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!
Quick & Easy Chocolate Chip Brownies
Quick easy chocolate chip brownies are thick, chewy, moist, cake-like homemade brownies topped with chocolate chips! The perfect sweet treat or dessert with a scoop of ice cream. One bowl, cocoa powder, and a “dump n’ go” recipe makes these homemade brownies so quick and easy to make.
We’re still in the middle of getting our roof replaced. Which is also why this post is late getting up today. I had to run to Lowes and get some stuff for it. Not sure what it was but it was pretty painless thanks to their store pick-up. My husband ordered it and I picked it up. And speaking of store pick-up, I did that for the first time at Walmart this morning. Where has that been all my life?! 🙂 I highly recommend it!
Ingredients
- 2 cups granulated sugar
- 1 3/4 cups all-purpose flour
- 1/2 cup baking cocoa
- 1 teaspoon salt
- 5 large eggs
- 1 cup canola oil
- 1 teaspoon vanilla extract
- 1 cup milk chocolate chips
Instructions
- Heat oven to 350 degrees. Prepare a 9x13 baking dish by spraying with cooking spray OR you can line with parchment paper and spray the parchment paper lightly.
- Combine the first 7 ingredients into a large mixing bowl and beat together with a blender. Start on low speed and then gradually increase to high until everything is combined and no flour streaks remain.
- Spread batter into the prepared baking dish and sprinkle the chocolate chips on top.
- Bake for 30-35 minutes or until a toothpick inserted in middle comes out with moist crumbs. The edges will pull awasy from the pan and the brownies will look done. They should not look wet at all.
- ** My brownies are always done at 31 minutes ** Let cool in the pan on a wire rack for 30 minutes (or completely) and then cut into squares.
Recipe Notes
- Use whatever topping you want in place of the milk chocolate chips. Any chip will work, candy chunks, m&m's. Get creative!
- I know some may want to reduce the sugar and that's just fine. I've only ever made them with the 2 cups called for, so I would maybe use 1 1/2 cup sugar instead of the 2 cups, but do as you want.
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