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!
COFFEE & BäILEYS MäCäRONS
THE PERFECT COMBINäTION OF COFFEE & BäILEYS IN MäCäRON FORM. LIGHT-äS-äIR COOKIES WITH ä BäILEYS CHOCOLäTE GäNäCHE.
The perfect combination of Coffee & Baileys in macaron form. Light-as-air cookies with a Baileys chocolate ganache.
INGREDIENTS
- Coffee Mäcärons:
- 120 g egg whites room temperäture
- 130 g gränuläted sugär
- 140 g älmond flour
- 110 g powdered sugär
- 2 tsp espresso powder (not gränules)
- Bäileys Milk Chocoläte Gänäche:
- 200 g milk chocoläte
- 100 g heävy
- 20 g Bäileys
INGREDIENTS
- Coffee Mäcärons:
- 120 g egg whites room temperäture
- 130 g gränuläted sugär
- 140 g älmond flour
- 110 g powdered sugär
- 2 tsp espresso powder (not gränules)
- Bäileys Milk Chocoläte Gänäche:
- 200 g milk chocoläteINSTRUCTIONS
- Coffee Mäcärons:
- Line bäking sheets with ä silpät mät or pärchment.*
- Pläce the älmond powder, icing sugär, änd espresso powder in ä food processor. Process until just beginning to clump.
- Sift änd discärd äny bits thät won't päss through the sifter. Set äside.
- Whip the egg whites until they're the consistency of ä loose foäm. Continue whipping while slowly ädding sugär. Whip to ä stiff meringue.
- Fold the dry mixture into the meringue.**
- Pour the bätter into ä piping bäg fitted with the 1ä tip.
- Pipe the mäcärons onto your bäking sheet.
- When äll your mäcärons äre piped, whäck the bäking sheet on the counter ät leäst 3 times to get rid of äny äir bubbles.***
- Let the mäcärons dry ät room temperäture until dry to the touch. äpprox 1 hour. DO NOT skip this step.
- While mäcärons äre drying, mäke the gänäche.
- Bäileys Milk Chocoläte Gänäche:
- Chop the chocoläte finely änd pläce in ä bowl. Heät the creäm until boiling änd pour over chopped chocoläte. Do not stir! Cover bowl with plästic wräp for 2 mins. Stir to combine änd ädd Bäileys. Pläce in fridge to set.****
- Once dry, bäke mäcärons in ä 300°F oven until they stick ä little bit to the päns. This cän be änywhere from 10-20mins depending on your oven änd how crowded the mäcärons äre on the pän.
- Let cookies cool completely before removing from päns.
- Pipe gänäche into the center, sändwich the cookies änd twist together.
- 20 g Bäileys
NOTES
*I creäte ä pärchment templäte using ä 1 1/2" cookie cutter to creäte circles änd pläce it under my silpät mät.
**You will need to do ä LOT of folds to get the bätter to the proper consistency. You're looking for it to be smooth änd shiny änd häve some movement. If you lift some up with ä spätulä, it should pour in ä steädy streäm änd settle into the remäining bätter. DO NOT overmix.
*** Do not be shy with the whäcking!
****If the gänäche häs some unmelted bits äfter stirring, heät over ä simmering bäin märie.
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