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!
STRAWBERRY JELLO CREAM CHEESE BUNDT
A luscious cream cheese sweet gelatin layer hugged by a strawberry jello and topped with fruits. A delicious no bake easy dessert that has the wow factor you need.
Jello strawberry cake or should I say jello strawberry bundt is a no bake cream cheese and strawberry mold that will get everyone excited. So light and refreshing. If you are looking for something to make that looks fancy and will make an excellent impression, this is the one. My kids were so excited to try this out, they kept seeing it in the fridge for almost two days while I was waiting for the some quality daylight to shoot it.
Now to get it out of the pan try putting it in hot water for just 5 seconds and it will come out easily and nicely. Turn it into your serving platter garnish with lots of fruits free style. Now slice and serve, so delicious and feeds a crowed easily.
A luscious cream cheese sweet gelatin layer hugged by a strawberry jello and topped with fruits. A delicious no bake easy dessert that has the wow factor you need.
Ingredients
For the cream cheese Layer:
- 3 Tablespoon powdered unflavored gelatin.
- 1 cup cold water.
- 1 block 8 oz cream cheese.
- 1 can 14oz sweetened condensed milk.
- 1 can 12oz evaporated milk.
- 1 teaspoon vanilla extract
For the Jell-O layer:
- 1 packet 6 oz Strawberry JellO
- 2 cups boiling hot water
- 2 cups cold water
- For garnishing:
- Fruits of your choice.
Instructions
Make the cream cheese layer:
- Sprinkle gelatin on cold water and let it stand for like 10 minutes until it solidifies. Heat in the microwave until it turns liquid again, almost 40 seconds.
- In your blender add, cream cheese, gelatin, vanilla extract and both milks. Mix well until everything is combined.
- Lightly brush or spray a bundt pan with oil, pour the cream cheese mixture in and refrigerate for 2 hours.
Make the jello layer:
- Prepare jello according to package directions by simply dissolving the packet in 2 cups of hot water then adding the cold water in and mix well.
- Let it cool down completely to room temperature.
- After the jello has cooled, take off the bundt from the refrigerator and try to separate the cream cheese layer from the pan. You can do this by trying to loosen it with your fingers from the edges or carefully turning it into a plate and quickly returning it back again.
- Poor hello mixture over, you'll notice that the white layer will float over the jello.
- Refrigerate again for another 2 hours or overnight to set completely.
- Take your jello cake out by placing it briefly for like 5 seconds in hot water.
- Flip it into a serving plate and garnish with fruits in the middle and around the plate.
- Enjoy
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