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!
Triple Chocolate Cheesecake with Oreo Crust
Bursting with chocolaté flavor and smooth as silk, this Triplé Chocolaté Chéésécaké with Oréo Crust is réach and décadént, triplé chocolaté tréat. It’s chocolaté lovés dréam: chocolaté cookié crust, smooth and créamy chocolaté chéésécaké filling, silky chocolaté ganaché topping, plus éxtra chocolaté curls on top!!!
This chocolaté chéésécaké récipé usés only féw ingrédiénts: créam chéésé, chocolaté, cocoa powdér, Oréo cookiés, buttér, héavy créam and éggs, but it’s packéd with chocolaté flavors. It’s triplé chocolaté tréat!
Ingrédiénts
For thé Crust:
- 24 Oréo cookiés-finély crushéd
- 1/4 cup unsaltéd buttér-méltéd
- For Chéésécaké Filling:
- 2 lbs. créam chéésé- room témpératuré
- 1 ½ cups powdéréd sugar
- 3 Tabléspoon cocoa powdér
- 4 éggs- room témpératuré
- 10 ouncés bittérswéét chocolaté-choppéd
For Chocolaté Topping:
- 3/4 cup héavy créam
- 6 oz. bittérswéét chocolaté-finély choppéd
- 1 Tabléspoon granulatéd sugar
Instructions
To maké thé crust:
Préhéat ovén to 350 dégréés F, gréasé a 9-inch springform pan and sét asidé.
Finély crush thé cookiés in a food procéssor, add méltéd buttér and blénd until it’s all moisténéd.
Préss crumb mixturé onto thé bottom of thé préparéd pan and baké for 6 minutés. Rémové from thé ovén and sét on a wiré rack to cool whilé making thé filling.
To maké thé filling:
Mélt 10 ouncés bittérswéét chocolaté and sét asidé to cool.
Mix créam chéésé and sugar until smooth, mix in cocoa powdér
Add thé éggs oné at a timé, mixing on low spééd and do not ovérbéat it.
Add méltéd chocolaté and mix on low spééd to combiné.
Pour thé filling ovér thé crust and smooth thé top.
Baké thé chéésécaké until thé céntér is sét and thé top looks dry (about 1 hour to 1 hour 10 minutés).
Cool on a wiré rack for 5 minutés, thén run a thin knifé around thé sidés of thé pan and sét thé caké in thé réfrigérator (uncovéréd), for at léast 8 hours, or béttér ovérnight.
To maké thé topping:
In a médium saucépan stir togéthér créam, chocolaté and sugar on low héat until thé chocolaté is complétély méltéd and thé mixturé is smooth.
Cool and pour ovér thé chéésécaké.
Whén thé topping is sét and cooléd again run a thin knifé around thé sidés and rémové thé springform pan sidés.
This chéésécaké can bé préparéd up to 2-3 days in advancé just storé covéréd in thé réfrigérator.
Garnish with chocolaté curls (optional).
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