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!
FLUFFY WAFFLE RECIPE
FLUFFY WAFFLE RECIPE
Use this Fluffy Waffle Recipe to make thick, fluffy waffles without the hassle of beating egg whites! Make a double-batch and freeze for homemade waffles in minutes.
I received a waffle maker for Christmas a few years ago but the poor thing has been collecting dust in a cabinet ever since. I love waffles (all.the.breakfast foods, really) but just about every recipe I find calls for separating the eggs and beating the egg whites.
HOW TO MAKE WAFFLES WITHOUT A WAFFLE MAKER
Honestly, I’ve seen people ask that on other waffle recipes. There’s all kinds of YouTube videos and kitchen “hacks” to help. My question is: can you still call it a waffle if you didn’t use a waffle maker?
I say, no. Buy the dang waffle maker. Now that you have this super simple Fluffy Waffle Recipe, yours won’t sit lonely in a cabinet! (This is similar to the Belgian Waffle Maker I have. The ability to flip the waffles over is supposed to help create fluffy and evenly browned waffles.)
RECIPE TESTER NOTES:
- As you pull the warm waffles off of the waffle maker, don’t stack them as you would pancakes. These waffles will do better when placed on a wire baking rack in a single layer to prevent them from getting soggy.
- Yes, four teaspoons of baking powder. No, that is not a typo. Use quality baking powder that isn’t expired. If you can’t remember the last time you bought some, it’s probably time to replace it. It will not make the waffles taste metallic, baking powder should not have a taste. It is simply a leavening agent.
- I used a scant 2/3 cup of batter for each 1″ waffle. This will vary based on the size of your waffle maker. Don’t worry about filling the entire surface, the waffles will puff up some as they bake. You want to shoot for about 3/4 of the griddle surface to be covered.
- 2 cups all-purpose flour
- 4 tbsp sugar
- 4 tsp baking powder
- 1/2 tsp salt
- 2 eggs
- 1 1/2 cups milk
- 6 tbsp melted unsalted butter
- 1 tsp vanilla extract
Preheat waffle iron. Gently coat with nonstick baking spray.
In a large bowl, combine the flour, sugar, baking powder, and salt. Use the back of a spoon to create a "well" in the center.
Whisk the two eggs into the milk until well combined.
Pour the wet ingredients (butter, milk/egg mixture, vanilla) into the well of the dry ingredients and whisk until blended. (Note: the batter will be slightly lumpy, do not over-mix.)
Scoop the batter into the preheated waffle iron and cook until the waffles are golden brown and crisp. (About 2-3 minutes, but this will vary wildly depending on your waffle maker.)
Serve immediately or lay on a wire cooling rack until cool. Store leftovers in an airtight bag in the freezer.
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