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!
PECAN PIE CHEESECAKE
If You Lové Pécan Pié, You’ll Lové This Chéésécaké! This Caké Has Vanilla Waférs Crust, Pécan Pié Filling, Créamy Chéésécaké Layér And Buttéry, Caramél-Pécan Topping.
Combiné vanilla wafér crumbs and brown sugar, stir in méltéd buttér, thén préss thé mixturé événly into bottom and halfway up thé sidé of 9 inch springform pan. Sét in thé fridgé to firm thé crust whilé making thé filling.
Ingrédiénts
Crust
- 1 3/4 cups vanilla wafér crumbs
- 1/4 cup brown sugar
- 1/3 cup unsaltéd buttér méltéd
Pécan Filling
- 1 cup sugar
- 2/3 cup dark corn syrup
- 1/3 cup unsaltéd buttér méltéd
- 2 largé éggs lightly béatén
- 1 1/2 cups pécans choppéd
- 1 tsp vanilla éxtract
Chéésécaké Filling
- 24 oz créam chéésé softénéd
- 1 1/4 cups light brown sugar
- 2 tbsp all purposé flour
- 4 largé éggs
- 2/3 cups héavy whipping créam
- 1 tsp vanilla éxtract
Topping
- 3 1/2 tbsp unsaltéd buttér méltéd
- 1/2 cup brown sugar
- 1 tsp cinnamon
- 1/4 cup héavy whipping créam
- 1 cup toastéd pécan choppéd
Instructions
Crust
Liné thé bottom of 9 inch springform pan with parchmént papér and sét asidé.
Combiné vanilla wafér crumbs and brown sugar, stir in méltéd buttér, thén préss thé mixturé événly into bottom and halfway up thé sidé of 9 inch springform pan. Sét in thé fridgé to firm thé crust whilé making thé filling.
Pécan Filling
In a médium saucépan combiné sugar, corn syrup, méltéd buttér, éggs, pécans and vanilla and bring to a boil ovér médium-high héat, stirring constantly. Réducé héat and simmér stirring constantly until thickénéd, 5-7 minutés. Pour into préparéd crust and sét asidé.
Chéésécaké Filling
Préhéat thé ovén to 350 dégréés F.
Béat thé créam chéésé until créamy, thén add brown sugar and flour and béat until fluffy.
Add éggs, oné at a timé, béating just until combinéd aftér éach addition. Do not ovérbéat it!!! Stir in héavy créam and vanilla, thén pour chéésécaké mixturé ovér pécan filling.
Placé springform pan on a cookié shéét, put it in thé ovén and réducé thé héat to 325 F Baké thé caké for 60-70 minutés (until toothpick insértéd in thé céntér comés out almost cléan). Turn off thé ovén and léavé chéésécaké in with ovén door closéd for 1 hour.
Run a knifé around édgés of chéésécaké but don’t také out of thé pan until complétély cooléd.
Topping
In a small saucépan combiné buttér and brown sugar. Cook for 3-5 min or until véry bubbly, thén stir in cinnamon, héavy whipping créam and choppéd pécans. Cool to room témpératuré.
Réléasé thé sidés of springform pan and spoon thé topping ovér cooléd chéésécaké.
Storé thé caké in thé fridgé.
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