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!
No Bake Strawberry Cheesecake Lasagna
No Bake Strawberry Cheesecake Lasagna will make all Your Strawberries and Cream dreams come true. This is your ticket to becoming a backyard-barbecue legend, perfect for 4th of July or any other family get-togethers.
I’m starting to believe that all of SugarApron’s problems stem from my inability to leave simple things like Strawberries and cream alone.
Or maybe it’s about me being unable to sit in a room alone with strawberries and cream and not eat them?
One thing is clear, I think “The most difficult part of making this No Bake Strawberry Cheesecake Lasagna is trying not to dunk the Strawberries in fresh cream and eat them as you layer them in the pan”. It’s as simple as that.
No Bake Strawberry Cheesecake Lasagna - a dessert lasagna with graham cracker crust, cream cheese filling, strawberries and cream topping.
Ingredients
- 2 1/2 cups graham cracker crumbs, divided
- 1 stick butter, melted
- 1 (8-ounce) package cream cheese, softened
- 1 cup powdered sugar
- 2 (8-ounce) containers frozen whipped topping, thawed
- 1 (16-ounce) container fresh strawberries, divided
Instructions
- In a medium bowl, combine 2 cups of graham cracker crumbs and melted butter.
- Firmly press into a crust in the bottom of 9x13 glass or porcelain dish, let it chill in the freezer for about 10-15 minutes to firm up.
- In a large bowl, combine the softened cream cheese, powdered sugar, and 1 container of the whipped topping. Stir well to combine. Spread the mixture evenly over the cooled crust.
- Set 5-6 whole strawberries aside for decoration. Wash, hull, and slice remaining strawberries. Layer the berries evenly on top of the cream cheese mixture.
- Top with the remaining container of whipped topping. Refrigerate for at least 2 hours, preferably overnight.
- Top with the remaining whole and chopped strawberries, and sprinkle with graham cracker crumbs (you may not use it all), before serving.
- * If your strawberries aren't sweet enough, add the 1/4 cup of sugar and 1 TBsp of lemon juice in a bowl with your sliced strawberries. Mix well and set aside. Do not forget to drain the strawberries, before you place them on.
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