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!
STEVIA CREAM CHEESE FROSTING
People always ask me how to make sugar free Stevia Cream Cheese Frosting.
Probably the most popular cake to frost with a cream cheese based frosting would be carrot cake. However, a cream cheese frosting can be used for many other cakes and cupcakes as well. If you like cream cheese frosting but, you do not like all of the sugar, you will like this alternative. There are many ways for you to make a cream cheese frosting sugar free.
If you are as sensitive to sugar like I am, especially in the high doses that a frosting may bring, you may be happy this this. I am showing you how to use something other than Splenda in sweetening this frosting. By the way, you can easily find Stevia on Amazon. You can find various brands of it there as well.
I balance my recipe using Greek Yogurt. However, you will also find that Greek Yogurt that is flavored is also a great option. If you like a flavored cream cheese frosting then you can omit the vanilla extract in this recipe and you can use a flavored Greek Yogurt instead. Hence, there are many ways to alter the taste of this.
Ingredients
- Cream Cheese- 8 ounce package softened - can be low fa.t
- Greek Yogurt -6-8 ounces- can be a flavored container .
- Stevia start at 1 tsp and add another if needed ) .
- Vanilla Extract- 1 tsp- (this is optional if your yogurt is flavored.
Instructions
- Combine all ingredients in a bowl and mix well. Test for sweetness to determine if more sweetener is needed. Stevia goes a long way in this recipe. I find that whipping the frosting helps it get a better height.
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