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!
Double Chocolate Banana Cake
This lightened up chocolate cake has no oil, uses bananas and applesauce to keep it moist, and has just the right amount of chocolate to make it feel like an indulgent treat. No frosting required!
Every now and then it’s okay to indulge in a little treat, but this chocolate cake is lightened up enough that you won’t feel horrible for eating it. Instead of oil, there are bananas and applesauce, which make this cake tender and moist. I used a stand mixer to mash the bananas and mix the applesauce. The cocoa and semi-sweet chocolate chips make it decadent, without being overly sweet like a regular frosted chocolate cake.
The greatest thing about this banana cake, is that it whips up in a jiffy. The hardest part is waiting for it to bake in the oven. You can pour the batter into a loaf pan like you would regular banana bread. The square cake pan requires less baking time (30 minutes vs 1 hour for a loaf), which is nice when you are craving chocolate ASAP.
Ingredients
- 3 medium – banana
- 3/4 cup – brown sugar
- 1/2 cup – applesauce, unsweetened
- 1 teaspoon – vanilla extract
- 1 large – egg
- 1 cup – flour, all-purpose
- 1/2 cup – cocoa powder, unsweetened
- 1 teaspoon – baking soda
- 1/2 teaspoon – salt
- 1 cup – chocolate chips, semisweet
- 1/8 cup mini chips – chocolate chips, semisweet
Directions
- In a stand mixer with the paddle attachment, mix the bananas and brown sugar until the bananas are mashed and the sugar is dissolved.
- Add the applesauce, vanilla, and egg. Mix together.
- In a separate bowl, mix together the flour, cocoa powder, baking soda and salt. Add the dry ingredients to the wet ingredients and mix until incorporated.
- Fold in the semi-sweet chocolate chips. Pour batter into a greased 8x8-inch baking dish. Sprinkle the top with mini chocolate chips.
- Bake at 350 degrees Fahrenheit for 25 to 35 minutes. Check the center with a toothpick to determine doneness. Best eaten warm.
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