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!
SNICKERS ICE CREAM SANDWICH CAKE
Layers of vanilla ice cream sandwiches with hot fudge, homemade whipped cream, snickers bars, and drizzled with caramel topping make this snickers ice cream sandwich cake one sweet summer treat!
Ice cream and summertime go hand in hand! Ice cream any time of year is amazing, there is just something about walking down the street or sitting on a bench licking an ice cream cone or scooping up a spoonful of sweet yumminess!
Growing up we would celebrate our birthdays with ice cream cake and it was an exciting treat to look forward to! This snickers ice cream sandwich cake is a variation of a similar cake that my sister makes and brings to family gatherings!
Whether you are serving a crowd or just your family this snickers ice cream sandwich cake is one lip smacking, mmmmm good dessert!
Ingredients
- 24 vanilla ice cream sandwiches
- 1-12.8 ounce jar of hot fudge topping
- 16 ounce heavy cream
- 4 Tablespoons granulated sugar
- 18 fun sized snickers bars
- ½ cup thick caramel topping
- ½ cup honey roasted peanuts-chopped
Instructions
- Using a greased 9x13* pan line 12 of the ice cream sandwiches on the bottom.
- Microwave the hot fudge for 15-20 seconds, stir well.
- Pour hot fudge over the ice cream sandwiches and spread evenly, place in freezer to harden.
- In a bowl whip together the heavy cream and sugar until it forms thick whipped cream.
- Divide the whipped cream in half, and spread one half of the whipped cream over the hot fudge, place in freezer to harden.
- Chop 12 snickers bars into bite size pieces. Chop the other 6 bars into bite sized pieces and set aside to use to top the cake off.
- Evenly spread the chopped snickers bars over the whipped cream.
- Layer the other 12 ice cream sandwiches on top of the snickers bars.
- Evenly spread the other half of the whipped cream over top.
- Sprinkle with the remaining snickers bars.
- Microwave the caramel topping for 15-20 seconds, stir. Place in a ziploc bag, push to one corner, snip the corner and drizzle caramel over top the snickers bars.
- Top with crushed peanuts!
- Freeze for 3-6 hours before serving!
- Enjoy!
- * For a smaller cake you can use a 8x8 pan, just cut the ingredients in half!
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