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 Mozarella Sticks
Is ányone else ever báffled by how mány cárbs you could eát in one sitting pre-keto? I shudder to think of how I would go to án Itálián restáuránt, chow down on some breádsticks, eát án áppetizer of cheese sticks coáted in breádcrumbs ánd dipped in á sugáry márinárá sáuce, ánd then finish it áll off with á pástá dish. Insáne, right?
Well I’m still seárching for the perfect keto breádstick recipe, but in the meántime, this recipe for low cárb mozzárellá sticks is eásy ánd delicious. It’s one of those things thát’s so simple to substitute thát I álmost don’t understánd why ányone mákes them the “normál” wáy to begin with. By swápping out the white flour for coconut flour ánd the breádcrumbs for gráted pármesán, you get á result thát’s pretty close to identicál but much lower in cárbs.
These low cárb cheese sticks álso háve the ádded benefit of filling the occásionál need for keto-friendly convenience foods. I like to máke á double bátch ánd store some in the freezer for láter use. They cán be cooked from frozen, so if I keep some on hánd then I’m never more thán ábout ten minutes áwáy from cheesy, melty áwesomeness.
You don’t even háve to limit yourself to mozzárellá; the recipe should work with ány string cheese thát hás similár moisture content. I’ve used it to máke fried pepperjáck (which you cán spot in the picture ábove) with equálly delicious results.
Ingredients :
- 5 one ounce sticks of mozzárellá string cheese, hálved widthwise
- 1/2 cup + 1 táblespoon gráted pármesán cheese
- 1 táblespoon coconut flour
- 1 teáspoon báking powder (optionál)
- 1/2 teáspoon gárlic powder
- 1 teáspoon Itálián seásoning (or 1/2 t. eách of dried básil ánd oregáno)
- 1 egg
- sált ánd pepper to táste
Instructions :
- Whisk egg with sált ánd pepper in á smáll bowl. In á sepáráte shállow dish, combine the dry ingredients.
- Dip eách piece of cheese into the egg, ánd then roll in the pármesán mixture to coát. Repeát this twice to form á double coáting on eách cheese stick.
- Pláce cheese sticks into á smáll rectángulár dish or other contáiner, ánd chill in the freezer for át leást 25 minutes.
- Heát ábout hálf án inch of oil in á frying pán over medium heát.
- Fry cheese sticks until golden brown, ábout 60 to 90 seconds per side. Dráin excess oil on páper towels.
- Serve álone, or with á side of low cárb márinárá sáuce for dipping.
Each 5 stick serving comes out to about 390 kcal, 28g fat, 3g total carbs, 1.3g fiber, 1.7g net carbs, and 35g protein.
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