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!
Ferrero Rocher Cupcakes
Ferrero Rocher Cupcakes are delicious chocolate cupcakes stuffed with Ferrero Rocher candy and topped with decadent Nutella frosting.
If you have seen the photo of this beautiful Ferrero Rocher Cupcakes , then you have surely wanted to see the instructions how to prepare these divine chocolate treats. Of course! But, before you find the instructions, what you will find is the ultimateguide how to keep at least half of these beautiful cupcakes from potential attacks during their preparation 🙂 At least for me, that was a very big problem while I was preparing this fantastic dessert a few days ago, a bigger problem than the preparation itself.
Ingredients
For Chocolate Cupcakes:
- 1 cup all-purpose flour
- 3/4 cup sugar
- 1 teaspoon baking powder
- 1/2 teaspoon salt
- 1/2 cup cocoa powder
- 3/4 cups vegetable oil
- 1/2 cup buttermilk
- 1 egg
- 1 teaspoon vanilla extract
- 12 Ferrero Rocher (frozen)
For Chocolate Nutella Frosting:
- 1 cup powdered sugar
- 1/2 cup unsalted butter
- 1/4 cup cream cheese
- 1/3 cup Nutella
- 4 oz semisweet baking chocolate
- 2 Tablespoon cocoa powder
- pinch of salt
- 1/2 tespoon vanilla
For Garnish:
Instructions
- Preheat the oven to 350 degrees F, and line standard cupcake pan with paper liners.
- In a large bowl whisk together flour, sugar, cocoa, baking powder and salt.
- With electric mixer beat together oil, egg, buttermilk and vanilla extract on medium speed until well combined.
- Add dry ingredients and mix well to combine.
- Cupcake liners should be about 2/3 full. First add about 1 tablespoon of the batter, then place unwrapped (frozen) Ferrero Rocher in each cup and add remaining batter.
- Bake until a toothpick inserted in cupcake comes out clean (it takes about 16-20 minutes)
- Wait the cupcakes to cool completely before icing
- To make the frosting melt 4 oz chocolate and let it cool to a room temperature.
- Beat the butter and sugar until it’s light and fluffy, then add cream cheese and mix well.
- Add vanilla, salt, Nutella,cocoa and melted chocolate and mix it well to combine evenly.
- Set the frosting in the fridge for 15 minutes to set, then frost the cupcakes and garnish with Ferrero Rocher.
- Store in the fridge until serving.
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