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!
LAYERED PEEPS CRISPY RICE CEREAL TREATS
Rice Krispie Treats with a twist – they’re made with marshmallow Peeps and layered for a beautiful, colorful Easter treat! Make these Layered Peeps Treats for all of your spring gatherings!
I know, I know, it’s still snowing in a lot of the country, but Valentine’s Day is over and that means there are Peeps in the stores! I may have literally jumped and clapped when I saw them. I have had a vision for these little layered treats in my head for over a month now and I’ve been dying to finally make them. Have you seen all the colors they have? Check out this huge pack of Peeps in six colors!
A few tips – Because they’re made with Peeps, these treats definitely have a distinct flavor. We happen to love the flavor of Peeps so we love it. However, a lot of people have asked if you can make these with regular marshmallows and food coloring. While that isn’t my choice, the answer is yes, you can! Just use the basic Rice Krispie Treats recipe (find it on the cereal box) and divide the ingredients by the number of colors you plan to use. Then prepare each color in a separate bowl, adding a few drops of food coloring to each bowl as you go until you’ve reached your desired color. Then layer as seen in the photos above. This method definitely does add an extra step and the colors don’t get nearly as bright, but if you’re not a fan of Peeps (say what???) this will yield similar results.
INGREDIENTS
- 4 tablespoons butter or margarine (divided)
- 4 3-ounce packages Marshmallow Peeps (in 4 different colors)
- 6 cups Crispy Rice cereal (divided)
INSTRUCTIONS
- Prepare an 8-9" loaf pan by lining with foil and spraying lightly with cooking spray.
- Divide the Peeps by 10s of the same color - 10 pink, 10 yellow, etc. (use any colors you like).
- In a deep, medium sized microwaveable dish, microwave 10 of the same color peeps with 1 tablespoon of butter on high for 45 seconds. Because microwaves vary, watch closely so the Peeps don't flow over the sides of the bowl. Stir butter and Peeps together until fully melted and incorporated. (*tip - spray a spatula with cooking spray before stirring).
- Stir in 1 1/2 cups of cereal until fully coated. Press firmly into the loaf pan.
- Repeat steps 3-4 with the other Peeps colors.
- Allow to cool completely (1-2 hours) before slicing.
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