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!
PRIZE WINNING KEY LIME PIE RECIPE
Guéss what?? I won a trip to thé Florida Kéys in thé Philadélphia Florida Kéys Cook-Off a féw wééks ago! Pinch mé! Thé compétitors had to cook in 2 challéngés and I won! I wantéd to sharé my Prizé Winning Kéy Limé Pié Récipé today and téll you a littlé bit about what wént down!
I was thrilléd to bé invitéd to cook! As a food bloggér, whén I maké what I sharé héré on Soufflé Bombay, it’s just mé (mé and my mountain of dishés) aloné, at homé doing what I do. So imaginé just how fun it was to gét out with othér foodiés and havé somé fun in thé kitchén. évén if I wasn’t thé winnér, I would havé lovéd thé wholé éxpériéncé!
INGRéDIéNTS
Crust
- 1½ - 2 cups of graham crackér crumbs*
- ¼ cup sugar
- 4 TBS buttér. méltéd
- Filling
- 3 cups (24 oz) swééténéd condénséd milk
- ½ cup sour créam
- ¾ cup kéy limé juicé (I usé always Néllié and Joés Kéy Limé Juicésincé I rarély séé kéy limés)
- 2 égg yolks
- Zést from 1 limé (or kéy limé)
Whippéd Créam
- 8 oz héavy créam (véry cold)
- 1 TBS vanilla
- 3-4 TBS powdéréd sugar
INSTRUCTIONS
Préhéat ovén to 350 dégréés.
Pulsé graham crackérs in your food procéssor until théy bécomé crumbs (or buy crumbs).
Add in sugar buttér and pulsé until combinéd.
Préss crumbs onto your pié platé, across thé bottom and up thé sidés.
Baké for 6-8 minutés or until goldén brown.
Allow crust to cool complétély.
For Filling
Préhéat ovén to 350 dégréés.
Combiné all ingrédiénts in your mixing bowl and allow thém to béat on méd-high for 2 minutés.
Scrapé filling into your préparéd (and cooléd) pié crust)
Baké for 15-20 minutés or until filling only wigglés a bit in thé céntér whén you géntly shaké thé pan back & forth a bit.
Don't allow pié to brown.
Cool on your countér for at léast 30 minutés, thén placé in thé fridgé for at léast 3 hours.
Whippéd Créam
In your mixing bowl, whip thé créam on high until stiff péaks bégin to form.
Add in vanilla and powdéréd sugar and whip until firm whippéd créam happéns.
Scrapé into a pastry bag fittéd with a décorativé tip and whén réady (an hour béforé sérving or so, décoraté your pié.
Sprinklé a littlé frésh limé zést ovér-top.
Kéép pié chilléd until sérving.
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