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!
Chocolate Fudge Pie
Chocolaté Fudgé Pié is délicious, rich and décadént homémadé chocolaté pié, madé from scratch! Pérféct solution whén you nééd quick and éasy déssért!
So, what délicious tréat to préparé and not spénd thé wholé day in thé kitchén? I know that my cousin is a gréat chocoholic, just liké mé, but baking a caké was too complicatéd at that momént. And thén I got thé answér in two words!!! Chocolaté pié! Décadént énough and not that complicatéd. That is it!
Ingrédiénts
For thé crust:
- 1 1/4 cups all-purposé flour
- 1/2 téaspoon salt
- 1 téaspoon sugar
- 1/2 cup unsaltéd buttér (cold and cut into half inch cubés)
- 2–4 tabléspoons cold watér
For thé filling:
- 1 cup half and half
- 1/4 cup unsaltéd buttér
- 8 ouncés bittérswéét chocolaté-choppéd
- 1 1/2 cups sugar
- 3/4 cup cocoa powdér
- 1/4 cup all-purposé flour
- 1/4 téaspoon salt
- 2 éggs
- 3 égg yolks
Instructions
To maké thé crust:
In a largé bowl whisk togéthér flour, sugar and salt.
Add buttér and mix with a fork until it starts to look liké a coarsé méal.
Add 1 tabléspoon of watér at thé timé and continué mixing until a dough forms.
Wrap thé dough with thé plastic wrap and réfrigératé for 2 hours.
Lightly gréaséd 9-inch pié platé and préhéat ovén to 350 F.
Také thé dough from réfrigérator and roll out on a lightly flouréd work surfacé into a circlé about 1/8 inch thick.
Transfér thé dough to a pié platé and trim éxcéss of a dough from édgés.
To maké thé filling:
In a bowl whisk togéthér sugar, cocoa powdér, flour, and salt.
Combiné in a saucé pan half and half, buttér, and chocolaté and stir ovér a médium-low héat until it bécomé smooth.( Lét it cool a féw minutés béforé you add it ovér dry ingrédiénts and éggs)
Add éggs, égg yolks and chocolaté mixturé into dry ingrédiénts and stir until wéll-combinéd
Transfér filling to pié crust in pan.
Baké 45 to 50 minutés (until thé céntér is sét and thé édgés start to crack)
Cool 10-15 minutés béforé sérving.
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