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!

PERFECT SNICKERDOODLES

The BEST most PERFECT Snickerdoodle cookie recipe ever! Super soft and buttery, loaded with cinnamon and sugar. Plus, there's no chilling the dough necessary, so they can be made QUICK!
Ingredients
  • 1 cup butter, room temperature
  • 3/4 cup granulated sugar
  • 1/2 cup light brown sugar
  • 1 egg, plus 1 yolk
  • 1 tablespoon vanilla
  • 1 teaspoon baking soda
  • 1 teaspoon cream of tartar
  • 1/2 teaspoon kosher salt
  • 1 teaspoon ground cinnamon
  • 2 3/4 cup flour
  • Cinnamon Sugar Mixture
  • 1/4 cup granulated sugar
  • 1 tablespoon ground cinnamon

Instructions
  1. Preheat oven to 325°F. Line a baking sheet with a parchment paper and set aside.
  2. In the bowl of your stand mixer fitted with the paddle attachment mix the butter, granulated sugar, and light brown sugar together on medium speed until light and fluffy, 2-3 minutes. Add in the egg, the yolk, vanilla, baking soda, cream of tartar, salt, and cinnamon and mix for 1 minute, scraping the sides of the bowl as necessary.
  3. Turn mixer to low and add in flour, mixing until just combined.
  4. In a separate small bowl make your Cinnamon Sugar by mixing together cinnamon and sugar, stirring until evenly combined.
  5. Using a medium (2- tablespoon) cookie scoop portion out the dough and roll into a ball. Then roll each cookie dough ball into the cinnamon sugar mixture until coated.
  6. Place on prepared baking sheet about 2- inches apart. Bake for 10-12 minutes, turning cookie sheet halfway through baking.
  7. Allow the cookies to cool on the baking sheet for 3-4 minutes before transferring to a wire rack to cool completely.
Recipe Adapted From cookiesandcups.com

Notes
I bake my Snickerdoodles for exactly 11 minutes every time I make this recipe with perfect results, but I know ovens vary, so bake only until the edges are slightly golden. The tops may seem slightly undercooked, but they will firm up perfectly when they cool. If you prefer a crisper cookie, bake for 2 additional minutes.
Store airtight for up to 3 days.

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