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!
Vanilla Custard Slice – delicious, soft, creamy and so simple dessert! Vanilla Custard Slice is definitely Love at first bite!
Creamy and delicious cake and very quick and easy to make is this Vanilla Custard Slice. I have made this cake so many times so I can say that it is one of favorites in my family. You can slice it in smaller or bigger cubes also you can add whipped cream or powdered sugar but I know that you will like any combination.
There are many similar recipes out there for this Vanilla Custard Slice but all of these recipes have something different so I think that depend on your taste. My recipe which I am going to share with you today I have got long time ago, but when I made it for the first time I listed in my weekly menu immediately.
This is one of the creamiest and so delicious vanilla recipes which you can make for a very short time. Every time I made this Vanilla Custard Slice I return to the childhood when my Grandma made this cake for my sister and me so that is the best reason for sharing this recipe with you. If you are expecting friends and you don’t want to make classic cakes make this Vanilla Custard Slice and I am sure that it will be love at first bite.
I am fan of quick and creamy desserts so this Vanilla Custard Slice is my choice very often. I recommend you to make this recipe. It is really simple and you don’t need decoration only powdered sugar if desired. Enjoy in this creamy Slice and Vanilla taste!
Vanilla Custard Slice Recipe
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Vanilla Custard Slice - delicious, soft, creamy and so simple dessert! Vanilla Custard Slice is definitely Love at first bite!
INGREDIENTS
2 sheets store bought puff pastry, thawed
For custard:
8 cups milk
2 cup granulated sugar
2½ cup all-purpose flour
4 eggs
3 teaspoon vanilla
½ cup powdered sugar for dusting
INSTRUCTIONS
Preheat oven to 180ºC (350ºF).
Put pastry sheets onto two square baking trays lined with non- stick baking paper and prick all over with a fork, but do not go all the way through pastry. Bake 20-25 minutes or until puffed up and golden. Remove from oven and set aside to cool. Whole sheet of pastry cut out the shape according to the size of square pan 9x13 inch and second sheet of pastry cut into squares (about 12), that will be the top of the cake
For the custard:
Pour the milk into a medium saucepan, bring milk up to a simmer, then remove from heat.
In a medium bowl, whisk together eggs, sugar and flour until very smooth
Pour into the saucepan with milk and mix to combine well, add vanilla extract
Return to the heat, stir constantly over a medium low heat until the custard boils and thickens
Remove custard from heat
Pour the custard over the pastry in the prepared square pan 9 x 13inch, gently put remaining cut out sheet of pastry on top of the vanilla custard layer
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