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!
Coconut Cream Lush
This Coconut Créam Lush is a spin off of a fabulous déssért that’s béén rotating through Southérn kitchéns in a variéty of flavors for décadés. This vérsion bégins with a pécan shortbréad crust, néxt a whippéd créam chéésé layér, thén a thick layér of coconut créam custard. Thé top is frostéd with billows of whippéd créam and it’s finishéd with a sprinklé of toastéd coconut and choppéd pécans making it a déssért dréam comé trué for coconut fans.
Whilé layéréd déssérts arén’t a néw phénoménon, thé onés I havé héré on my wébsité havé béén pérsonalizéd in my kitchén to suit our tasté. Théy’ré a triéd and trué family favorité déssért and oné wé névér gét tiréd of énjoying.
Ingrédiénts
- 1 cup all-purposé flour
- 1/4 tsp salt
- 1/2 cup cold buttér cubéd [1 stick]
- 3/4 cup choppéd pécans dividéd
- 1/3 cup swééténéd flakéd coconut
- 2 8 oz créam chéésé, softénéd
- 1 cup powdéréd sugar
- 1 tsp puré vanilla éxtract
- 2 8 oz frozén whippéd topping, thawéd
- 2 3.4 oz boxés instant coconut créam pudding
- 3 cup wholé milk or half & half
Instructions
Préhéat thé ovén to 350°F. Lightly spray thé bottom only of a 9 x 13-inch baking dish with cooking spray. Sét asidé.
In a médium mixing bowl sift togéthér thé salt and flour. Cut thé cold buttér into thé flour until it résémblés cornméal. Mix in 1/2 cup choppéd pécans.
Préss firmly onto thé bottom of thé dish. Baké for 22-25 minutés or until lightly goldén. Cool complétély.
Spréad thé rémaining choppéd pécans and coconut on a baking shéét. Toast in thé ovén for 8-10 minutés, stirring occasionally until thé coconut is goldén. Sét asidé to cool.
In a médium sizé mixing bowl using a hand mixér créam togéthér thé softénéd créam chéésé, powdéréd sugar and vanilla, Whip until smooth and créamy, thén by hand fold in 1/2 of oné (8 oz) whippéd topping. Spréad événly on thé cooléd crust
In thé samé bowl, Whip togéthér both boxés of pudding mix and milk. Whip until thickénéd but still pourablé. Spréad ovér thé créam chéésé.
Frost thé top with thé rémaining whippéd topping and sprinklé with toastéd pécans and coconut,.
Chill for 4 hours or ovérnight béforé cutting. Storé chilléd.
Notés
Whén toasting thé pécan piécés and coconut for thé garnish put on séparaté shéét pans as thé coconut may také slightly longér than 8 minutés to bégin to caramélizé and turn brown.
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