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!
DISNEY CHOCOLATE COVERED FROZEN BANANAS (COPYCAT)
Disney Chocolate Covered Frozen Bananas dipped in melted homemade chocolate magic shell and covered in peanuts. The perfect slightly healthy treat!
Disney Chocolate Covered Frozen Bananas have been a favorite of ours every time we would go to Disneyland. Rationally speaking they’re actually a pretty healthy treat, with just a thin coat of chocolate, the frozen banana has a creamy ice cream texture and the nuts are a healthy snack that will keep you fuller longer.
Like my Klondike Bar copycat, these Disney Chocolate Covered Frozen Bananas benefit from my homemade magic chocolate shell that I make with bittersweet chocolate disks and coconut oil. The coconut oil helps the chocolate harden to a shatteringly thin and crisp texture. If you don’t want the hint of coconut flavor (its not very pronounced, I promise) you can also substitute vegetable shortening.
So I thought I would be fancy and do half covered in peanuts so it wasn’t just all one look….
Disney Chocolate Covered Frozen Bananas are a popular treat inside the parks. Frozen Bananas dipped in melted homemade chocolate magic shell and covered in peanuts. The perfect slightly healthy treat!
Ingredients
- 6 bananas
- 1 1/2 cups chocolate disks or chips (I use bittersweet, Disney uses semisweet)
- 1 tablespoon coconut oil
- 1 1/2 cup chopped peanuts
Instructions
- Leaving bananas unpeeled, cut off the bottom inch or so, just enough to have the banana be mostly straight for easy dipping.
- Into the cut side of the banana insert the popsicle stick leaving enough to comfortably hold (about 2 inches).
- peel off the banana skin.
- Freeze for an hour on a cookie sheet covered with wax paper.
- Add the chocolate disks and coconut oil to a cup.
- Microwave in 30 second increments until completely melted.
- Dip the frozen, peeled, banana into the melted chocolate and remove, letting all the excess chocolate drip back into the cup, holding it at an upright angle.
- If you let it drip upside down you are fighting gravity, the banana may slip off the popsicle stick and fall into the cup.
- Either roll in the chopped peanuts or sprinkle the peanuts over the banana.
- Put back onto the wax paper and repeat with the remaining bananas.
- But back in the freezer until ready to serve.
Recipe Notes
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Source:dinnerthendessert.com
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