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!
Coconut Cream Pie Cookie Cups
Coconut Cream Pie Cookie Cups
These Coconut Cream Pie Cookie Cups are the perfect bite size combination of two classic desserts — coconut cream pie and sugar cookies!
By Jessica Segarra
Prep Time: 30 m
Bake/Cook Time: 8 m
Yield: 24 cookie cups
Plan for: Cool cookies for 30 minutes
INGREDIENTS
- 1/2 cup (1 stick) unsalted butter, softened
- 1/2 cup Dixie Crystals Extra Fine Granulated Sugar
- 1 large egg
- 1 teaspoon vanilla extract
- 1 1/4 cups all-purpose flour*
- 1/2 teaspoon baking powder
- 1/2 teaspoon salt
Coconut Cream Pie Filling
- 1 1/4 cups whole milk
- 2 large egg yolks
- 6 tablespoons Dixie Crystals Extra Fine Granulated Sugar
- 1 tablespoon all-purpose flour
- 1 tablespoon cornstarch
- 1/4 teaspoon salt
- 2 teaspoons vanilla extract
- 1/2 teaspoon coconut extract
- 1/2 tablespoon unsalted butter
- 3/4 cup shredded coconut
Garnish
- 2 cups Crème Chantilly
- 1/2 cup toasted shredded coconut
*Spoon & Sweep method: Use a spoon to fill measuring cup with flour until required amount is obtained. Scooping measuring cup directly into flour bag will firmly pack flour resulting in too much flour required for recipe.
DIRECTIONS
- Preheat oven to 350°F. Grease mini muffin pans with butter and set aside.
- In a stand mixer, beat butter and sugar until light and fluffy. Add egg and vanilla extract, mixing until combined. Add flour, baking powder and salt, mixing until completely combined.
- Roll 3/4 tablespoon of dough into a small circle and place it in grease mini muffin pan. Using your thumb, create an indention in the middle of the cookie.
- Bake for 8 minutes, until the edges are set. Cookies will not look browned or cooked, but they are.
- Remove from oven and let cookies cool completely. Then pop cookie cups out of pan by flipping it over and tapping gently.
- In a small bowl, whisk together milk and egg yolks until well combined. Set aside.
- In a small sauce pan, whisk together sugar, flour, cornstarch and salt. Slowly pour in milk mixture, whisking the whole time to ensure there are no lumps.
- Turn heat to medium-high and continue stirring until mixture beings to boil and thicken, about 7 minutes.
- Remove from heat and stir in vanilla extra, coconut extract, butter and shredded coconut. Let cool. Then spoon into cookie cups. Place cookie cups in fridge to cool completely, about 30 minutes.
- When ready to serve, top cookie cups with whipped cream and toasted coconut. Serve immediately.
DIXIE CRYSTALS INSIGHT
Recipe developed for Dixie Crystals by Jessica Segarra @TheNoviceChef
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