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 MUFFINS CLASSIC CINNAMON “SUGAR” DONUT STYLE
Thanks to Amy for sharing your recipe for these amazing little keto muffins. They were delicious!
KETO MUFFINS
CLASSIC CINNAMON “SUGAR” DONUT STYLE
This recipe comes from a friend who has been making them for years. They have been gluten and sugar free all her life and (in my eyes) she is the queen of baking GF!
I know you hear it all the time, your family will love them and not know they are keto friendly. It is true. We strive to recreate and share recipes that are keto/low carb friendly that the whole family will love. Otherwise, you tend to have to cook twice as much which can lead to falling back into a regular habit of eating anything.
One of the easiest ways to eat keto and STAY on keto is to make others adapt to your way of eating. If you are like me, you have lived long enough trying to diet or change your eating habits while others stuff their face with everything and anything right in front of you. These keto muffins are a great way to start them on your track.
Try experimenting with this muffin recipe by adding different extracts or flavor oils. We added apple to ours and can’t wait to try pumpkin! There are ways to eat keto and not feel deprived of certain flavors. After all, flavor is why we eat food not necessarily what it is made from. Think about that. If you like apple cinnamon muffins you can still have them.
- ½ cup heavy cream
- 5 tbsp butter softened
- 2 large eggs
- 1 tsp vanilla
- ½ cup powdered swerve sweetener
- 1 ½ cups blanched almond flour
- 2 tablespoons psyllium husk powder
- 2 tsp baking powder
- 1/2 tsp nutmeg
- 1/2 tsp ginger
- 1/4 tsp allspice
For the covering:
- 2 tbsp butter melted
- 1 tsp cinnamon
- ¼ cup granulated sweetener of choice
Preheat oven to 350. Line a muffin pan with papers.
In a medium bowl using an electric mixer, cream butter, sweetener and vanilla until smooth. Beat in eggs and cream.
In a separate bowl, whisk together all dry ingredients (except for the topping ingredients). Slowly add to the wet ingredients, continuously mixing with the electric mixer.
Spoon even amounts into each muffin cup.
Bake 18-20 minutes or until edges are golden and set up.
Allow to cool completely.
Brush finished muffins with butter, roll in cinnamon sweetener mix. Serve!
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