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!
PEANUT BUTTER FUDGE CUPS
Peanut Butter Fudge Cups are peanut butter cookies filled with a simple chocolate fudge! Delicious flavor combination in these amazing treats.
Peanut Butter Fudge Cups are a treat I decided to bring to a big family dinner last time, and boy were they a hit! Everyone loved them. The good thing is too, they were super easy to make, so the recipe is a keeper. The recipe has 2 parts- a peanut butter cookie base, then a fudge filling. I separated the ingredients below to make it easier to follow.
INGREDIENTS :
- Cookie:
- 1/2 cup butter, softened {or coconut oil}
- 1/2 cup creamy peanut butter
- 1/2 cup white sugar
- 1/2 cup packed brown sugar
- 1 egg
- 1/2 teaspoon vanilla extract
- 1 1/4 cups all-purpose flour
- 3/4
teaspoon baking soda
1/2 teaspoon saltFudge Filling:1 cup milk chocolate chips1 cup semi-sweet chocolate chips1 (14 ounce) can sweetened condensed milk1 teaspoon vanilla extract
INTRUCTIONS :
- Preheat oven to 325 degrees F (165 degrees C). Spray a mini muffin pan liberally with cooking
- spray. Using a hand mixer, cream butter, peanut butter and white and brown sugars. Mix in egg and 1/2 teaspoon vanilla. Add in flour, baking soda and salt, stirring until combined.
- Measure out dough into 1 TBSP scoops. {I use my 1 TBSP cookie scoop so this process is super fast!} No need to shape the cookies, just place each scoop in one compartment of a mini muffin tin. Bake for 14 to 16 minutes or until lightly browned.
- Remove from oven and immediately make wells in the center of each using a melon baller or a 1 tsp measuring spoon. Make a good sized well in the center so that you can add a lot of fudge! Cool in pan for 8-10 minutes. Then carefully remove to wire racks. I used coconut oil in my recipe, so the cookies popped out super easily. If you use butter, you should spray the muffin pans well, as instructed earlier, so that your cookies come out easy too! Cool for an additional 10-15 minutes.
- While the cookies are cooling, you can prepare the fudge filling. Combine the chocolate chips and sweetened condensed milk in a microwave safe bowl. Mix lightly and microwave on high for 1-2 minutes. The mixture doesn’t look melted, but give it a few gentle stirs and you’ll see it’s heated well enough. Add vanilla and stir again until smooth.
- Transfer about half the fudge into a quart-sized ziplock bag. Squeeze the fudge into a corner and snip the corner off. Now you can easily pipe the fudge into the cookies! The great thing about this fudge too is that it sets up super fast, so feel free to fill the cookies well, so that the fudge goes above the cookie- it will set up and not run out! If your fudge gets too solid, just pop it back in the microwave for 10-15 seconds.
- Heat up about 1 TBSP peanut butter in a small baggie and then drizzled it over the tops of my fudge cups.
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