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!
TERRY’S CHOCOLATE ORANGE MOUSSE
3 Ingredient Mousse that makes a Heavenly, Showstopping Dessert – Chocolate Orange Mousse is my new favourite treat!
So, recently I posted my No-Churn Terry’s Chocolate Orange Ice Cream, and my Creme Egg Chocolate Mousse. In both posts I show that a simple recipe for a N0-Churn Icecream, makes an amazing mousse! Combining the Cream, Condensed Milk, and Chocolate or choice and whipping it together makes a delicious treat. I decided to post this as a new recipe anyway, so that people can find it and making it without having to read an ice-cream post!
Honestly, its so damn delicious. I honestly question why I have never tried it before! The recipe takes care of itself… the sweetness from the condensed milk also takes care of the sugar you need. It gives the recipe thickness as well. The cream is the necessary dairy part, to make the mousse or the ice cream version. Using some melted down Terry’s Chocolate Orange and then whipping the mixture together makes it the best thing EVER.
Ingredients
- Mousse
- – 450ml Double Cream
- – 200g Condensed Milk
- – 225g Terry’s Chocolate Orange
- Topping
- – 150ml Double Cream
- – 2tbsp Icing Sugar
- – Terry’s Chocolate Orange segments
- – Sprinkles
INTRUCTIONS :
1)Chop the 225g of Terry’s Chocolate Orange up into small chunks and melt carefully in the microwave, or in a large glass bowl over a pan of simmering water. Let it cool for a couple of minutes.
2) Pour the Melted Chocolate, Cream, and Condensed Milk into your mixing bowl and whisk until a thick mousse like texture is formed, and it holds itself – this can take up to 5 minutes!
3) Pipe/Spoon the Mousse into some Mixer Glasses, and leave to set in the fridge for 3-4 hours.
4) Once set, whisk together the extra double cream, and the icing sugar. Pipe onto the mousses using a 2D Closed Star Piping Tip. Once piped, add some sprinkles, and some extra Terry’s Segments to the top.
ou can use any flavour chocolate you want instead – you don’t even have to use Terry’s Chocolate Orange.. you could use the Lindt version instead. Or, you can use Dark Chocolate in this recipe instead of Milk, but I wouldn’t advise using White as it would be far too sweet!
These will last in the fridge for 2-3 days, but are delicious when freshly set. Even the mixture is delicious!
You could add in some extra orange if you wanted, but I like it the way it is. You can also fold through some chopped up chocolate as well for texture, but they’re moussey and delicious the way they are!
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