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!
Sugar Cream Pie
Sugar Cream Pie
My microwave and I are on the outs right now.
First, you must know that our microwave is the worst in all the land. Well, maybe the second worst. It still works, so it has that going for it. But just because it works, doesn’t mean it works well. In fact, it kind of sucks at life.
You see, something’s wrong deep inside the microwave. What may have started as a normal microwave is no longer a normal microwave. Something very bad must have happened along the way – a blown fuse, improper treatment, what have you… Because now it only kind of heats up food which is annoying when you’re trying to actually eat hot food.
This Sugar Cream Pie is so amazing! It has a custard filling that's to die for.
Ingredients
- 1 DEEP DISH pie crust, at room temperature (I used a frozen one, but you can use refrigerated pie crusts too)
- 4 Tbsp cornstarch
- ¾ cup white sugar
- 4 Tbsp butter, melted
- 2 & ¼ cups heavy cream
- 1 Tbsp vanilla
FOR TOPPING:
- 4 Tbsp butter, melted
- ¼ - ½ cup cinnamon sugar (1/4 or ½ cup sugar with 2-3 teaspoons ground cinnamon mixed in. Start with ¼ cup, but add up to ½ cup if you prefer things spicy).
Instructions
- Preheat oven to 325 degrees F. Place the pie crust onto a baking sheet. Or, if using a refrigerated crust, lightly grease a 9" pie pan, put the crust in, and set the pan on a baking sheet. Bake for approximately 10-12 minutes or until partially baked. Set aside.
- In a small bowl, mix together the cornstarch and sugar until blended. In a medium saucepan, bring the cornstarch-sugar mixture, melted butter and heavy cream together over medium heat, stirring constantly. The mixture is done when it's thick and creamy. Stir in the vanilla.
- Pour the mixture into the prepared pie crust and smooth out the top. Drizzle on the melted butter and evenly sprinkle on the cinnamon sugar. Bake for approx. 25 minutes, then turn on the broiler and broil for about 1 minute, watching carefully. Remove from oven and allow to come to room temperature before refrigerating for at least one hour to set. Store in fridge.
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