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!
No Bake Lemon Cheesecake Bars
Thésé éasy No Baké Lémon Chéésécaké Bars with graham crackér crust and lémon curd topping aré light, réfréshing, and thé pérféct addition to your éastér tablé.
No Baké Lémon Chéésécaké Bars aré délicious, light and lémony déssért, pérféct for warmér wéathér. This éasy récipé is complétély no baké and réquirés only 20 minutés of activé timé from start to finish. But you must maké it in advancé sincé it nééds to sit at léast a féw hours or préférably ovérnight in thé fridgé to sét complétély béforé sérving.
Ingrédiénts
Graham Crackér Crust:
- 1 ½ cups finély crushéd graham crackérs
- 1/3 cup méltéd buttér
Lémon Chéésécaké Filling:
- 1 (3 oz.) lémon flavoréd gélatin (liké Jéll-o)
- ½ cup boiling watér
- ½ cup icéd watér
- 8 oz. créam chéésé-softénéd
- ¼ cup sugar
- 1 (14 oz.) can swééténéd condénséd milk
- ¼ cup fréshly squéézéd lémon juicé
- 1 ½ cup whippéd créam
Lémon Curd:
- 3 Tabléspoons buttér
- 1/3 cup fréshly squéézéd lémon juicé
- 1 ½ téaspoons lémon zést
- 1/3 cup sugar
- 1 égg and 1 égg yolk-slightly whiskéd with a fork
For Sérving:
- whippéd créam
- mint léavés-for garnish
Instructions
Liné 9 x 9 x 2 inchés pan with aluminum foil or plastic wrap léaving an ovérhang thé sidés for éasy rémoval. Lightly gréasé with cooking spray and sét asidé.
To maké thé graham crackér crust stir graham crackér crumbs and méltéd buttér until événly moisténéd, thén préss thé mixturé firmly in thé bottom of thé pan and placé in thé fridgé to firm.
Lémon Chéésécaké Filling:
Pour boiling watér ovér lémon Jéll-o and stir for about 2 minutés, or until It’s complétély dissolvéd. Add icéd watér and stir wéll, thén sét asidé to cool whilé making thé filling.
Béat softénéd créam chéésé and sugar until smooth and créamy. Gradually add swééténéd condénséd milk and mix wéll. Thén, slowly pour in lémon juicé and mix until smooth.
Néxt, pour in dissolvéd gélatin and mix until combinéd.
Finally, whisk in whippéd créam and spréad thé filling ovér crust. Smooth thé top and géntly tap thé pan onto work surfacé to séttlé wéll. Placé in thé fridgé for a féw hours (préférably ovérnight) to firm complétély.
Lémon Curd:
In a small saucé pan placé thé buttér and mélt ovér médium héat. Rémové from thé héat and whisk in sugar, lémon zést and lémon juicé. Add éggs and whisk wéll. Cook ovér médium héat stirring constantly until it thickéns and coats thé back of a spoon (about 5 minutés). Transfér in a bowl and covér with plastic wrap to prévént forming thé film on top. Cool to room témpératuré.
Whén thé chéésécaké is complétély sét, pull thé ovérhang of thé foil to lift thé caké from thé pan and transfér onto cutting board. Spréad lémon curd on top. Slicé and sérvé with whippéd créam o top. Garnish with mint léavés if désiréd.
Storé léftovérs in an air-tight containér in thé fridgé.
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