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!
Awesome Country Apple Fritter Bread!
You cannot resist the temptation of Awesome Country Apple Fritter Bread!!!
Once you start smelling that succulent apple fritter bread filling the house with that intoxicating, irresistible aroma while it’s baking. . .it’s pretty much over.
You really never did had a chance. . . not even for a second…or two! Come to Mama!
Fluffy, buttery, white cake loaf loaded with chunks of apples and layers of brown sugar and cinnamon swirled inside and on top. Simply Irresistible!
Ingredients
- Brown Sugar/Cinnamon Mixture:
- 1/3 cup light brown sugar
- 1 teaspoon ground cinnamon
- Bread Loaf
- 2/3 cup white sugar
- 1/2 cup butter softened
- 2 eggs
- 1 1/2 teaspoons vanilla extract
- 1 1/2 cups all-purpose flour
- 1 3/4 teaspoons baking powder
- 1/2 cup milk or almond milk
- 2 apples any kind, peeled and chopped , mixed with 2 tablespoons granulated sugar and 1 teaspoon cinnamon
- Old-Fashioned Creme Glaze
- 1/2 cup of powdered sugar
- 1-3 tablespoons of milk or cream- depending on thickness of glaze wanted
Instructions
- Preheat oven to 350 degrees. Use a 9x5-inch loaf pan and spray with non-stick spray or line with foil and spray with non-stick spray to get out easily for slicing.
- Mix brown sugar and cinnamon together in a bowl. Set aside.
- In another medium-sized bowl, beat white sugar and butter together using an electric mixer until smooth and creamy.
- Beat in eggs, 1 at a time, until blended in; add in vanilla extract.
- Combine & whisk flour and baking powder together in another bowl and add into creamed butter mixture and stir until blended.
- Mix milk into batter until smooth.
- Pour half the batter into the prepared loaf pan; add half the chopped apple mixture.
- Sprinkle 1/2 of the brown sugar/cinnamon mixture you set aside earlier, on top of apple layer.
- Pour the remaining batter over apple layer and top with remaining chopped apples, then the remaining brown sugar/cinnamon mixture.
- Lightly pat apples into batter; swirl brown sugar mixture through apples using knife or spoon.
- Bake in the preheated oven until a toothpick inserted in the center of the loaf comes out clean, approximately 50-60 minutes.
- To make glaze, mix powdered sugar and milk or cream together until well mixed.
- Let cool for about 15 minutes before drizzling with glaze.
Recipe Notes
Optional:
Next time I think I would add in walnuts. You can always use other fruit, or you could add in chocolate chips too! (Of course!)
Substitutions: I've also substituted this with 1/2 cup Greek Yogurt, 1/3 cup milk and add 1/4 teaspoon baking soda instead of 1/2 cup milk as called out in the bread loaf ingredients.
Baking options: Bake 30-40 min. for 2 loaf recipe, 15-20 minutes for muffins or 50 -60 minutes for one full loaf recipe or until toothpick inserted in center comes out clean.
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