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!
Malteser MaltEaster Bunny & Mini Egg Chocolate Cake
This beautiful Malteser MaltEaster Bunny & Mini Egg Chocolate Cake is very easy to make and perfect for anyone who loves Easter and the chocolates that come with it!
It always irks me how as soon as Boxing Day has passed, you can buy Easter eggs in the shops! Now don’t get me wrong, I love eating a chocolate egg as much as the next chocolate egg eating person, BUT I do feel selling them straight after Christmas is just too early.
My favourite little easter treats are mini eggs. They are so scrumptious and pretty and easy to eat! I have made a few recipes now which include them (see the bottom of this post for some), and the other week I decided to make another cake incorporating them and, hence, this Malteser MaltEaster Bunny & Mini Egg Chocolate Cake was created.
I thought that I could make a chocolate cake which had the Malteser bunnies, big ones and baby ones, around the outside, a bit like those kitkat or chocolate fingers cakes.
Ingredients
- 200g unsalted butter
- 200g caster sugar
- 4 eggs
- 160g self raising flour
- 40g cocoa powder
- 250g full fat cream cheese
- 1 x 400g jar of chocolate spread (I used the Tesco value one)
- 10 large Malteser Malteaster chocolate easter bunnies
- 10 mini Malteser Malteaster chocolate easter bunnies
- 1 x 328g bag of Cadburys mini eggs
- 1 x 90g bag of Tesco micro chocolate eggs
Instructions
- pre heat the oven to 180oC / 160oC (fan)
- grease and line 2 x 8 inch sandwich tins
- cream the butter and sugar together for about 5 minutes until pale and soft
- add the eggs and a spoonful of the flour and beat for a few more minutes
- fold in the remaining flour and the cocoa powder
- divide the batter between the two tins and then cook in the oven for 22-25 minutes approx
- leave the cakes to cool
- once the sponges are cold to the touch, make your frosting by beating the cream cheese and chocolate spread together
- sandwich the two sponges together with some of the frosting
- then cover the cake with the remaining frosting
- take your chocolate bunnies, and stick around the side of the cake alternating between a big and a small bunny
- then once this has been done, carefully pour/add the eggs onto the top of the cake
- serve and enjoy 🙂
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