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!
Easter Egg Cookie Dough Truffles
I promise that no one will be disappointed if they find these Easter Egg Cookie Dough Truffles in their baskets Easter morning!
It is the second day of March.
Ugh..do not know how about you, but this is officially one of the coldest, snowiest winters in the past 150 years 🙂 and I’m so thrilled spring is almost here. I look forward to spring every year. New warmth, new life, new beginnings….its always great when spring arrives.
Another reason I look forward to spring is for Easter.
I promise that no one will be disappointed if they find these Easter Egg Cookie Dough Truffles in their baskets Easter morning!
Ingredients
- ½ cup (1 sticks) butter, room temperature
- ¾ cup packed brown sugar
- 1 teaspoon vanilla
- 2 cups all purpose flour
- 1 can (14 ounces) sweetened condensed milk
- ½ cup semi-sweet chocolate chips
- ½ cup finely chopped walnuts or pecans
- Colored Candy Chocolate Melts of your choice for coating and decorating
Instructions
- In a bowl combine butter and sugar on medium-high speed until light and fluffy, about 2 minutes.
- Beat in the flour, sweetened condensed milk and vanilla until incorporated, beating well after each addition. Stir in chocolate chips and walnuts.
- Cover with plastic wrap and refrigerate for about 1 hour, or until firm enough to handle.
- Shape mixture into 1 inch balls by rolling a spoonful in the palm of your hand, since the dough is sticky, roll your fingers into flour. This will make it easier to roll.
- Then shape dough balls into flat little ovals or egg shapes, ( they look much better flat)
- Alternatively, you can roll the dough out to desired thickness, on a floured surface, about ½ inch thickness and use egg shaped cookie cutters to shape the dough to look like flat eggs.
- Place on waxed paper-lined baking sheets. Loosely cover and refrigerate for 15-20 minutes or until firm again.
- Melt the candy melts according to the directions on the bag.
- Dip the cookie dough egg truffles 3-4 at the time into the chocolate, shake off extra and place on parchment paper. Let the truffles sit until hard, about 15 minutes.
- Once set, remelt remaining candy melts. Place in a small baggies and cut a small hole in one corner. Carefully drizzle chocolate over truffles.
- Store in the refrigerator and serve cold. These can also be frozen for longer storage.
0 Response to "Easter Egg Cookie Dough Truffles"
Posting Komentar