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 Zucchini Lasagna with Spicy Turkey Meat Sauce
A healthy, low carb zucchini lasagna with a flavorful turkey meat sauce. Packed with veggies, protein and delicious flavor. This will be your new favorite freezer-friendly meal!
Low Carb Zucchini Lasagna with Spicy Turkey Meat SauceA noodle-less, low carb zucchini lasagna with an incredible turkey meat sauce!
INGREDIENTS- Nonstick cooking spray
- 4 large zucchini, sliced about 1/4 inch thick
- 1 teaspoon olive oil
- 3 cloves garlic, minced
- 1 small yellow onion, diced
- 1 green pepper, diced
- 1 pound lean ground turkey
- 1 - 14 oz can tomato sauce
- 1 - 14 oz can crushed tomatoes
- 2 tablespoons tomato paste
- 2 teaspoon dried oregano
- handful of basil, finely chopped (about 1/4 cup)
- handful of parsley, finely chopped (about 1/4 cup)
- 1/2 teaspoon red cayenne pepper, if desired
- red pepper flakes, if desired
- salt and pepper, to taste
For the ricotta cheese mixture:- 15 oz part skim ricotta
- 1 egg white
- 1/4 cup grated Parmesan cheese
- 12 ounces reduced fat or part skim shredded mozzarella cheese
INSTRUCTIONS- Preheat oven to 375 degrees F.
- Place sliced zucchini on large baking sheet coated with non stick cooking spray. Sprinkle with salt and roast in the oven for 15-20 minutes to help dry out the zucchini a bit. This is a critical step.
- While the zucchini noodles are roasting, you can make the turkey meat sauce. Heat olive oil in a large pot over medium high heat. Add garlic, onions, and peppers and cook a few minutes until onions become translucent and garlic is fragrant; stir occasionally so that you don't burn it. Add in ground turkey and cook until no longer pink. Add in tomato sauce, crushed tomatoes, tomato paste, oregano, basil, parsley, and a few dashes of red pepper flakes. Bring to a boil, then reduce heat to low and simmer uncovered 25 to 30 minutes or until sauce really thickens up! (If it needs to be thicker, I suggest adding in another tablespoon or two of tomato paste.) Season with salt and pepper to taste. Remove from heat to cool.
- In a medium bowl, combine egg white, ricotta, and Parmesan. Season with a bit of salt and pepper. Add in 1/2 cup of the slightly cooled meat sauce and stir to combine.
- To assemble lasagna, spread 1/2 of the turkey meat sauce into the bottom of a 9x13 inch baking pan coated with nonstick cooking spray. Place zucchini slices evenly over meat sauce, spread on 1/2 of the ricotta mixture, then sprinkle 1/2 of the mozzarella on. Repeat layers again starting with the meat sauce, zucchini slices and ricotta mixture and finishing with mozzarella. Cover with foil and bake for 30 min. Remove foil and bake for 15 minute longer uncovered. Makes 8 very generous servings.!
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