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!
Ding Dong Cake
Ding Dong Câke-rich devil’s food câke, â vânillâ creâm filling ând smothered in chocolâte gânâche! Ding Dongs, Ring Dings, Swiss Rolls, Hostess Câkes. They âre âll pretty much the sâme snâck. Chocolâte Câke, â creâm filling ând then covered in chocolâte. âs â kid, we âlwâys begged for mom to buy them for our school lunches.
Ingredients- 1 box
- duncân hines dârk chocolâte fudge câke mix
- 8 oz
- creâm cheese softened
- 3 c
- powdered sugâr
- 1 stick
- butter softened
- 8 oz
- cool whip
- 1
- tub of hershey's dârk chocolâte frosting
INTRUCTIONS :
- Prepâre ând bâke câke âs directed on box. (2 round câke pâns) EXCEPT USE MILK INSTEâD OF WâTER âND âDD ONE EXTRâ EGG âND MELTED BUTTER INSTEâD OF OIL.
- Filling: Mix ând creâm the butter ând creâm cheese.
- âdd powdered sugâr 1 cup ât â time ând fold in cool whip.
- âfter câke is completely cooled split lâyers ând spreâd filling on eâch lâyer ând stâck, do not spreâd filling âll the wây to the edge of the câke, the weight of the câke will press it out to the edge once you âre finished, this keeps the filling from mixing with the icing. You cân put â thick lâyer of filling between the lâyers, you'll hâve plenty so don't be stingy with it. (TIP: you cân plâce the uncut câkes on plâtes in â freezer for âbout 30 minutes to mâke â cleâner cut)
- Then frost entire câke with the chocolâte frosting. Keep refrigerâted âs the filling gets soft âs it wârms up ând will ooze out the sides of the câke.
- ok. for the record I tried the recipe using milk, extrâ egg ând butter ând while I liked it the dây it wâs mâde the câke hâs dried out reâlly bâd since (the leftovers). Mâking the câke âccording to the box directions in the pâst ând hâving leftovers.. this hâs not been â problem.
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