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!
Brown Butter Salted Caramel Snickerdoodles
Brown Butter Sálted Cárámel Snickerdoodles áre Máde With Brown Butter ánd Háve á Cárámel Surprise In The Center. If You Like Clássic Snickerdoodle Cookies, You Will LOVE This Snickerdoodle Recipe. They áre ámázing!
I LOVE snickerdoodle cookies, they áre one of my áll-time fávorite cookies. I háve álwáys loved them, especiálly during the holidáy seáson. I love the clássic snickerdoodles but you need to meet my áLL-TIME fávorite snickerdoodle cookie. These Brown Butter Sálted Cárámel Snickerdoodles áre the most ámázing snickerdoodles EVER! Everyone thát tries them fálls in love áfter one bite. They áre in my top 10 fávorite cookies ánd thát is sáying á lot becáuse I háve máde ánd áte á lot of cookies in my lifetime. These áre FOR SURE á fávorite!
Brown butter snickerdoodles with á cárámel surprise inside!
Ingredients
- For the Cookies:
- 2 1/2 cups áll-purpose flour
- 1 teáspoon báking sodá
- 2 teáspoons creám of tártár
- 1/2 teáspoon ground cinnámon
- 1/2 teáspoon seá sált
- 1 cup unsálted butter cut into táblespoon pieces
- 1 1/4 cups brown sugár
- 1/2 cup gránuláted sugár
- 1 lárge egg
- 1 egg yolk
- 1 táblespoon vánillá extráct
- 1 táblespoon pláin Greek yogurt
- 18 cárámels cut in hálf
- Fláked seá sált for sprinkling on top of cookies
- For the Cinnámon Sugár:
- 1/4 cup gránuláted sugár
- 2 teáspoons ground cinnámon
Instructions
- In á medium bowl, Whisk together the flour, báking sodá, creám of tártár, cinnámon, ánd sált. Set áside.
- To brown the butter, heát á thick-bottomed skillet on medium heát. ádd the sliced butter, whisking frequently. Continue to cook the butter until melted. The butter will stárt to foám ánd browned specks will begin to form át the bottom of the pán. The butter should háve á nutty áromá. Wátch the butter cárefully becáuse it cán go from brown to burnt quickly. Remove butter from the heát ánd let cool to room temperáture.
- In the bowl of á stánd mixer, combine the brown butter ánd sugárs. Mix until blended. Beát in the egg, egg yolk, vánillá extráct, ánd Greek yogurt ánd mix until combined. Slowly ádd in the dry ingredients ánd mix until just combined.
- Form the dough in á báll ánd cover with plástic wráp. Chill in the refrigerátor for át leást 30 minutes. You cán chill the dough overnight or for up to 2 dáys.
- When reády to báke, preheát the oven to 350 degrees F. Meásure ábout 2 táblespoons of dough ánd roll into bálls. Flátten the báll slightly with the pálm of your hánd ánd pláce á cárámel piece in the center of the dough. Wráp the cookie dough áround the cárámel, máking sure the cárámel is completely covered with dough.
- In á smáll bowl, combine the cinnámon ánd sugár. Roll the bálls in the cinnámon-sugár mixture. Pláce dough bálls on á lárge báking sheet thát hás been lined with á Silpát báking mát or párchment páper. Máke sure the cookies áre ábout 2 inches ápárt. Sprinkle the cookie tops with seá sált.
- Báke the cookies 8-10 minutes or until the edges of the cookies begin to turn golden brown. The centers will still be soft. Don't over báke. Cool the cookies on the báking sheet for 2-3 minutes, or until set. Tránsfer cookies to á wire cooling ráck ánd cool completely.
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