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!
MINT ICE CREAM OREO TART
Mint Ice Cream Oreo Tart is an Oreo tart crust filled with mint ice cream rich ganache. An easy mint chocolate dessert recipe for St. Patrick’s Day!
Yay! It’s my favorite part of St. Patrick’s Day. Dessert! I don’t even know why mint and chocolate are a St. Patrick’s Day thing but why look a gift horse in the mouth right? I’ll take any excuse to eat mint chocolate. In fact the only thing that is better than mint chocolate is mint chocolate and Oreo! I made a Mint Oreo Layered Dessert last year and it was delicious but this year I got a little more sophisticated with this beautiful Mint Ice Cream Oreo Tart.
The Mint Ice Cream Oreo tart crust is made from a mixture of Oreo crumbs and butter. I bake my Oreo tart crust because I like a little crunch in my crust but you can go completely no bake with this and instead of baking you put the crust in the freezer and let it firm up instead of baking. The tart crust is filled with a layer of mint chocolate chip ice cream that fills the crust up about halfway. Then it’s topped with a thick layer of creamy ganache. The cool ice cream begins to harden up the ganache right away and the whole thing goes into the freezer to let it set before serving.
This easy mint chocolate dessert recipe is an amazing St. Patrick’s Day dessert. An oreo tart filled with mint chocolate chip ice cream and topped with rich chocolate ganache.
Ingredients
- 1 pint Mint Chocolate Chip Ice Cream , let it sit out to soften a bit before using
- 26 Oreo cookies
- 4 Tbsp Butter
- 2 c Semisweet Chocolate Chips
- 1 1/2 c Heavy Cream
Instructions:
- Preheat oven to 350°F.
- In a food processor puree the Oreo cookies until they are a fine crumble.
- Melt the butter and add it to the cookie crumbs. Stir until the crumbs are moist and then press the mixture into a 9-inch tart pan covering the bottom and up the sides.
- Bake the tart crust for 7-9 minutes or until crust is firm.
- Let the tart cool to room temperature them place it in the freezer for 30 minutes.
- After 30 minutes remove the crust from the freezer and spread softened mint chocolate chip ice cream over it evenly filling the tart about halfway to 3/4 of the way up.
- Place the tart back in the freezer while you make the ganache.
- Heat the heavy cream in the microwave for 1-2 minutes or until it begins to bubble.
- Remove and pour over the chocolate immediately, stirring until the mixture is smooth.
- Keep stirring to let the mixture cool slightly but not too long because you want the ganache to pour easily.
- Remove the tart from the freezer and pour the ganache over it using a knife to smooth out the top.
- Place the tart back in the freezer until ready to serve or at least 30 minutes.
- Enjoy!
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