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!
EASY FRENCH CREAM PUFFS RECIPE
These lovely french cream puffs are sure to wow your guests at any party! Delicate and airy, these delicious desserts, originally called choux a la creme, are the perfect way to indulge!
These french cream puffs are so adorable and I had so much fun making them (and even more eating them, lol). It may be my European roots but I love anything French and of course pastry and this french cream puffs recipe has been on my list for a long time. I love watching these baking in the oven, puffing up in the heat, all crackly and full of air!
INGREDIENTS:
For the pastry:
- 8 oz = 250 ml water
- 8 oz 250 ml milk
- 7 oz = 200 grams butter
- 13 oz = 375 g flour, sifted
- a pinch of salt
- 9 eggs
For the filling:
- 34 oz = 1 liter milk
- 16 egg yolks
- 4 sticks vanilla
- 9 oz = 250 g sugar
- 4 oz = 120 g flour, sifted
- 1 spoon butter
For the whipped cream
- 1 1/2 heavy whipping cream
- 3 tablespoons sugar
- Powdered sugar to dust
You’re also going to need:
- non stick large baking sheet
- parchment paper
- whisk
- sharp knife
- hand mixer
- large saucepan
- flower tip
DIRECTIONS:
- Line a baking sheet with parchment paper and pre heat oven at 390 F = 200 C.
- Warm up the milk and turn off heat.
- Add the seeds from the vanilla sticks and cover with a lid.
- In a medium large pot add water, milk (the one without vanilla), butter and a pinch of salt and bring to a boil.
- Remove from heat and turn off heat.
- Immediately add flour and mix well with a whisk until well combined.
- Allow the dough to cool a little then add eggs, one by one, mixing well after each egg is added until fully incorporated. You need the composition to resemble chewing gum and be a bit sticky. If not add one more egg.
- Transfer the dough to a large pastry bag fitted with a flower tip. Pipe rounds onto each prepared pan and do a little swirl for a more spectacular result. If you don’t have a flower tip: with a spoon, drop a dollop of dough (about the size of a walnut) in the baking sheet but not very close to each other (about 2″ apart).
- Bake for about 20 minutes. Do not open the oven for the first 15 minutes.
- When all dough is done, let the puffs cool and cut in half, horizontally.
- For the filling: Take the 16 yolks and mix with sugar and flour and beat well then add the vanilla infused milk little by little. Move to a saucepan and boil while stirring continuously with a whisk until stiff. Remove from heat and add butter. Then make the whipped cream as I did here.
- Fill the puffs with vanilla cream and whipped cream and I dust with powdered sugar.
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