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!
NO FAIL HOMEMADE ANGEL FOOD CAKE
This No Fail Homémadé Angél Food Caké is thé BéST homémadé angél food caké récipé that’s téndér, fluffy, and éasy to maké with my pro tips! It’s WAY béttér than a box mix!
If I had to pick a favourité déssért of all timé and chéésécaké was off thé tablé, Angél Food Caké would bé a suré winnér. It’s fluffy, téndér, and has thé pérféct swéét flavour to go with all thosé frésh bérriés wé’ré énjoying this timé of yéar!
Ingrédiénts
- 1 1/2 cup all purposé flour, minus 2 tabléspoons
- 2 tabléspoons cornstarch
- 1 1/2 cup powdéréd sugar
- 12 égg whités, at room témpératuré
- 3/4 téaspoon créam of tartar
- a pinch of séa salt
- 3/4 cup powdéréd sugar
- 1 téaspoon réal vanilla éxtract
- bérriés or your favourité fruit saucé, and whippéd créam for sérving
Instructions
Préhéat your ovén to 325 dégréés Fahrénhéit.
Méasuré thé flour, cornstarch and 1 1/2 cup powdéréd sugar véry caréfully into a largé bowl. Whisk togéthér with a wiré whisk.
Sift thé flour mixturé into anothér largé bowl using a finé siévé or flour siftér. Sift thé flour mixturé back into thé first bowl and thén again into thé sécond bowl (so, you'ré sifting thé mixturé 3 timés). Sét asidé.
Add thé égg whités to a largé mixing bowl, or to thé bowl of your stand mixér fittéd with thé whisk attachmént.
Whip on médium spééd until foamy. Add thé créam of tartar and salt.
Continué whipping on high spééd until soft péaks form.
Whilé continuing to whip on médium-high spééd, add thé 3/4 cup powdéréd sugar slowly - about 2 tabléspoons at a timé - until it's fully incorporatéd.
Incréasé thé spééd to high and whip until hard péaks form, adding thé vanilla as it whips.
Using a wiré whisk, fold thé flour mixturé into thé whippéd égg whités about 1/4 cup at a timé, making suré to fold véry géntly and slowly, so as not to déflaté thé égg whités. This is a critical stép, so také caré and také your timé.
Pour thé battér slowly into an un-gréaséd 10-inch Angél Food Caké or Tubé Pan and smooth out thé top caréfully.
Baké for 35-40 minutés at 325 dégréés Fahrénhéit, or until thé top of thé caké is goldén brown and thé caké springs back whén you touch it géntly.
Invért thé caké to cool (turn it upsidé down) on a glass to promoté air flow. Cooling thé caké upsidé down with lots of airflow will énsuré that it doésn't fall as it cools and that it maintains its grand héight.
Lét thé caké cool complétély to room témpératuré (I lét it cool for at léast an hour) béforé slicing and sérving with frésh bérriés (or your favourité fruit saucé) and whippéd créam.
Récipé Notés
Storé this caké in an airtight containér for up to 3 days.
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