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 MALTESERS SLICE
It was almost 18 months ago that I first published a recipe for this No Bake Malteser Slice on the blog and looking back at the photos I took along with the post itself I cringe just a little bit. I have been meaning to update this recipe and its photos for such a long time but just couldn’t justify making this delicious and easy slice for no reason, so when I was planning our little man’s 2nd birthday celebrations, I knew I had the perfect excuse
I decided to alter this recipe just a little and used milk chocolate instead of dark chocolate for the base, both versions taste great, I think it really comes down to personal choice.
Ingredients
- 250 G OF PLAIN BISCUITS - MARIE OR SIMILAR.
- 220 G OF MILK CHOCOLATE
- 220 G OF WHITE CHOCOLATE
- 180 G OF BUTTER
- 4 TABLESPOONS OF GOLDEN SYRUP
- 310 G OF MALTESERS - I USE A FAMILY SIZE PACK
Instructions
- LINE THE BASE AND SIDES OF A 20CM SQUARE CAKE TIN WITH BAKING PAPER, MAKE SURE YOU LEAVE PLENTY OF PAPER HANGING OVER THE SIDES TO HELP YOUR REMOVE IT LATER.
- CRUSH THE BISCUITS UNTIL THEY RESEMBLE FINE BREADCRUMBS, YOU CAN USE EITHER A FOOD PROCESSOR OF THE END OF A ROLLING PIN!
- PLACE THE BUTTER, CHOCOLATE AND GOLDEN SYRUP INTO A MICROWAVE SAFE BOWL AND COOK FOR 30 SECOND SPURTS UNTIL ALL THE INGREDIENTS HAVE MELTED. STIR WELL TO COMBINE.
- SET ASIDE APPROXIMATELY 20 MALTESERS TO DECORATE.
- POUR THE MELTED INGREDIENTS INTO A BOWL WITH THE BISCUIT CRUMBS AND ADD THE REST OF THE MALTESERS. STIR WITH A LARGE METAL SPOON TO COMBINE.
- POUR THE MIXTURE INTO YOUR PREPARED BAKING TIN AND PUSH DOWN WITH THE BACK OF A SPOON TO FLATTEN THE SURFACE.
- BREAK THE WHITE CHOCOLATE INTO SQUARES AND PLACE IT INTO A MICROWAVE SAFE BOWL. COOK FOR 30 SECOND SPURTS UNTIL IT'S ALMOST MELTED AND STIR UNTIL IT HAS COMPLETELY MELTED.
- POUR THE MELTED WHITE CHOCOLATE OVER THE SLICE AND DECORATE WITH THE RESERVED MALTESERS.
- PLACE THE SLICE IN THE FRIDGE FOR 4 + HOURS TO SET.
- ONCE THE SLICE HAS SET, CUT INTO SQUARES AND ENJOY!
THERMOMIX MALTESERS SLICE INSTRUCTIONS
- Line the base and sides of a 20cm square cake tin with baking paper, make sure you leave plenty of paper hanging over the sides to help you remove it later.
- Set aside approximately 20 of your Maltesers to use as decorations.
- Place the biscuits into your Thermomix bowl and blitz for 7 seconds on speed 7 or until they are finely crushed. Transfer them to another bowl until needed.
- Place the butter, milk chocolate (broken into squares) and golden syrup into your Thermomix bowl (no need to clean it) and cook for 2 minutes, 60 degrees on speed 2 or until all the ingredients have melted and combined.
- Add the crushed biscuits and the remaining Maltesers and mix for 30 seconds on speed 3.
- Pour the mixture into your prepared slice tin and flatten the surface using the back of a metal spoon.
- In a clean Thermomix bowl, add the white chocolate pieces and cook for 2 minutes at 60 degrees on speed 2 or until it has melted.
- Pour the melted white chocolate over the top of your slice and decorate with the reserved Maltesers. Place the slice into the fridge for 4 hours or until set.
- Cut into squares and enjoy!
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