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!
OREO CHEESECAKE DIP WITH CHOCOLATE WAFERS
Oreo Cookies are the perfect combination of chocolate cookies and minty cream filling! Now the great flavors of the Oreo cookie are combined with cream cheese to make an Oreo cheesecake dip that will remind you of Oreo cookies and milk. Make your own homemade chocolate wafers to dip!
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I have never made chocolate wafers before so I hopped on over to one of my favorite baking blogs, Zoe Bakes, for some inspiration. The recipe for the chocolate wafers was adapted from her recipe for an Icebox Cake. These crispy, dark chocolate wafers make a great delivery system for this delicious dip. Just like eating an Oreo!
INGREDIENTS
Oreo Cheesecake Dip
- 8 ounces cream cheese (softened)
- 8 ounces butter (room temperature)
- 8 ounces whipped topping
- 4 cups sifted powdered sugar
- 1/8 teaspoon mint extract
- Chocolate Wafers
- 1/2 cup butter (room temperature)
- 3/4 cup sugar
- 1/2 cup dark brown sugar
- 2 teaspoons vanilla extract
- 1 cup all-purpose flour
- 3/4 cup dark chocolate cocoa
- 1/2 teaspoon baking soda
- 1/2 teaspoon salt
- 1/4 cup milk
INSTRUCTIONS
For the Oreo Cheesecake Dip
- Mix all the ingredients for the dip and store in the fridge until ready to serve and inhale.
- For the chocolate wafers
- Beat the butter, sugar, and vanilla for a few minutes or until fluffy in a mixer.
- In a separate bowl, combine the flour, cocoa, baking soda, and salt.
- Slowly add the dry ingredients into the wet ingredients until incorporated.
- Slowly add the milk until just combined.
- Divide the dough into two logs that are about 1 to 1 1/2 inches round
- Wrap in plastic wrap and store in the refrigerator for at least an hour or two.
- When ready to cook the wafers, heat the oven to 350F.
- Line your baking sheets with parchment paper or a non-stick baking mat.
- Slice the dough into discs that are about 1/8 inch thick and place on the baking sheets.
- Bake for 8 minutes. After 4 minutes, rotate the pans and continue cooking.
- When the 8 minutes is up, pull the pans out but leave the cookies on the pans for about 5 minutes before you remove to a cooling rack.
- You can freeze the cookies or the dough until ready to use!
NOTES
*If you like this recipe, leave me a comment and rate it with some stars!!
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