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!
{caramel & chocolate} Turtle Dump Cake
Turtle dump cake is an easy, decadent dessert that is for the serious chocolate caramel lover. Only a few easy ingredients combine in one bowl and then pour into a baking dish. So simple to prepare! Serve with a scoop of vanilla ice cream for one of the best desserts ever.
The best part of this turtle dump cake dessert is that you only need 6 ingredients! A boxed cake mix, instant pudding, dark chocolate chips, caramel sauce (like the stuff you put on ice cream), pecans, and some milk. Super simple and you can have this in the oven in just about 10 minutes. Maybe 5 if you’re super fast 🙂
If you’re not familiar with turtle desserts (think those Turtle candies) they are just a combination of chocolate & caramel and usually with something salty. Like pretzels or in this recipe today, there are chopped pecans. It’s basically sweet & salty perfection!
Ingredients
- 1 small box (3.4 oz) Jell-O Chocolate Instant Pudding Mix
- 1 1/2 cups whole milk
- 3/4 cup caramel sauce, divided
- 1 box (15.25 oz) chocolate fudge cake mix, DO NOT prepare
- 1 bag dark chocolate chips
- 1/2 cup chopped pecans
- optional drizzle
- 1 cup milk chocolate chips
- 1 teaspoon oil (canola, vegetable, coconut)
- leftover 1/4 cup caramel sauce
Instructions
- Heat oven to 350 degrees. Spray a 13x9-inch pan with cooking spray. Set aside.
- In large bowl, stir dry pudding mix and milk with a wire whisk for 2 minutes.
- Stir in 1/2 cup of the caramel sauce, the dry cake mix, and 1 cup of the dark chocolate chips. Stir until well blended.
- Spread batter evenly in pan. Sprinkle pecans and remaining 1/2 cup dark chocolate chips over top.
- Bake 32-38 minutes or until toothpick inserted in center of cake comes out almost clean. It should not be completely cooked like a cake, you want it gooey so to speak.
- Scoop up some of the dump cake into a bowl and top with vanilla ice cream. If wanted, drizzle with the remaining caramel sauce and the chocolate sauce.
- TO MAKE CHOCOLATE DRIZZLE : combine chocolate chips and oil in a microwave safe bowl and cook for 1-2 minutes or until it is completely melted and smooth.
Notes
I use the caramel ice cream topping. You can use any caramel you want, as long as it's in liquid/melted form. Melt down some caramel squares, etc....
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