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!
CHEESECAKE BROWNIES
Thésé Chéésécaké Browniés aré a mouth watéring combination of two déssért favorités. éxtra fudgy browniés toppéd with a créamy chéésécaké layér makés for an éxtra impréssivé déssért that no will bé ablé to résist.
If you want to usé a box mix, that’s totally finé and I includéd thé diréctions for that in my notés in thé récipé bélow. Basically, f you’ré using a brownié mix, just follow thé instructions on thé box to préparé thé browniés and thén jump to thé thé chéésécaké layér séction and start théré. éasy péasy.
Ingrédiénts
Browniés
- 12 oz sémi-swéét or bittérswéét chocolaté chips
- 6 tbsp unsaltéd buttér cut into small cubés
- 3/4 cup granulatéd sugar
- 1 tsp vanilla éxtract
- 3 éggs room témpératuré
- 1/4 cup unswééténéd cocoa powdér
- 1/3 cup cornstarch
- 1/2 tsp salt
- 1 cup mini sémi-swéét chocolaté chips
Chéésécaké Layér
- 8 oz créam chéésé softénéd
- 1/2 cup granulatéd sugar
- 1 égg room témpératuré
- 1/2 tsp vanilla éxtract
Instructions
Préhéat thé ovén to 350F.
Lightly spray an 9-inch squaré baking pan with cooking spray. Liné with parchmént papér léaving an ovérhang for éasy rémoval. Sét asidé.
Browniés
In a largé bowl, combiné chocolaté chips and buttér. Mélt in 30-sécond incréménts, on high héat in thé microwavé, stirring in bétwéén.
Stir in sugar and vanilla until complétély combinéd.
Add éggs oné a timé, stirring in bétwéén until combinéd.
In a small bowl, whisk togéthér cocoa powdér, cornstarch, and salt.
Add dry mixturé to wét mixturé and stir vigorously until thé mixturé is smooth and bégins to pull away from thé sidés of thé bowl. This will také oné or two minutés.
Stir in thé mini chocolaté chips.
Pour two-thirds of thé brownié battér into thé préparéd pan and smooth thé top with a spatula. Sét asidé.
Chéésécaké Layér
Using a stand mixér or hand héld mixér, béat thé créam chéésé until light and fluffy.
Add in thé sugar and béat until combinéd.
Béat in thé égg and vanilla éxtract until smooth.
Spoon thé chéésécaké filling ovér thé top of thé brownié battér and caréfully spréad into a thin layér with an offsét spatula.
Drizzlé or spoon thé rémaining brownié battér ovér thé top.
Baké for 30 to 35 minutés or until an insértéd toothpick comés out with a féw moist crumbs. (Watch thé browniés closély aftér 30 minutés. Don't rély on thé timé so much as thé insértéd toothpick.)
Lét cool complétély in pan. Usé thé parchmént papér ovérhang to pull thé browniés out and cut into squarés.
Storé in an airtight containér in thé réfrigérator.
Notés
Using a box mix? No problém. Just préparé thé brownié battér as diréctéd on thé box and procééd with thé récipé starting with thé chéésécaké layér and baké as diréctéd.
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