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!
CARAMEL APPLE DUMP CAKE
I have made this twice in one week. No, I’m not kidding. Yes, my jeans are a little tight now that you mention it — thanks for reminding me. Healthy dinners for the rest of the week, I swear.
The first time I made this Caramel Apple Dump Cake it was a recipe experiment. I have made many dump cakes in the past, but I have never added caramel to it and wasn’t sure how it would work out. Would it sink to the bottom and burn? I wasn’t sure.
Then I made it and it was absolute perfection. Jorge literally talked about it for two straight days. He said it was one of the best desserts I have made in a long time and he begged me to make it again on Sunday for a neighborhood party.
This cake was a huge hit at the party and a lot of our guests came up asking me for the recipe. I felt a little embarrassed to admit how easy it was to make! You literally just dump everything into a pan and bake it. It could not be any easier!
The
cake by itself is great, but you add some vanilla ice cream and warm rich caramel sauce on top and it’s phenomenal. You can make this with any canned pie filling, however the buttery caramel, apple & warm spices all go together so perfectly. It’s the best Fall dessert I have made in years…and it’s definitely the easiest!
After many requests, I am now officially making this at Thanksgiving. That’s how good it is! So what are you waiting for, it only takes 10 minutes to put together!
CARAMEL APPLE DUMP CAKE RECIPE
yield: SERVES 8
prep time:10 MINUTES
cook time:45 MINUTES
total time:55 MINUTES
image: https://thenovicechefblog.com/wp-content/uploads/2015/10/Caramel-Apple-Dump-Cake-1-sm-180x180.png
INGREDIENTS:
- 2 (20 oz) cans apple pie filling
- 2 teaspoons ground cinnamon
- 1 teaspoon ground nutmeg
- 1 1/2 cups caramel bits
- 1 box yellow cake mix
- 3/4 cup (1 1/2 sticks) butter
- Caramel Sauce
- Vanilla Ice Cream
DIRECTIONS:
- Preheat oven to 350°F. Grease a 13x9 casserole dish and set aside.
- In a medium sized bowl, mix together apple pie filling, cinnamon and nutmeg. Pour into the casserole dish and smooth with a spatula.
- Sprinkle with caramel bits and top with yellow cake mix. Smooth cake mix into an even layer.
- Cut butter into thin slices and evenly layer on top of the cake mix. You can add more cinnamon on top of the butter if you would like.
- Bake for 45 minutes or until the top is lightly browned and the edges are bubbling.
- Scoop into serving bowls and top with ice cream and caramel sauce.
more recipes @ thenovicechefblog.com
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