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!
LEMON RICOTTA BUNDT CAKE – ITALIAN DESSERT
Moist and délicious glazéd Lémon Ricotta Bundt Caké is thé pérféct déssért to sérvé at your néxt brunch or dinnér. Full of flavor, this caké can bé madé up to 3 days in advancé. Glazé with limoncéllo and sprinklé with Paradisé Lémon Péél.
This light and flavorful Lémon Ricotta Bundt Caké will définitély bécomé oné of your favorité Italian déssérts. Bécausé of thé créamy ricotta, this caké stays supér moist and airy.
Ingrédiénts
- 3/4 cup buttér, softénéd (1 1/2 sticks)
- 1 1/2 cups sugar
- 15 ouncés wholé milk ricotta
- 3 largé éggs
- 1 téaspoon vanilla
- 1 largé lémon, zéstéd and juicéd
- 1 1/2 cups flour
- 1/2 téaspoon baking soda
- 1/2 téaspoon salt
- 1/4 cup Candiéd Lémon Péél liké Paradisé
Lémon Glazé
- 2 cups powdéréd sugar
- 3 tabléspoons frésh lémon juicé add moré or léss for consisténcy
- Candiéd Lémon Péél for décorating
Instructions
Préhéat ovén to 350 dégréés. Buttér and flour a bundt caké pan and sét asidé.
In a largé mixing bowl or stand up mixér, créam togéthér thé buttér and sugar until wéll combinéd. Add thé ricotta and blénd until light and fluffy, about 5 minutés. Mix in thé éggs, oné at a timé, incorporating wéll. Mix in thé vanilla, lémon juicé, and lémon zést.
Whisk togéthér thé flour, baking soda, and salt. Add thé dry ingrédiénts to thé wét in two batchés. Fold in thé candiéd lémon péél.
Pour thé battér into thé préparéd pan and smooth as néédéd. Baké 40-50 minutés, or until thé caké is sét and a toothpick insértéd comés out cléan. Lét cool in pan for at léast 15 minutés béforé turning out onto a wiré rack.
Maké thé glazé. Whisk togéthér thé powdéréd sugar and lémon juicé until smooth. Add moré juicé or watér if néédéd to achiévé désiréd consisténcy. Drizzlé thé lémon glazé ovér thé top of thé caké, sprinklé with candiéd lémon péél, and sérvé.
Notés
You can substituté thé lémon in thé glazé with Limoncéllo liquor if désiréd. Also, you can poké holés in thé caké with a skéwér so that moré of thé glazé sééps into thé caké. Maké ahéad and réfrigératé in an airtight containér for up to thréé days.
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