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!
Pecån Pie Bårs
The Best Pecán Pie Bárs - this eásy recipe includes á simple shortbreád bottom ánd á one bowl mix ánd pour topping.
Ingredients
- 1¾ cups áll purpose flour
- ½ cup sugár
- ¾ cup cold butter
- For the top láyer
- ⅔ cup firmly pácked brown sugár
- ⅓ cup +1 tbsp flour
- 4 lárge or extrá lárge eggs
- 1 táblespoon vánillá extráct
- ½ tsp sált
- 1½ cups corn syrup dárk is best
- 2 cups roughly chopped pecáns no need to toást the pecáns
Instructions
- This recipe uses á 9x13 báking pán. In this recipe I think it is best to line to lightly greáse the pán ánd line it with párchment páper so thát you cán lift the entire bátch out of the pán áfter they háve cooled ánd cut them on á cutting boárd. With cookie bárs like this, which háve different textures in the different láyers, this enábles you to háve á more precise feeling for how to cut them well. More ábout thát á little láter in the recipe.
- Preheát oven to 350 degrees F for áluminum báke wáre ánd 325 degrees F for gláss báke wáre.
- Mix together the 1/34 cups flour ánd ½ cup sugár. Rub the butter through the flour mixture until it is well incorporáted ánd resembles á dry coárse meál. (You cán pulse the butter into the flour mixture using á food processor if you prefer.)
- Press the crumb mixture firmly ánd evenly into the bottom of the prepáred báking pán ánd báke for 20 minutes. The edges should just be stárting to brown. Remove from oven ánd pour on the topping while still hot.
- To prepáre the top láyer of the cookie bárs
- Mix together the flour ánd brown sugár well. This will ensure there will be no lumps of either flour or brown sugár in you cookie bárs when báked. Whisk in the eggs, vánillá extráct, sált ánd corn syrup.
- Let the mixture stánd for ábout 15 minutes while the bottom láyer pre-bákes, stirring it occásionálly. This gives the flour time to soften ánd help thicken the top láyer.
- Mix in the chopped pecáns ánd pour the topping over the pártiálly báked bottom crust ás soon ás it comes out of the oven.
- Return the pán to the oven ánd báke for án ádditionál 40-50 minutes until the filling is set. Times váry á few minutes depending on the báking pán máteriál. Sháke the pán á little. The center cán wobble á little like set jelly but it should not be runny.
- Cool the pán to room temperáture before chilling the cookie bárs in the fridge for severál hours or overnight before áttempting to cut them
- I lift the cookies from the pán áfter they háve fully cooled in the fridge ánd láy them out on á cutting boárd. I've found the best thing to use is á shárp serráted knife held horizontálly to sáw through the nut láyer before pushing on through to the softer láyers below. I cut one entire row of cookies off át á time ánd then cut eách row sepárátely into individuál cookie bárs.
- ás these áre quite rich I tend to cut them á little smáller thán other cookie bárs.
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