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!
LOW-CARB CRUSTLESS TACO PIE
LOW-CARB CRUSTLESS TACO PIE
This Low-Carb Crustless Taco Pie makes an easy spicy dinner. It's crustless, so not only is it low-carb, it's also gluten-free and grain-free. This crustless quiche can work in low-carb, ketogenic, diabetic, Atkins, diabetic, and Banting diets.
Low-Carb Crustless Taco Pie
Course Main Course
Cuisine low-carb, Mexican
Prep Time 10 minutes
Cook Time 35 minutes
Total Time 45 minutes
Servings 8
Author Annissa Slusher
Ingredients
- 1 pound ground beef preferably grass-fed
- 1 packet taco seasoning (be sure it is free of MSG, starches, and any additives)
- 3 green onions thinly sliced
- 1/4 cup salsa
- 1 cup Mexican blend cheese finely shredded, quantity divided
- 4 large eggs
- 2/3 cup heavy cream preferably grass-fed
- 1/2 teaspoon sea salt
Instructions
- Preheat oven to 350º Fahrenheit. Prepare a 9" pie pan by greasing with butter or spraying with coconut oil.
- Heat a large skillet over medium high heat. If your ground beef is low in fat or if your skillet is not well seasoned, you may want to spray the pan with coconut oil to prevent sticking. When skillet is hot, add ground beef, breaking up into small pieces with a spoon or spatula. Cook, stirring occasionally until browned. Drain beef and add taco seasoning and cook according to package instructions. Set aside and allow to cool while continuing with the next step.
- In a medium mixing bowl, whisk together the eggs and heavy cream. Stir in the green onions, salsa, 3/4 cup of the cheese, and the salt.
- Stir prepared taco meat into the egg mixture. Pour this mixture into the prepared pie pan. Sprinkle remaining cheese on top.
- Bake pie in preheated oven for 35-45 minutes or until the top is brown and the pie is set. Allow to cool for 5 minutes before serving. Serve with your favorite taco toppings such as salsa, sour cream, guacamole, sliced green onions, or whatever else you like!
Recipe Notes
Nutritional information does not include any toppings you choose to put on top.
Serving size: 1/8th of the pie
Per serving:
Calories: 258 Fat (g): 19 Carbs (g): 2 Fiber (g): 1 Protein (g): 18 Net carbs (g): 1
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