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 Meatloaf Stuffed with Cheese
Flavorful chorizo mixed with ground beef makes this cheese stuffed keto meatloaf taste amazing! A perfect low carb dinner recipe!
This Keto Meatloaf Stuffed with Cheese will knock your tastebuds out with its amazing flavor! Using budget friendly chorizo with the beef really packs a flavor punch!
I have to say, I squealed when I cut into this cheese stuffed meatloaf. The melty cheese immediately started oozing out and just looked absolutely amazing!
Meatloaf is that classic American dinner that is so comforting and homey. I can’t imagine a kid not growing up with memories of mom bringing meatloaf to the table with a big pile of mashed potatoes! Use cauliflower mash now, of course.
This cheese stuffed meatloaf though. It is to. die. for. and so easy on your wallet! By using chorizo as half of the meat instead of all ground beef, we have brought down the cost a bit. I’m all for that!
Ingredients
- 1 lb Ground beef (I used 80/20)
- 1 lb Ground Chorizo
- 1 Egg
- 1/2 cup Coconut flour or 1 cup Almond flour
- 1/4 Red onion, minced (optional)
- 2 Garlic cloves, minced
- 1/2 tablespoon Garlic powder
- 1/2 tablespoon Onion powder
- 1/2 tablespoon Smoked paprika
- 1/2 teaspoon salt
- 1/2 teaspoon pepper
- 6 oz Mild or sharp cheddar cheese block, cut into chunks
- 1/2 cup Salsa
Instructions
- pre-heat oven to 350F
- Mix all ingredients, except cheese and salsa, together in a large bowl
- add half of the meatloaf mixture to a loaf pan and press into the bottom (if you don't have a loaf pan big enough, then you can form the mixture into a loaf shape on a sheet pan)
- Place the cheese into the center of the loaf pan, leaving about an inch on all sides.
- add the rest of the meatloaf to the pan and press it down to compress it slightly.
- Bake in the oven for 45 minutes or until an internal thermometer reads 165F
- Remove from oven and let sit for 10 minutes. Serve with salsa.
Recipe Notes
for 1/6th of recipe: 532 calories / 38.9g fat / 7.4 carbs / .8g fiber / 36.2g protein
If you are not too keen on chorizo, just use more ground beef or even ground pork!
You could use mild cheddar, sharp cheddar, or medium cheddar. Whichever you prefer
Don't over work the meatloaf mixture or your meatloaf will be dense.
Using a loaf pan helps the meatloaf keep its shape. You could also form it into a loaf shape on a foil lined sheet pan.
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