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!
HIGH PROTEIN CREAMY TACO SOUP RECIPE
This high protein taco soup is a cool weather favorite, and it’s perfect for prepping in bulk with minimal time and effort. Another thing I love about this meal is its vast flexibility. Like any dump soup, you can add just about anything you want with minimal impact on flavor. If you don’t love veggies or have a picky eater in the house, this could be a great way to mask cauliflower, broccoli, zucchini, or other vegetables you can finely chop.
As you’ll see in the video walkthrough at the end, I was fully prepped and cleaned in less than 20 minutes. If you include the simmer and packaging time, you’ll need around 30 minutes total.
Ingredients
- 2 lbs Ground Turkey, Beef, or Chicken macros for 93/7 Ground Turkey
- 1 15 oz can Sliced Stewed Tomatoes
- 1 can Rotel
- 1 15 oz can Black Beans rinsed
- 1 15 oz can Pinto Beans rinsed
- 1 15 oz can Corn
- 1 12 oz bag 3 Pepper & Onion Blend frozen (or you can use fresh onions/peppers
- 1 12 oz bag Broccoli & Cauliflower Florets frozen (or 1/2 broccoli, 1/2 cauliflower if you can't find a blend)
- 8 oz Fat-Free Cream Cheese
- 1 C (227g) Fat-Free Greek Yogurt plain
- 1 packet Ranch Dip Mix
- 2 packets Taco Seasoning
- 3 servings (18g) Cheddar Powder optional
Instructions
- Brown your choice of meat on medium-high heat. Drain and rinse fat 3/4 way through cooking. Use 1 packet of taco seasoning to prepare meat as you normally would for tacos.
- Add all canned ingredients, cauliflower and broccoli, cream cheese, Greek yogurt, and remaining seasoning packets to a large pot. Bring mixture to a boil before reducing heat to low. Stir often to avoid scorching.
- Add meat to soup mixture and simmer on low heat for 5-10 minutes. The longer you allow everything to simmer, the more flavor you'll have.
- To portion this out, you can weigh your final mixture in a large bowl using a food scale. Depending on your calorie/macro goals, portion accordingly. Using the total calories (~3,300), you could portion out 16 205-calorie meals, 10 330-calorie meals, 7 470-calorie meals, or whatever works best for your meal frequency and calorie needs. Be sure to account for anything you'll add to the soup like cheese, sour cream, chips, etc.
Recipe Source:masonfit.com
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