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!
Mexican Cauliflower Rice with Cheesy Steak Roll-Ups
Mexican Cauliflower Rice with Cheesy Steak Roll-Ups
Mexican Cauliflower Rice with Cheesy Steak Roll-Ups
Paleo, Whole30 compliant and keto friendly, this filling dinner is packed with veggies, protein, and lots of flavor and spice!
4 SERVINGS
Mexican Cauliflower Rice with Cheesy Steak Roll-Ups – Paleo, Whole30 compliant and keto friendly, this filling dinner is packed with veggies, protein, and lots of flavor and spice! Steak rolls filled with spices and cheese are pan-seared and served on top of cauliflower rice flavored with Mexican spices. Healthy and satisfying, keeping you full of energy!
INGREDIENTS LIST FOR THE STEAK ROLL-UPS WITH TACO CAULIFLOWER RICE
The steak rolls
- 1 lb (450g) flank steak, sliced lengthwise
- 1 tablespoon melted butter
- 3 garlic cloves minced
- 1/2 cup chopped parsley
- 1 cup shredded mozzarella
The cauliflower rice
- 1 head cauliflower, riced
- 2 tablespoons olive oil
- 1 small yellow onion, minced
- 1 red bell pepper diced
- 1 jalapeño pepper, seeds removed and minced
- 1/2 teaspoon fine grain sea salt
- 1/2 teaspoon onion powder
- 1/2 teaspoon garlic powder
- 1 teaspoon cumin
- 1 teaspoon chili powder
- 1 teaspoon paprika
- 1/4 cup (60ml) vegetable stock
- Cilantro for garnish
DIRECTIONS
- In a small bowl, combine the chili powder, paprika, cayenne, cumin, garlic powder, oregano, salt, and pepper.
- In another small bowl, mix melted butter with minced garlic, parsley, salt, and pepper.
- Lay the flank steak flat on a cutting board with the grain running up and down. Brush with the garlic-herb-butter mixture. Cover with a layer of cheese. Tightly roll up the meat ensuring that you cut against the grain when you slice the meat. Stick toothpicks through the sides of the roll to help it hold its shape and use a sharp knife to cut in between the toothpicks.
- Heat a skillet over high heat, add the steak rolls, and sear until a nice crust has developed – about 3 minutes. Flip and repeat with the other side. Remove from the skillet and set aside.
- In the same skillet add 2 tablespoons olive oil. Sauté the onion, garlic, bell pepper and jalapeño until soft, about 3 minutes.
- Add cauliflower rice and stir to coat well, cook for 2 minutes, stirring regularly then add the spice mix and 1/2 cup vegetable stock. Allow the juice to reduce a little and adjust seasoning if necessary.
- Add the steak rolls back to the skillet over the Mexican cauliflower rice and reheat quickly. Garnish with chopped parsley and parmesan shavings and serve immediately. Enjoy!
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