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!
MINI BANANA PUDDING CHEESECAKES
These Mini Banana Pudding Cheesecakes are made with vanilla wafer crusts, a banana cheesecake filling, topped with whipped cream! They are sweet little bites of banana pudding heaven!
MINI BANANA PUDDING CHEESECAKES RECIPE
INGREDIENTS:VANILLA WAFER CRUST- 1 cup (134g) vanilla wafer cookie crumbs
- 2 tbsp (26g) sugar
- 4 tbsp (56g) Challenge Butter, melted
BANANA FILLING- 12 ounces (339g) Challenge Cream Cheese, room temperature
- 1/2 cup (104g) sugar
- 3 tbsp (24g) all purpose flour
- 1/4 cup (58g) sour cream
- 1/4 cup lightly mashed bananas
- 1 tsp vanilla extract
- 2 eggs
- Banana slices
WHIPPED CREAM- 3/4 cup (180ml) heavy whipping cream, cold
- 6 tbsp (44g) powdered sugar
- 1/2 tsp vanilla extract
- Vanilla wafers
- Banana slices
DIRECTIONS:CRUST- Preheat oven to 325°F (162°C). Add cupcake liners to a cupcake pan.
- Combine the vanilla wafer cookies crumbs, sugar and melted butter. Divide the mixture between the cupcake liners (about 2 tablespoons per cup) and press into the bottoms.
- Bake the crusts for 5 minutes then remove from oven. Allow to cool while you make the filling.
FILLING AND TOPPING- Reduce oven to 300°F (148°C).
- In a large bowl, mix the cream cheese, sugar, and flour until combined (Use low speed to keep less air from getting into the batter, which can cause cracks). Scrape down the sides of the bowl.
- Add the sour cream and mashed bananas. Beat on low speed until well combined.
- Add the vanilla extract and the first egg and beat slowly until mostly combined.
- Add the remaining egg and mix until well combined.
- Add a small amount of filling to each cheesecake cup, then add a couple banana slices on top.
- Add additional filling on top of the banana slices, filling each cup until mostly full.
- Bake the cheesecakes for 18-20 minutes, then turn off the oven and leave the door closed for another 5 minutes.
- Crack the oven door and allow cheesecakes to cool for 15-20 minutes, then put in the fridge to finish cooling.
- hen cheesecakes are cooled, remove them from the pan.
- To make the whipped cream, add the heavy whipping cream, powdered sugar and vanilla extract to a large mixer bowl. Whip on high speed until stiff peaks form.
- Pipe a swirl of whipped cream on top of each cheesecake and finish off with a banana slice and vanilla wafer.
- Refrigerate until ready to serve. Cheesecakes are best when well covered for 2-3 days.
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