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 Chile Relleno Casserole {a Keto, Paleo, GAPS, egg-free Mexican Dinner Casserole}
Keto Chile Relleno Casserole
Keto Chile Relleno Casserole~ a Keto, Paleo, GAPS, Mexican Dinner Casserole; easy!
Keto Chile Relleno Casserole {a Keto, Paleo, GAPS, egg-free Mexican Dinner Casserole}
Servings: 8 servings
Author: Megan
Ingredients
- 2 pounds ground beef preferably pasture-raised
- 3 small onions diced, or 2 large (OR less, for stricter Keto, depending on personal preference)
- 1 cup water filtered
- 14 ounces (or about 1-1/2 cups) red salsa fresh pico de gallo or jarred, (homemade or store-bought)
- 8 ounces cheese grated (aged cheddar)
- 8 ounces whole green chilies canned, cut along one line and opened so they can be splayed
- 8 ounces diced green chilies canned
- 1 7-ounce jar tomato paste
- 2 teaspoons sea salt
- 2 Tablespoons psyllium husk powder (NOT husks, see link below); for Paleo version use 2/3 cup cassava flour; for GAPS version/Keto variation use 1/3 cup coconut flour
- 1 Tablespoon apple cider vinegar or 1 teaspoon cream of tartar
- 2 teaspoons dried oregano
- 2 teaspoons cumin
- 1 teaspoon baking soda, sifted
- fresh cilantro, minced, for garnish
- freshly ground pepper to taste
Instructions
- Preheat oven to 375 degrees Fahrenheit. Grease a large casserole dish, like a 9" by 13".
- In medium size bowl combine salsa, tomato paste and cumin, stirring well. Measure out 1 cup. Set aside.
- Combine in small bowl: psyllium husk powder, baking soda and optional cream of tartar. Set aside.
- In large mixing bowl add the following: beef, water, the 1 cup portion of thickened salsa, onions, diced green chilies, apple cider vinegar, oregano, sea salt and pepper. Mix well.
- Add the psyllium husk powder mixture to the large mixing bowl, and stir well again.
- Spread meat mixture into greased casserole. Top with remaining salsa. Lay whole green chilies (spread out) over the surface.
- Bake in preheated oven about 45 minutes, until bubbly around edges and slightly puffed all over. Remove from oven.
- Top casserole with grated cheese. Return casserole to hot oven for 10 minutes, until cheese is well melted, but not crispy (it should be soft and creamy on top).
- Serve with salad, sour cream and olives. Top with fresh cilantro.
Recipe Notes
Find psyllium husk powder here.
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