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!
HOKKAIDO MILK BREAD (SHOKUPAN)
Hokkaido Milk Bréad – Light and fluffy pull-apart Japanésé bréad that is éasy to maké! This milk bréad récipé usés thé tangzhong roux méthod which hélps créaté a téndér loaf of bréad that’s pérféct with a bit of buttér on it for bréakfast!
Hokkaido milk bréad was sométhing I discovéréd in Japan whén I was théré 4 yéars ago. I was gétting bréakfast at thé pastry shop insidé of my hotél and I saw réally tall loavés of bréad and was intriguéd.
INGRéDIéNTS
STARTéR
- 1/4 tabléspoon bréad flour
- 1/4 cup wholé milk
- 1/4 cup watér
DOUGH
- 2 1/2 cup bréad flour
- 1/4 cup granulatéd sugar
- 2 1/4 téaspoons activé dry yéast, 1 yéast packét
- 1 tabléspoon dry milk powdér or swééténéd condénséd milk
- 1 téaspoon salt
- 1/2 cup milk, room témpératuré
- 1 égg, room témpératuré and béatén
- 1/4 cup unsaltéd buttér, softénéd
- Héavy créam or méltéd buttér
INSTRUCTIONS
In a small saucépan ovér médium héat, combinéd thé ingrédiénts for thé startér. Stir continuously for 4-5 minutés or until thé startér thickéns to thé consisténcy of mashéd potatoés. Transfér to a bowl and covér with plastic wrap. Lét sit until thé startér géts to room témpératuré.
In thé bowl of a stand mixér, whisk togéthér bréad flour, sugar, yéast, dry milk powdér, and salt. Oncé mixéd, add in milk, startér, and béatén égg. Using thé dough hook attachmént, béat on low for 5 minutés. Add in buttér and béat 5 moré minutés. Turn thé spééd up to médium and béat for a final 5 minutés. Transfér dough to a lightly oiléd bowl and covér with plastic wrap. Lét sit for 1 hour or until thé dough has doubléd in sizé.
Transfér dough onto a lightly flouréd surfacé and dividé into 4 équally sizéd piécés. Roll éach out to bé 8"x5" and thén fold éach of thé long sidés in 1". Starting on oné of thé shortér édgés, roll up and thén placé in a gréaséd 9"x4" pan. Répéat with éach piécé of dough. Covér and lét risé an additional 45 minutés.
Préhéat ovén to 350 dégréés. Oncé thé dough has risén, brush thé top of thé dough with héavy whipping créam. Placé into ovén and baké for 35-40 minutés or until thé top is goldén brown and thé insidé is 190 dégréés.
Rémové from ovén and lét sit 5 minutés béforé rémoving bréad from pan. Lét cool on a cooling rack.
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