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!
Crispy Keto Fried Chicken
Missing the Kentucky Fried Chicken? If you’re a KFC™ lover, this low carb fried chicken recipe is perfect for you. We’ve tried a few keto fried chicken recipes before but this one is the best so far. It’s soft and moist inside, crunchy outside, a little spicy and very tasty.
This recipe is like a Copycat KFC™ chicken with many herbs and spices but low carb.
INGREDIENTS
- 6 chicken thighs boneless
- 1 large egg
- 30 ml unsweetened almond milk
- 2 cloves garlic
- 1/2 tbsp basil
- 1/2 tsp thyme
- 1/3 tsp oregano
- 1 tbsp celery salt
- 1 tsp black pepper
- 1 tsp powdered mustard
- 1 tsp paprika powder
- 1 tsp ginger powder
- 1 tsp garlic powder
- 1 tsp fresh turmeric optional
- 1 tsp white pepper
- 1 tsp chili red flakes optional
- salt to taste
- Coating and Frying
- 50 g unflavored whey protein isolate powder (you can also use almond flour for coating)
- coconut oil (or your choice of oil for deep frying)
INSTRUCTIONS
- Before chopping the chicken thighs into small chunks, make sure to thoroughly wash and dry them.
- Grind the garlic cloves and all the spices with a blender or a mortar. Flavor the chicken with this spice mix. Crack in the egg and pour the milk into the seasoned chicken pieces. Stir well to marinate well.
- Transfer the chicken to a covered container and let it chill in the fridge for around an hour. Flip the chunks occasionally.
- Pour the protein powder in a plastic container with a lid. Put the chicken in the container before replacing the lid. Shake well to coat the chicken entirely.
- Set a deep fryer to 375 degrees and heat the oil in the fryer. Crispy fry the chicken for 5-7 minutes. Wait till the chunks become golden brown and crispy enough to your liking.
- Transfer to a platter with any keto-approved dip of your choice.
RECIPE NOTES
This recipe is enough for 6 people to enjoy. The macros info below is for 6 servings and it doesn't include the oil you use for deep frying.
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