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!
Lavender Vanilla Bean French Beignets
Lavender Vanilla Bean French Beignets
Try this recipe of a classic French doughnut that shapes square instead of round along with the vanilla icing in it.
The Lavender Vanilla Bean French Beignets are best served when you have a family gathering at home, and then you can proudly present these to all of your family members. As lavender smells good, it also tastes good in these beignets.
Prepare time: 100 min
Cook: 20 min
Ready in: 120 min
How to make Lavender Vanilla Bean French Beignets
Simply prepare the ingredients below and follow the steps from the beginning until the end.
Ingredients:
For the Icing:
- A tablespoon of lavender flowers, dried
- scrapings from a large vanilla bean
- 100 gr whole milk
- 800 gr powdered sugar
For the Cream:
- A quarter block of softened cream cheese
- 50 gr softened butter
- 30 gr heavy cream
- 100 gr lavender icing (the ingredients written above)
For the Beignets:
- 200 ml warm milk
- A tablespoon dry yeast
- Two medium eggs
- 100 gr white sugar
- 90 gr melted butter
- 750 gr flour
- oil for frying
- salt
Directions:
- To start, you can make the icing first. Simply prepare a medium bowl and put all of the ingredients like dried lavender flowers, vanilla bean scrapings, whole milk and powdered sugar. Whisk these ingredients until they are completely combined and smooth. Then, set aside.
- Next, you can continue with the filling. Prepare a stand mixer along with the whisk attachment. Then, put the cheese and butter in it.turn on the mixer and whisk until they turn fluffy and creamy. After this, you can add the heavy cream and the half cup of icing that you’ve made before. Combine, cover and freeze the mixture until it is ready to use.
- Take a large bowl and fill with milk and yeast. Let it be for 5 minutes then add the eggs, sugar, butter, and salt. Then, combine well. Add again to the flour. After that, cover with a damp towel, or you may use plastic wrap and place it in a warm place until the dough raises or refrigerate it for a night.
- After it is done, separate the dough into halves. Roll each into a square and cut into 16 smaller squares. Put them on a tray and let them rise again for around 45 minutes. Next, you can heat a large pan with oil in it over 350 Fahrenheit-degree. Fry the squares for 30 seconds until golden brown. Then put them on a plate that is surfaced with a paper towel.
- Prepare a pastry bag that has a long narrow tip at the edge and fills it with the lavender cream that you have made before. Pipe the cream into the center of the bread. Do the same with the remaining cream and bread. After they are all done, don’t forget to add a tablespoon of the vanilla icing on top of each bread.
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