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!
STRAWBERRY CHEESECAKE
Desserts are one of my weaknesses. You won’t be able to resist this cheesecake, with its fresh sliced strawberries and light and fluffy texture!
Adding the sour cream, sugar and vanilla to the top of the cheesecake created a light and creamy topping with a slight tartness that complemented the fresh berries very well.
It was DIVINE!!
I was so happy with the results that I’ve decided that any time a make a cheesecake with berries I will be using sour cream on top!
This recipe is “officially” for a strawberry cheesecake but you could definitely use any combination of fresh berries that you like.
This time I just opted for slices of strawberries place on top, but I think next time I may add some fresh raspberries as well.
This strawberry cheesecake would make a perfect dessert served to guests or just as a nice treat for
yourself and your family!
I hope you enjoy this recipe!
INGREDIENTS
- 1 tbsp butter, unsalted
- 3/4 cup graham cracker crumbs
- 3 (8 oz) packs of cream cheese, room temperature
- 1 1/4 cup sugar
- 1 1/2 tsps vanilla
- 4 large eggs whites, room temperature
- 2 cups sour cream
- 1 pint of strawberries or berries combination of choice (note: you can use as many or as few as you like)
INSTRUCTIONS
- Pre-heat oven to 350°F.
- Grease a 8″ spring form cake pan with butter. The pan sides should be at least 2 1/2″ to 3″ high.
- Sprinkle the graham cracker crumbs over the bottom and sides of the pan. Make sure the sides and bottom are covered. The majority of the crumbs will be on the bottom.
- Onces sides and bottom are coated with crumbs, use a spoon or spatula to spread the crumbs around the bottom of the pan so the amount is roughly even throughout.
- Cream together 1 cup of the sugar with the cream cheese and 1 tsp of the vanilla. Use an electric mixer to combine this well.
- In a separate bowl and using clean beaters, beat the egg whites until they form stiff peaks. Use an electric mixer for this.
- Once eggs have formed stiff peaks, gently fold them into the cream cheese. Do this in 3 parts – not all at once.
- Pour the cream cheese batter into the cake pan and spread it around with a spatula to make sure it's even.
- Bake for 35 minutes.
- Combine sour cream with remaining sugar and vanilla (1/4 cup sugar and 1/2 tsp vanilla).
- Once the cake has baked for 35 minutes, evenly spread the sour cream mixture over the hot cheesecake.
- Bake in the oven for an additional 10 minutes.
- Once it has finished baking allow to cool on a wire rack (still in the pan) until it reaches room temperature.
- Chill covered in the fridge overnight (still in the pan).
- The next day, remove the cake from the pan and top with fresh slices of strawberries or other fresh berries.
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