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!
BUFFALO CHICKEN MEATBALLS- KETO APPROVED
BUFFALO CHICKEN MEATBALLS- KETO APPROVED
Eating the keto way does not been you have to give up your favorite foods! Even though we love wings on keto, I like to change it up a bit with these keto buffalo chicken meatballs!
KETO BUFFALO CHICKEN MEATBALLS
Keto Buffalo Chicken Meatballs
Course Main Course
Cuisine American
Prep Time 10 minutes
Cook Time 15 minutes
Total Time 25 minutes
Servings 6 People
Calories 167 kcal
Ingredients
- 1 lb ground chicken
- 1 egg beaten
- 2 sprigs of green onion finely chopped
- 1 celery stalk trimmed and finely diced
- 1 tablespoon almond or coconut flour
- 1 tablespoon mayonnaise
- 1 tsp onion powder
- 1 tsp garlic powder
- 1 tsp pink sea salt
- 1 tsp ground black pepper
- 1 cup of buffalo wing sauce
Instructions
- Preheat the oven to 400. Spray a sheet pan with non stick cooking spray or grease with Olive oil, coconut oil or butter. (I use Olive oil)
- In a large bowl, combine all ingredients, minus the buffalo sauce. Mix well.
- Use your hands to form 2″ balls, mixture will be sticky. If desired set out a small amount of almond or coconut flour to dust your palms with. I personally just pushed through it and made a mess all over my hands!
- Place meatballs on a sheet pan. Bake for 15 minutes or until center has reached 160º
- Remove meatballs from the oven. Place in a skillet or pot over medium low heat. Coat with buffalo sauce. Continue to cook just until sauce is warmed.
- Serve over pureed celery root or cauliflower that has been mixed with a ranch seasoning packet! Or eat as is.
Recipe Notes
These keto buffalo chicken meatballs make a great snack, lunch or dinner. Heck, I have even had a few wrapped in lettuce for breakfast…… don’t ask … it was a weird day.
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