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!
Ice Cream Sundae Cookies
Everyone loves ice cream right?! It’s creamy, cool, and oh so delicious. Especially when it’s covered in ice cream sundae toppings like sprinkles, chocolate sauce, and nuts.
Everyone also loves cookies. Soft, chewy, crispy-edged cookies.
So why not marry the two together in a cookie form?!
Cue, the ice cream sundae cookies.
Ingredients
- Cookies:
- 2 1/4 cups all purpose flour
- 1 tsp baking soda
- 1 1/2 tsp cornstarch
- ½ tsp salt
- 1/2 cup (1 stick) unsalted butter melted
- ½ cup granulated sugar
- ½ cup brown sugar
- 1 egg + 1 egg yolk at room temperature
- 1 tsp vanilla extract
- ½ cup chocolate chips
- ¼ cup crushed waffle cones
- ⅛-¼ cup rainbow sprinkles
- Toppings:
- ½ cup mini marshmallows cut in half
- Additional sprinkles
- Additional waffle cone pieces
- Chopped nuts of choice
- Melted chocolate or chocolate fudge sauce
Instructions
- In a mixing bowl, combine flour, baking soda, cornstarch, and salt. Set aside
- In a stand mixer with the paddle attachment or with a hand mixer, cream together butter and sugars until light and fluffy, about 2 minutes
- Add in egg and egg yolk and vanilla. Mix until just combined
- Slowly mix in half of the dry ingredients until combined, then add in the rest of the dry ingredients. Fold in chocolate chips, crushed waffle cones and rainbow sprinkles
- Chill dough for 1 hour or overnight. When ready to bake, take dough out of fridge and let sit on counter for about 15 minutes to make it easier to work with
- Preheat oven to 350 degrees F
- Line a baking sheet with silicone baking mats or parchment paper. Roll balls of dough about 11/2 tablespoon in size and place onto the baking sheet, about 1-2 inches apart. Add additional toppings on top if desired, except for marshmallows
- Bake for 10 minutes, then remove from oven and top each cookie with a few pieces of mini marshmallows, sliced in half
- Set oven to broil and bake for 2 more minutes or until golden brown, rotating the pan after 1 minute. Keep a careful eye on the cookies during this step so they don't brown too much or burn. It's imperative to rotate the pan halfway through!
- Let cookies cool on baking sheet for 5 minutes before transferring to a wire rack to finish cooling
- Once cooled, either drizzle or dip cookies in melted chocolate
Recipe Notes
Keep a close eye on cookies during the broil stage as they can easily become overcooked and the marshmallow can burn. Once you see the marshmallows become golden brown, remove the pans from the oven.
Feel free to substitute the baked toppings for your preferred topping. Pecans, white chocolate chips, chocolate sprinkles - there's so many possibilities
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