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!
Turkey & egg breakfast casserole
Do you have those recipes you could practically make in your sleep? Well, if not then don’t worry because I’ve got one for you!
This Turkey Egg Breakfast Casserole is pretty much on an every other week rotation in our family and I can assure you there have been many mornings I’ve had one eye open while dozing with the other as I prepared this dish. And here’s the punchline for the win: it’s healthy, I mean really healthy.
Did I mention it’s also easy to prepare? Well, it is so if I’ve sold you on making this dish for breakfast tomorrow then keep reading for the recipe…
This is one of my easy go-to healthy breakfast recipes. The Turkey Egg Breakfast Casserole is also a family favorite and falls under the “paleo” category.
ingredients
- 1 tablespoon Coconut Oil + more for coating the pan
- 1 lb Ground Turkey
- 1/2 teaspoon Chili Powder
- 1/2 teaspoon Garlic Powder
- 12 Large Eggs
- 1 small Sweet Potato (peeled and sliced thin)
- 1 cup Baby Spinach
- Salt & Pepper for Seasoning
- Additional Toppings: Tomatoes (Diced Onions, Bell Peppers, Cheese)
instructions
- Preheat the oven to 375 degrees. Grease a 9 x 9 baking dish with Coconut Oil as well as heat the 1 tablespoon in a medium sized skillet set to medium-high heat. Once the oil has melted add in the Ground Turkey and season with the Chili Powder, and Salt and Pepper. Continue to cook the meat until it begins to brown.
- While the turkey is cooking peel and slice your Sweet Potato. Make sure your slices are fairly thin because if they’re too thick they won’t be as tender. Line the bottom of the greased baking dish with the sliced potatoes. In a medium bowl beat the Eggs with a whisk and season with salt and pepper.
- Top the potatoes with the turkey and then pour the eggs on top. Layer the Spinach on top of the eggs as well as any additional toppings you’d like to add.
- Place the dish in the oven and cook for 35 to 40 minutes or until the edges of the egg begin to brown and the casserole is firm throughout. Check the dish with about 5 minutes to go to see if you need to add any time.
notes
If you want to make this as part of your meal prep (or the night before serving) and freeze it for later go ahead and fully prepare the dish then place in the freezer. To cook, let it defrost and then reheat at 275 to 300 degrees for about 15 to 20 minutes.
I always cut this dish into 6 squares to get the individual serving sizes.
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