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!
Bailey’s Irish Cream Cheesecake
Boozy, sinful and decadent Irish Cream Cheesecake loaded with Bailey’s Irish Cream, topped with thick layer of chocolate ganache and Oreo crust, will be great St. Patrick’s Day dessert.
OK, to be honest, I’m not a great fan of desserts with the taste of liquor and alcohol until I tried this great Bailey’s Irish Cream cheesecake which made me change my opinion.
Cheesecake was always my first choice when dessert for any occasion comes into consideration. If it was a cake or a mini version – cheesecake cupcakes, bake or no bake recipes, it is always my favorite. There is no cheesecake that I haven’t made multiple times: Reese’s, chocolate, Nutella, strawberry, pumpkin, peanut butter… but I always avoided Irish Cream.
Ingredients
For the crust:
- 2 cups Oreo cookie crumbs (use whole cookies with filling)
- 5 tablespoons unsalted butter, melted
For cheesecake filling:
- 3 (8 oz) packages cream cheese-softened
- 1 1/3 cups sugar
- 1/4 cup cornstarch
- 3 eggs
- 1 1/2 tsp. vanilla extract
- 1/2 cup Baileys Irish cream
For Chocolate ganache:
- 1 1/4 cup heavy cream
- 12 oz. semi-sweet baking chocolate-chopped
Instructions
- Preheat oven to 350 degrees.
- Mix together Oreo crumbs and melted butter, press the mixture into 9” springform pan and bake for 8-10 minutes, set aside to cool.
- Once the crust is cooled, wrap pan with two layers of aluminum foil and bring the foil up the sides of the pan and make sure it is tight and secure so no water gets in during the baking process!!!!
- With electric mixer, mix cream cheese and sugar on medium speed until smooth.
- Add cornstarch and continue to mix until fully incorporated, decrease the speed to low and add eggs one at a time, then add vanilla extract and Baileys.
- Pour batter into prepared pan and place in a roasting pan, fill roasting pan about a quarter of the way with hot water and bake at 350 degrees for 55-65 minutes, rotating once halfway through (until the cheesecake is set around the edges and slightly loose in the center)
- Remove springform pan from the water bath and set on a cooling rack to cool, then remove aluminum foil and refrigerate (at least 5 hour or overnight). When it’s completely cooled run a thin knife around the edge and take of the ring of springform pan..
- Over double boiler melt chopped chocolate until completely smooth and has no lumps, then stir in heavy whipping cream(from the fridge). It should be very thick and creamy so you could spread it on top the cake but also on sides without dripping. Use just 2/3 of the ganache and set the cake in the freezer for 5-10 minutes to harden the ganache. Take the cake from the freezer and reheat the rest of the ganache but this time it should be smooth (but not too thin) so you can pour it over the cake to make the smooth and shiny surface.
- To keep the shine of the ganache let it cool at room temperature then store the cake in the fridge.
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