf
These keto waffles are so versatile. These waffles can be made in the waffle maker, or if you don’t have one, can be cooked in the frying pan, just like a pancake.
Add some cinnamon or ginger if you like different spices. Make an extra batch and use the keto waffles cold as a ‘sandwich’.
Cut each waffle in half, spread each half with cream cheese and add some berries inside as the filling. Or how about cutting them into individual pieces, toast them and use with a low carb ice cream.
Keto Waffles
Keto waffles are my award winning breakfast that has won over many high-carb lovers! Keep any extras and use them as sweet sandwich bread for school lunches. Place cream cheese and berries inside for a yummy lunch box.
Ingredients :
- 5 eggs - medium separated
- 4 tbsp coconut flour
- 4 tbsp granulated sweetener of choice or more, to taste
- 1 tsp baking powder
- 2 tsp vanilla
- 3 tbsp full fat milk or cream
- 125 g butter melted
Instructions :
First bowl.
- Whisk the egg whites until firm and form stiff peaks.
Second bowl
- Mix the egg yolks, coconut flour, sweetener, and baking powder.
- Add the melted butter slowly, mixing to ensure it is a smooth consistency.
- Add the milk and vanilla, mix well.
- Gently fold spoons of the whisked egg whites into the yolk mixture. Try to keep as much of the air and fluffiness as possible.
- Place enough of the waffle mixture into the warm waffle maker to make one waffle. Cook until golden.
- Repeat until all the mixture has been used.
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