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 Cookie Dough Ice Cream Sandwiches
These Cookie Dough Ice Cream Sandwiches are prepared with an unbaked egg-free chocolate chip cookie dough. Use your favorite ice cream or make it homemade!
Cookie dough ice cream is my favorite in all the land and it will be forever and ever amen. Who’s with me? I choose it every time there is a choice to be made. In fact if I don’t choose it I kick myself later.
They were so good that I made 2 batches. Both were devoured by the neighborhood kids!
Chocolate-lovers will even enjoy a little dip in some hard shell chocolate coating too! Do it!!
These Cookie Dough Ice Cream Sandwiches are prepared with an unbaked egg-free chocolate chip cookie dough. Use your favorite ice cream or make it homemade!
INGREDIENTS:
- 1/2 Cup butter
- 1/2 Cup brown sugar, packed
- 1/4 Cup granulated sugar
- 3 T milk
- 2 t McCormick® Extra Rich Pure Vanilla Extract
- 1/4 t salt
- 1 1/2 Cup all-purpose flour
- 1 Cup mini chocolate chips
- 2 Cups ice cream, softened
DIRECTIONS:
- Microwave butter and sugars in large microwavable bowl on HIGH 1 1/2 to 2 minutes, stirring after 1 minute.
- Stir until mixture is melted and smooth. Stir in milk, vanilla and salt. Add flour; stir until well blended. Stir in chocolate chips. Refrigerate 15 minutes.
- Line 8-inch square pan with parchment paper, with ends of paper extending over sides of pan. Press 1/2 of the dough into pan until smooth and even. Place a second layer parchment paper on top on the dough and repeat with remaining dough. Freeze for 30 minutes up to 1 hour.
- Remove from freezer. Carefully remove the top layer of cookie dough by lifting the top layer of parchment paper.
- Gently spread the softened ice cream over the bottom layer of cookie dough still in the pan. Peel the parchment paper from the second layer of cookie dough and place it smooth side up on top of the ice cream. Cover with foil or plastic wrap.
- Freeze 2 hours or until firm. Cut into 16 bars. Wrap each in plastic wrap. Store in freezer.
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