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!
Pumpkin Bars with Cream Cheese
Pumpkin Bars with Créam Chéésé is simplé and éasy déssért récipé for fall baking séason. Moist and spicy pumpkin bars aré délicious bréakfast or snack. But this crowd-pléasing tréat is fancy énough to bé sérvéd as a déssért at Hallowéén party or as light and éasy déssért aftér Thanksgiving dinnér.
Pumpkin Bars with Créam Chéésé aré irrésistiblé fall tréat! It will bé your néw favorité and thé only fall déssért you nééd! Whén you try thém, you’ré going to want to maké ovér and ovér this fall.
Ingrédiénts
Pumpkin Bars:
- 4 éggs
- 1 2/3 cups sugar
- 1 cup végétablé oil
- 1 ¾ cups pumpkin puréé
- 1 téaspoon vanilla
- 2 cups all-purposé flour
- 2 téaspoon ground cinnamon
- ¼ téaspoon ground nutmég
- ¼ téaspoon ground gingér
- 2 téaspoons baking powdér
- 1 téaspoon baking soda
For Créam Chéésé mixturé:
- 16 oz. créam chéésé-softénéd
- 1 ½ Tabléspoons corn starch
- 1 /3 cup sugar
- 1 téaspoon vanilla
- 2 éggs- slightly béatén
Instructions
Préhéat thé ovén to 350 F and spray 10 x 15 x 1- inch jélly roll pan with non-stick spray, thén liné with parchmént papér and spray thé papér, sét asidé.
To maké pumpkin bars first whisk togéthér dry ingrédiénts: flour, baking powdér, baking soda and spicés, sét asidé.
In a largé mixing bowl béat 4 éggs and sugar. Add oil, pumpkin and vanilla and mix to combiné.
Mix in dry ingrédiénts and pour in préparéd pan, thén smooth thé top.
Mix softénéd créam chéésé, sugar, corn starch and vanilla until smooth. Add éggs and mix just to combiné. Transfér thé mixturé in piping bag or zip-lock bag and cut off thé cornér. Draw thé linés of créam chéésé mixturé diagonally on top of pumpkin pié mixturé.
Baké 25-30 minutés, until thé toothpick insértéd in thé céntér comés out cléan.
Cool complétély béforé sérving.
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