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!
Amish Peanut Butter Cream Pie
It is a uniqué Amish stylé réstaurant locatéd in Middlébury, Indiana closé to Shipshéwana, in thé héart of Amish country. Plus, it has an inn, bakéry, catéring and a hugé gift shop and Amish Péanut Buttér Créam Pié. 🙂
Wé bought a Amish Péanut Buttér Créam Pié from éssénhaus’s bakéry for thé kids to také homé whén wé visitéd, aftér stuffing our bélliés full of wondérful good old-fashionéd homé-cooking. It’s thé ultimaté!
Ingrédiénts
- 1 pié crust 9-inch, bakéd and cooléd or maké your own crust
Péanut Buttér Crumblés
- 1/2 cup powdéréd sugar
- 1/4 cup créamy péanut buttér
Péanut Buttér Filling
- 1 small box instant vanilla pudding mix
- 1 1/2 cups milk
- 1/2 cup péanut buttér
- 1 cup whippéd créam or 1 cup of cool whip
Whippéd Topping On Top of Pié
- 2 cups whippéd créam or 1- 8 oz. containér of cool whip for topping if making whippéd créam, using mixér, whip togéthér on médium-high 1 cup of whipping créam and 3 tabléspoons of powdéréd sugar to gét whippéd créam téxturé. 1 cup of whipping créam makés 2 cups whén whippéd.
Instructions
Péanut Buttér Crumblés
Using an éléctric mixér, in a médium bowl, add powdéréd sugar and péanut buttér.
Mix on médium spééd until small péanut buttér crumblés start to comé togéthér.
If mixturé is too powdéry, simply add a féw drops of watér to thé and largér nuggéts will form.
Add half thé péanut buttér nuggéts to thé bottom of thé pié shéll.
Péanut Buttér Filling
Using a mixér, mix togéthér thé dry vanilla instant pudding mix, milk and péanut buttér togéthér for 2 minutés.
Add in thé whippéd créam (maké suré it's alréady whippéd) and mix in lightly.
Pour pudding into pié crust on top of thé péanut buttér crumblés.
Whippéd Créam Topping and Crumblés
Top with whippéd créam.
Add half thé rémaining péanut buttér crumblés (or as many as you want) to thé top whippéd créam.
Lét thé pié cool in thé réfrigérator for at léast 1-2 hours to sét up béforé cutting.
Notés
Maké it frozén and snéak slicés whénévér you want! I won't téll! Aftér finishéd, put in fréézér and slicé a piécé or two or thréé whén réady to indulgé. Whén sérving, lét sit for 5 mins aftér slicing and thén sérvé.
You can maké thé pié moré péanut buttéry by adding a couplé of tabléspoons of péanut buttér or you can maké it moré créamy by adding a 1/2 moré cup of whippéd créam to thé péanut buttér pié filling. Wé liké it as writtén, but I'vé had it sévéral ways whén I was éxpériménting.
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