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!
NO-BAKE VEGAN BANOFFEE PIE
This vegan banoffee pie is no-bake, raw vegan, super easy and fun!
This is what you make when you want to please EVERYONE, it’s gluten-free, refined sugar free and raw. All this and it’s super delicious too!
In fact if you want to keep its extreme dietary friendliness to yourself you can do that too! No one will even know.
It’s super sweet, super creamy and as decadent as a dessert can be.
Insanely delicious no-bake vegan banoffee pie with a walnut date crust, date caramel center and whipped coconut cream topping, with loads of sliced banana of course!
INGREDIENTS
For the Crust:
- 2 cups (~200g) Walnuts
- 1 cup (175g) Pitted Dates (packed)
For the Filling:
- 2 cups (350g) Soft Dates (pitted)
- 1 cup Coconut Cream
- 1/4 cup Almond Butter
For the Topping:
- 3 Bananas (sliced)
- Whipped Coconut Cream
- Vegan Dark Chocolate or Raw Chocolate (grated)
INSTRUCTIONS
- Add the walnuts and pitted dates to the food processor and process. It will first be crumbly and then gradually will become doughy and start to stick together as the nuts release their oils. Process until it reaches this sticky dough stage. Transfer to a pie dish and press down firmly, working it up along the sides a little bit. Place into the freezer to set while you make the filling.
- To make the date caramel a bit easier, first microwave your dates for 30 seconds, this will soften them up and make them easier to process. If you don’t have a microwave you can skip this step but it will just take a little longer.
- Add the dates to the food processor and process. It will first form a giant ball of toffee and then will gradually break up and stick to the sides of the food processor. Keep processing, until the giant ball is mostly broken up. Heat the coconut cream in the microwave for 30 seconds and then add gradually while the food processor is running. If you don’t need the full cup, then don’t use it all. You are going for a very creamy date caramel texture here. Thick is good, but you want it to be smooth and creamy. Add in the almond butter and process until well mixed in.
- Spread the date caramel filling out over the walnut/date crust and smooth it out. Return to the freezer to set.
- To make your whipped cream, you need to have had a can of coconut cream chilling in the fridge overnight at least. Remove the chilled can from the fridge, being careful not to shake it. Open it and you’ll see the cream has risen to the top, leaving the watery part behind. Scoop out only this cream section into the bowl of an electric mixer. Start at slow speed and then gradually increase speed until the cream is whipped.
- Slice your bananas and then lightly brush them with freshly squeezed lemon juice to avoid discoloration. Spread a layer of banana on top of the caramel layer. Then spread your whipped cream on top and then add the rest of the sliced banana and finish off with some grated dark chocolate.
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