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!
S'Mores Cookie Cups Recipe
S’mores cookie cups are baked in a mini muffin pan. Graham cracker cookie base, with a toasted marshmallow, and a piece of gooey chocolate on top! Now you can enjoy campfire toasty s’more all year round for dessert.
S’mores Cookie Cups Recipe
S'mores cookie cups are baked in a mini muffin pan. Graham cracker cookie base, with a toasted marshmallow, and a piece of gooey chocolate on top! Now you can enjoy campfire toasty s'more all
Ingredients- 1 cup graham cracker crumbs
- 1 1/4 cups flour
- 1/2 teaspoon baking soda
- 1/4 teaspoon salt use 1/2 teaspoon if using unsalted butter
- 1/2 cup butter, softened
- 1/2 cup brown sugar
- 1/3 cup sugar
- 1 large egg
- 1 teaspoon vanilla extract
- 12 large marshmallows cut in half
- 2 Hershey's chocolate bars 1.55 oz each
Instructions- Preheat oven to 350 degrees. Spray a mini muffin pan with cooking spray.
- In a small mixing bowl, combine graham cracker crumbs, flour, baking soda, and salt. Stir with a wire whisk. Set aside.
- In larger bowl, with a handheld electric mixer, blend the butter, brown sugar, and sugar until creamy and combined.
- Add in egg and vanilla extract. Mix well.
- Dump in the bowl of dry ingredients, mix on low speed just until combined. The dough will be crumbly.
- Scoop dough into the mini muffin tins. Fill them full and press down slightly so the dough is even on top. You will have the perfect amount of dough to fill all 24 mini muffin tins.
- Bake for 8 minutes. They will look like they're not done, but trust me, they'll be perfect.
- Immediately after baking, take a teaspoon size measuring spoon and press into the dough. You want to make an indent for the marshmallow to sit in. Place a half of marshmallow into each indent in the muffin cups. Sticky side of the marshmallow down.
- Let cool for 20 minutes.
- Place one square of chocolate on top of each marshmallow.
- Turn the oven broiler to high. Place muffin tin pan under the broiler for 1-2 minutes. Watch carefully. This toasts the marshmallows fast.
- Let cool for about 10 minutes and eat right away for a warm, gooey s'more or let cool completely.
Note : **
If you don't want the chocolate very melted (like what is pictured) broil the pan with the marshmallows first, and then immediately after taking out of the oven, press one chocolate on top of each toasted marshmallow. The chocolate is more of a softer chocolate that retains it's shape almost perfectly when you do it this way. I have made these both ways and either way is delicious.**
Recipe Adapted : S’mores Cookie Cups @ togetherasfamily
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