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!
CLASSIC STRAWBERRY SHORTCAKE
Classic Strawberry Shortcake, made with fresh strawberries, homemade biscuits, and whipped cream is the easiest and most perfect summer dessert!
If there’s one dessert I’ll never tired of… a dessert that I could eat way more than I should and not get sick… a dessert I can justify as healthy because it contains fresh fruit… it would have to be homemade strawberry shortcake. This is very different than the shortcake I enjoyed growing up. In the era when processed convenient foods were what filled every kitchen in the country (remember hungry man TV dinners?), our version of strawberry shortcake was a slice of Sara Lee pound cake smothered in those frozen strawberries packed in sweetened (very sweetened) juice with as much Ready Whip as my plate would hold. Now, don’t get me wrong – that was freaking delicious. But this recipe is for a homemade shortcake biscuit which is very different than processed pound cake. Its not nearly as sweet and is indeed very biscuit-like. Plus, one cannot beat fresh strawberries – especially ones like these. Look at that deep red! I no longer buy whipped cream in a can anymore. Only the real stuff exists in my house!biscui
Classic Strawberry Shortcake, made with fresh strawberries, homemade biscuits, and whipped cream is the easiest and most perfect summer dessert!
Ingredients
strawberries:
- 1 pint strawberries hulled and sliced
- 1-2 tablespoons confectioner's sugar
- zest from one lemon
shortcake:
- 1 cup all-purpose flour
- 1 teaspoon baking powder
- 1/4 teaspoon baking soda
- 1 tablespoon sugar
- 1/4 teaspoon salt
- 3/4 cup heavy cream
whipped cream
- 1 cup heavy cream
- 1 tablespoon confectioner's sugar
Instructions
- Combine strawberries, sugar, and lemon zest. Allow them to develop flavors in refrigerator for at least an hour, up to overnight.
- To make shortcake, preheat the oven to 400 degrees F. Sift together the flour, baking powder, baking soda, sugar, and salt in a medium bowl. Add heavy cream and mix until just combined. Mixture will be very thick. Form two large rounds for four small rounds on an ungreased pan (I used a cooking stone) and bake until golden, 15 to 20 minutes. For added crunch and sweetness, you can sprinkle large decorator's sugar on top of the biscuits, if you have some available, prior to baking. Allow to cool once removed from oven.
- To make the whipped cream, combine the heavy cream and sugar and beat with whisk attachment on high speed until soft peaks form, about 4-7 minutes.
- To assemble shortcake, split biscuit in half. Layer with strawberries in the middle and on top and then top with whipped cream. Enjoy!
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