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!
SALTED CARAMEL COOKIE CHEESECAKE RECIPE
The Salted Caramel Thins are also great for a delicious twist on cheesecake base. The recipe below for Salted Caramel Cookie Cheesecake is so quick and easy to make and looks and tastes amazing – meaning that you can wow the family, or dinner guests, with minimum effort from you. Ideal. You can make the cheesecake with just a few items that can easily be found in supermarkets. There is no baking and very little preparation. You just need to make sure that you have enough time to chill them overnight. Other than that, they could not be easier. You can find the recipe below.
INGREDIENTS
- 540 g Cream Cheese
- 90 g Icing Sugar
- 255 ml Double Cream
- 1 Pack Maryland Salted Caramel Thins – Extra may be needed for decoration
- 50 g Butter (Melted)
- 1 bottle Caramel Sauce – You could make your own if feeling brave.
EQUIPMENT
- Cheesecake tin/tins
- Blender or Plastic bags and a rolling pin
METHOD
- Crush the cookies in blender or with a rolling pin in s sealed back.
- Mix with in the melted butter and stir until well-mixed.
- Put into tins. You could use one large cheesecake tin or individual moulds as I have. As this is a no-bake recipe you do not need to be too precise with the thickness of the cookie layer or the cheese layer.
- Set the cookie and butter base in the fridge for 1 hour.
- Next, whip the cream to form stiff peaks (good and thick). Mix in the icing sugar. Carefully fold in cream cheese. Divide between moulds. I put in half the mixture and then added a caramel sauce layer before adding the rest of the cheesecake mix on top.
- Chill in the fridge overnight.
- Decorate with more caramel sauce and crumbled cookies.
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