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!
TRADITIONAL PECAN PIE IN A JAR
Here’s a little twist on this beloved dessert institution. These Traditional Pecan Pie in a Jar are the perfectly sized sweet treat that will finish off any big, satisfying turkey dinner. This crunchy, golden, deeply toasted nutty dessert will satisfy everyone’s sweet tooth!
Happy Thanksgiving Everyone! This is the time of year that I consume treats with reckless abandon! Ok, I do have some self-control. But I love the big, hearty Thanksgiving meal. I particularly love the desserts that come after you loosen your belt. One year I was asked to bring a pecan pie to a Thanksgiving get together. I wanted to do something a little bit different than walk in carrying a regular pie in a pan. So, I have always loved the cute little mason jars. I figured, why not give everyone his or her own petite dessert? They are the perfect portions after such a big meal.
INGREDIENTS
- 2 cups pecan halves, coarsely broken
- 1 cup sugar
- ¾ cup light corn syrup
- ¾ cup dark corn syrup
- 4 eggs
- ¼ cup butter
- 1½ teaspoons vanilla
- pinch salt
- 2 refrigerated 9 inch pie crust dough
- 8 half pint wide mouth mason jars, clean and dry
- Twine, if you so desire
INSTRUCTIONS
- Preheat oven to 350°. Spread pecans on a cookie sheet and bake for 6 minutes to toast them. Set aside and let cool while you prepare the filling.
- In saucepan boil sugar and corn syrups together for 2 minutes; set aside to cool slightly.
- In large bowl beat eggs lightly and very slowly pour the syrup mixture into the eggs, stirring constantly so they don’t scramble.
- Stir in butter, vanilla, and salt.
- Spray all jars with non-stick cooking spray. Fill jars with pieces of dough half of the way up the jar and press down to fill the bottom and ⅓ of the way up the sides. Fill the bottom with a good layer of pecans and then pour filling to just below the lip.
- Place the jars on a baking sheet and bake in the preheated oven for 40 minutes until done. Check at 25 minutes and cover top loosely with aluminum foil if it is getting too dark on top. Let cool for several hours before serving. Serve with sweetened whip cream or vanilla ice cream if desired. Tie with twine to make them extra special!
NOTES
These little desserts freeze beautifully. But, do not bake them before freezing them. After the sugar and corn syrup mixture has completely cooled down, you assemble the ingredients in the jar, put the lid on and freeze them.
I have frozen mine up to 1 month, after that they are calling my name from the freezer! When you take them out of the freezer, remove lids from jars and place jars on a baking sheet. Place baking sheet in a COLD oven. Then turn the oven to 375. That will give the jars a chance to warm up slowly as the oven preheats. If you’re really worried you can always let them sit at room temp for a bit first before putting them in a cold oven, but these are canning jars and used to extreme temperatures. Bake for about 50-60 minutes, or until the tops are golden brown and the middles are bubbly.
Also, please try this little dessert with my favorite Golden Yunnan adagio tea...it's Amazing!
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