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!
TRINIDAD CURRANTS ROLL
I am so happy to finally be able to share this all-time favorite with you. Finally. This currants roll recipe has been a labor of love, or more so patience.
This is a flaky pastry crust that is ram packed with currants.A roll of messy goodness!!So let's discuss this flaky pastry making.
Oh before I even get to that. My aunt who owns a bakery, makes big batches of this to sell. So when I decided to make this I reached out to her to get her take on it. She gave me some measurements but they were imperial measurements. So there I was trying to convert and re-measure and running back to my computer to research. After all that frustration, I decided I had to have something close by in my kitchen, and I made a pretty conversion chart to print and save.
A flaky pastry crust, filled with an abundance of currants. A popular snack in Trinidad and Tobago. This can also be filled with cheese or coconut filling.
This dough can also be used to make cheese rolls and coconut rolls. Yummy
INGREDIENTS:
For Flaky Pastry Dough
- 4 cups flour
- 3/4 cup margarine, cold and cut into cubes
- 3/4 cup shortening, cold and cut into cubes
- 1/2 teaspoon salt
- 2 tablespoons brown sugar
- 1 cup ice cold water (approximately)
For Currants Filling
- 2 cup currants
- 2 eggs (beaten)
- 1/2 cup brown sugar
- 1 teaspoon ground cinnamon
- 4 tablespoons brown sugar
- 2 tablespoons softened margarine
INSTRUCTIONS
For Currants Filling
- Combine sugar with currants and cinnamon
For Flaky Pastry
- Blend together your shortening and margarine. Divide into four parts
- Heat oven to 400 degrees
- Add flour, brown sugar and one part of fat from step one and combine. Cutting into until mixture resembles breadcrumbs
- Add cold water (a little at a time) until mixture holds together.
- Roll out on a lightly floured board into a rectangular shape
- Add another part of fat (step 1) to top 2/3 of the rolled out pastry.
- Fold the top part of pastry 2/3 rds down.
- Fold the bottom part of pastry over top
- Seal edges with the rolling pin
- Turn pastry so that the fold is now lengthwise
- Roll out again to a rectangular shape and repeat steps 5 through 7
- Do this another time (Total roll and fold with fat would be three times)
- Roll out for the fourth time (do not use any fat), fold as above
- Put pastry on a floured sheet and cover and leave refrigerated for 30 to 45 minutes.
- Roll pastry out into a large oblong like shape
- Brush the inside with softened margarine
- Evenly distribute currants mixture over pastry
- Roll up pastry lengthways
- Place roll on a baking sheet with roll end at the bottom
- Place some diagonal marks on top of rolled batter (or use a fork to punch some holes)
- Place in oven and bake for approximately 20 minutes
- Remove from oven and brush roll with egg wash
- Return and bake for another 8 minutes or until golden
- Cool and slice diagonally
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TRINIDAD CURRANTS ROLLI am so happy to finally be able to share this all-time favorite with you. Finally. This currants roll recipe has been a labor of love, or m… Read More...
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