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 Fries: Making Low Carb French Fries with Jicama
Keto fries. Is there really such a thing as low carb french fries? Jicama fries are about as close as you can get.
Do you miss the good old days of grabbing a burger and fries? I sure do. But, what’s a great low carb replacement for potatoes?
I suppose you could use roasted radishes or turnip to make low carb fries. I’ve even seen people use rutabaga. However, I wanted to see how jicama fries tasted.
Jicama is a bit higher in carbs than radish or turnip. So if you are on a strict keto diet, you may want to use those root vegetables instead to make keto fries.
Is there such a thing as low carb french fries? Jicama is about as close as you can get. Here’s the basics on how to make them.
INGREDIENTS :
- 2 cups jicama sliced (about 1 small)
- 2 tablespoons avocado oil
- 3/4 teaspoon sea salt divided
- 1/4 teaspoon garlic powder
- 1 teaspoon cumin
- 1 teaspoon smoked paprika
INTRUCTIONS :
- Peel jicama and slice into french fry pieces.
- Sprinkle 1/2 teaspoon sea salt into medium pot of water. Bring to a boil.
- Boil jicama fries in boiling water for 10 minutes. Drain in colander.
- Place drained jicama pieces into a large mixing bowl. Coat with avocado oil, then sprinkle on 1/4 teaspoon sea salt, garlic powder, cumin, and smoked paprika. Blend in spices.
- Spread fries onto oiled baking pan. Bake at 400°F for 30 minutes, turning halfway through baking time, until fries are crisp.
Recipe Adapted From
Keto Fries (Low Carb Jicama French Fries)
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