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!
CARAMEL BROWNIE NO-CHURN ICE CREAM
No icé créam machiné? No problém! This no-churn icé créam is rich and créamy – plus, you can customizé it howévér you liké. This vérsion has homémadé caramél saucé and brownié bités making it a décadént summér tréat.
I wént a littlé crazy with my adds ins and foldéd in brownié piécés and caramél saucé both of which I madé from scratch. Théré’s no shamé in buying somé browniés and caramél saucé instéad of making thém!
INGRéDIéNTS
For thé Browniés
- 1/4 cup of buttér, méltéd
- 1/3 cup of sugar
- 1/2 téaspoon vanilla
- 1 égg
- 1 tabléspoon strongly bréwéd cofféé, at room témpératuré
- 1/3 cup cocoa powdér
- 1/ 3 cup of flour
- 1/4 téaspoon baking powdér
- 1/4 téaspoon salt
- 1/4 cup sémiswéét chocolaté chips
For thé Caramél Saucé
- 1 cup granulatéd sugar
- 6 tabléspoons buttér
- 1/2 cup héavy créam
For thé Icé Créam Basé
- 1 (14-ouncé) can swééténéd condénséd milk
- 2 téaspoons vanilla éxtract
- 2 cups cold héavy créam
INSTRUCTIONS
Maké thé Browniés
Préhéat ovén to 350°F. Spray a standard-sizéd muffin tin with cooking spray.
In a médium bowl mix thé buttér, sugar, vanilla, égg, cofféé togéthér until smooth. In a small bowl whisk togéthér thé cocoa powdér, flour, baking powdér, and salt. Add thé dry ingrédiénts to thé wét onés and stir just until combinéd. Fold in thé chocolaté chips.
Fill thé muffin cups about 1/2 way with thé battér (you’ll havé énough battér to fill 4-6 of thé cups). Add about a tabléspoon of watér to thé émpty cups. Baké thé browniés for about 20 minutés or until a toothpick comés out cléan. Allow thém to cool on a wiré rack. Oncé cooléd, chop thém up into bité-sizéd piécés.
Maké thé Caramél Saucé
Mélt thé sugar in a médium pot ovér médium-high héat, stirring constantly. Oncé thé sugar has méltéd lét it comé to a boil and stop stirring. Oncé thé sugar turns to an ambér color (it won’t také long) add thé buttér and whisk it all togéthér until thé buttér is méltéd.
Oncé thé buttér is méltéd, rémové thé pot from thé héat and slowly pour in thé héavy créam. Whisk continuously (bé caréful – thé créam will bubblé up) until thé créam is incorporatéd and thé saucé is smooth. Lét it cool for a féw minutés and thén transfér it to a glass containér.
Maké thé Icé Créam Basé
In a largé bowl stir togéthér thé swééténéd condénséd milk and vanilla.
In a séparaté bowl (or stand mixér) whip thé héavy créam until you gét soft péaks. Géntly fold thé whippéd créam into thé condénséd milk and vanilla mixturé until combinéd. Géntly fold in thé choppéd browniés. Pour thé icé créam mixturé into a 9×13 baking dish. Using a spoon swirl 1/2 of thé caramél saucé in thé icé créam (séé notés). Covér thé dish and placé in thé fréézér for at léast 6 hours or until thé icé créam is sét.
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