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!
MATCHA CUPCAKES WITH GREEN TEA CREAM CHEESE FROSTING
Matcha Cupcakes with delicious green tea cream cheese frosting are perfect for Christmas or any other occasion! “This post is on behalf of Enzo. All opinions are my own. I wasn’t compensated for review but I received a product for free.”
Christmas is approaching so quickly. It will be here next week. And recently, I was thinking to make matcha cupcakes that will look like little Christmas trees. I thought the little trees will be perfect for Holidays and you can decorate them however you want. But please don’t wait the whole year to make these cupcakes. They are also great for St.Patrick’s Day, Easter or any other time of the year.
To make my cupcakes green I used Organic Matcha Green Tea Powder. It was my first time trying Matcha Green Tea and honestly I didn’t know what to expect. How it will color my food or how it will taste. After opening the seal-able 4 oz. package I instantly smelled the green tea. It comes in a fine powder form. Also, it dissolves quickly. It can be used for smoothies, lattes as well as for baking.
Ingredients
Cupcakes
- 1 1/4 cups all-purpose flour
- 1/2 tsp. baking powder
- 1/4 tsp. baking soda
- 1 Tbsp. Enzo Matcha Green Tea
- pinch of salt
- 2 eggs
- 1/2 cup sugar
- 1/2 cup unsalted butter softened
- 1/2 tsp. vanilla extract
- 3/4 cup greek yogurt
Frosting
- 1 brick of cream cheese softened
- 2 - 3 Tbsp. Greek yogurt
- 2 Tsp. Enzo Matcha Green Tea
- 1 cup powdered sugar
Instructions
Cupcakes
- Preheat oven to 350 F and prepare muffin tin with 12 cupcake liners
- In a medium bowl mix flour, baking powder, baking soda, Enzo Matcha Green Tea and pinch of salt. Set aside.
- In a large bowl, using an electric mixer beat eggs with sugar for 3 minutes until creamy.
- Add the butter, vanilla extract and mix for 3 minutes. Add greek yogurt and blend well.
- In a low speed beat in the dry ingredients until just combined. Don't over-beat, otherwise cupcakes will be dry. You can also just use spatula instead of a mixer.
- Fill each cupcake liner full with 3/4 batter. Bake for 15 - 17 minutes or until the toothpick inserted will come out clean.
- Cool off completely before frosting.
Frosting
- With electric mixer beat the cream cheese with greek yogurt, Enzo Matcha Green Tea and powdered sugar until the frosting is light and fluffy.
- Pipe frosting onto cupcakes.
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