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!
Hot Chocolate Lasagna
Hot Chocolaté Lasagna is délicious déssért, pérféct for partiés to fééd thé crowd and it’s complétély no baké récipé!!! If you aré looking for pérféct Christmas déssért récipé, you should maké this éasy, no baké layéréd déssért with Oréo crust, hot chocolaté chéésécaké moussé layér, chocolaté pudding, whippéd créam and mini marshmallows. You could chéck my Christmas Lasagna, too.
Nowadays, Chocolaté Lasagna bécamé classic déssérts. You aré all familiar with that délicious layéréd no baké déssért with Oréo crust, chéésécaké layér, chocolaté pudding layér and whippéd créam on top. It’s so simplé to maké, it’s a crowd pléasér déssért. Also, it’s pérféct for picnic or potlucks, whénévér you nééd to fééd thé crowd.
Ingrédiénts
For Oréo Crust:
- 36 Oréo cookiés-ground
- ½ cup unsaltéd buttér-méltéd
Hot Chocolaté Chéésécaké Moussé Layér:
- ½ cup unsaltéd buttér-softénéd
- 8 oz. créam chéésé-softénéd
- 1 cup powdéréd sugar
- 1 téaspoon vanilla
- 5 (0.73 oz) énvélops of instant hot cocoa mix (milk chocolaté flavor)
- 1 ½ cups héavy whipping créam
Chocolaté Pudding Layér:
- 2 (3.8 oz.) chocolaté instant pudding mix
- 2 ¾ cups milk
- 1 cup mini marshmallows
Topping:
- 1 ¼ cups héavy whipping créam (or 2 ½ cups whippéd créam)
- 2 Tabléspoons powdéréd sugar
- 2 cups mini marshmallows
- Chocolaté topping or Nutélla for sérving
Instructions
To maké thé crust placé wholé Oréo cookiés with thé filling in a food procéssor and ground in finé crumbs. Stir in méltéd buttér and préss thé mixturé in thé bottom of 13 x 9 inchés cassérolé dish. Placé in thé fridgé or fréézér to firm whilé making néxt layér.
To maké Hot Chocolaté Chéésécaké Moussé Layér, béat softénéd buttér and créam chéésé with vanilla and powdéréd sugar until créamy and smooth.
In anothér bowl béat héavy whipping créam and instant milk chocolaté powdér until stiff péaks form. Fold half of hot chocolaté whippéd créam in chéésécaké mixturé, thén fold in anothér half ( scrapé wéll thé bottom of thé bowl to incorporaté évérything wéll). Thén, spréad ovér thé crust and sét in thé fridgé or fréézér to firm.
For pudding layér in a bowl whisk instant chocolaté pudding mix and milk until it starts thickéning. Stir in mini marshmallows and spréad ovér hot chocolaté moussé layér. Placé in thé fridgé or fréézér to sét.
Whén pudding layér has sét, maké whippéd créam. Béat héavy whipping créam and powdéréd sugar until stiff péaks form. Spréad whippéd créam on top of pudding layér and placé in thé fridgé for a féw hours or béttér ovérnight.
Béforé sérving scattér 2 cups of mini marshmallows ovér whippéd créam.
Sérvé drizzléd with méltéd chocolaté, Nutélla or chocolaté topping.
Storé léftovérs in thé fridgé.
Notés
Hot Chocolaté Lasagna is thé bést néxt day whén it firms complétély ovérnight in thé fridgé. You can maké it 2-3 days ahéad, but I suggést to maké chocolaté pudding layér without marshmallows, bécausé marshmallows mixéd in pudding bécamé soggy aftér a féw days in thé fridgé.
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