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!
Strawberry Cheesecake Salad
Strawberry Cheesecake Salad
How to make Strawberry Cheesecake Salad
If you follow the ingredients written below, then you can make around 18 serving portions of Strawberry Cheesecake Salad in only 20 minutes. Also, you can add many more berries or fruits that you like into your salad. Simply follow the recipe below from the beginning until the end to make some at home.
Prepare time: 5 min
Cook: 15 min
Ready in: 20 min
In Christmas, there will be much food served as the sign of celebration. The fun and beautiful snack or dessert is a must to serve. Thus, you can try to make this refreshing and creamy Strawberry Cheesecake Salad. Not only easy to make, but it also takes 20 minutes only until they are ready to enjoy.
Ingredients:
- A box of pudding mix, you can use the cheesecake flavor or white chocolate flavor
- 300 gr whipped topping
- 150 gr strawberry yogurt
- 450 gr fresh strawberries, cut into slices
- Three bananas, you may cut them nearly serving time
- 450 gr of miniature marshmallows
Directions:
- To start making this Strawberry Cheesecake Salad, you need to prepare a large bowl to combine some ingredients in it. Those ingredients are the pudding mix, whipped topping along with the yogurt. Whisk these ingredients until they are completely combined.
- To continue, you need to cover the bowl with a plastic wrap or a lid. After that, you need to chill the mixture. Thus, place the bowl in the refrigerator to chill for around an hour. When it is almost one hour, you may prepare for the following steps written below.
- While waiting for the mixture to chill, you can use the time to prepare for the next ingredients. Here, you need to cut the fruits into several slices. Both strawberries and the bananas should be sliced as the fruits topping of your Strawberry Cheesecake Salad.
- After one hour has passed, you may take the whipped cream mixture out of the refrigerator to serve. Open the plastic lid and pour the sliced fruits into the whipped cream mixture. Stir them gently to make the fruits completely blended with the mixture.
Now, it is time to serve the Strawberry Cheesecake Salad. For the garnish, you may also combine the salad with some miniature marshmallows. Thus, you will taste the fresh and creamy flavor of this homemade salad. Also, the chewy taste coming from the marshmallows makes you enjoy this dessert for more and more. Since it is very easy and quick to make, it is highly recommended for you to make this as your Christmas dessert. Once you put this on top of your dining table, everybody will enjoy the whole bowl of this creamy salad.
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