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!
VEGAN RASPBERRY CHEESECAKE BARS
VEGAN RASPBERRY CHEESECAKE BARS
These vegan raspberry cheesecake bars will make all you dreams come true! They’re creamy, delicious, and loaded with swirls of raspberry goodness!
VEGAN RASPBERRY CHEESECAKE BARS
Author: Choosing Chia
Prep Time: 45 mins
Total Time: 45 mins
Yield: 15
Category: Dessert
Method: Freeze
Cuisine: American
DESCRIPTION
The ultimate vegan cheesecake bars! These bars are raw, vegan, gluten-free and refined-sugar free for a healthy and delicious treat!
INGREDIENTS
Crust:
- 1/2 cup pecans
- 3/4 cup oats
- 1 cup medjool dates
- 1/2 tsp cinnamon
- pinch of salt
Filling:
- 1 1/2 cups cashews, soaked overnight then drained
- 1 can full-fat coconut cream
- 1/4 cup coconut oil
- 1/4 cup maple syrup
- juice of 1 lemon
- 1 tbsp lemon zest
- 1 tsp vanilla extract
- Raspberry swirl:
- 1 cup raspberries
- 1 tbsp maple syrup
INSTRUCTIONS
- Line an 8×8 inch pan with parchment paper.
- In a food processor, blend the pecans, oats, dates, and salt until it forms a dough. You should be able to press the dough together with your fingertips. If it is too dry, add a small spoon of water.
- Press the dough down into your pan, until it coats the entire bottom of the pan. Place the pan in the freezer while you prepare the rest of your ingredients.
- Place the cashews in a food processor, and blend until completely smooth. Set aside.
- Place your coconut cream in a mixer, and blend until it forms a fluffy whip cream texture. Make sure to just scrape the cream off the top of the can, and not the remaining liquid on the bottom. It should be a thick texture.
- Add the coconut oil, maple syrup, lemon juice, lemon zest, and vanilla and continue to whip until incorporated.
- Pour your blended cashews into the coconut whip and gently mix together with a spatula or spoon.
- Pour the mixture into your pan.
- Place your raspberries and maple syrup in a food processor and blend. Spoon the mixture into the pan on top of the cheesecake layer.
- Using a sharp knife, begin to make swirls, or “figure eights” into the raspberry layer to achieve that swirly look.
- Place your vegan raspberry cheesecake bars into the freezer to firm up for 2-3 hours.
- When ready to serve, remove from pan, cut into squares, and serve!
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