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!
S’MORES MACARONS
S’MORES MACARONS
THESE S’MORES MACARONS WILL SATISFY YOUR CRAVING WHEN THERE ISN’T A CAMPFIRE NEARBY! PERFECT BLEND OF GRAHAM CRACKER COOKIES FILLED WITH MARSHMALLOW AND CHOCOLATE.
S'mores Macarons
These s'mores macarons will satisfy your craving when there isn't a campfire nearby. Perfect blend of graham cracker cookies filled with marshmallow and chocolate.
Course Dessert
Type Cookie
Prep Time 1 hour 40 minutes
Cook Time 15 minutes
Total Time 1 hour 55 minutes
Servings 20
197 kcal
Author Olivia
INGREDIENTS
COOKIES
- 120 g egg whites room temperature
- 130 g granulated sugar
- 115 g almond flour
- 40 g graham cracker crumbs
- 110 g powdered sugar
- brown color gel optional
GANACHE
- 200 g milk chocolate
- 100 g heavy whipping cream
MARSHMALLOW FLUFF
- marshmallow fluff store bought or homemade (recipe linked below)
INSTRUCTIONS
- Line baking sheet with a silpat mat or parchment.*
- Place the almond powder, powdered sugar, and graham cracker crumbs in a food processor. Process until just beginning to clump.
- Sift and discard any bits that won't pass through the sifter. Set aside.
- Whip the egg whites until they're the consistency of a loose foam. Continue whipping while slowly adding granulated sugar. Whip to a stiff meringue. Add brown color gel if desired and whip to incorporate.
- Fold the dry mixture into the meringue.**
- Pour the batter into a piping bag fitted with the 1A tip.
- Pipe the macarons onto your baking sheet. Sprinkle with graham cracker crumbs if desired.
- When all your macarons are piped, whack the baking sheet on the counter at least 3 times to get rid of any air bubbles.***
- Let the macarons dry at room temperature until dry to the touch. Approx 1 hour. DO NOT skip this step.
- Once dry, bake macarons in a 300°F oven until they stick a little bit to the pans. This can be anywhere from 10-20mins depending on your oven and how crowded the macarons are on the pan.
- While macarons are drying, make the ganache and mashmallow fluff.
- Let cookies cool completely before removing from pans.
MARSHMALLOW FLUFF
- Refer to this recipe. You can also use store-bought marshmallow fluff if you don't want to make your own.
GANACHE
- Chop the chocolate finely and place in a bowl. Heat the cream until boiling and pour over chopped chocolate. Do not stir! Cover bowl with plastic wrap for 2 mins. Stir to emulsify ganache. Place in fridge to set.****
ASSEMBLY
- Pipe ganache and marshmallow into the center, sandwich the cookies and twist together.
NOTES
*I create a parchment template using a 11/2" cookie cutter to create circles and place it under my silpat mat.
**You will need to do a LOT of folds to get the batter to the proper consistency. You're looking for it to be smooth and shiny and have some movement. If you lift some up with a spatula, it should pour in a steady stream and settle into the remaining batter. DO NOT overmix.
***Do not be shy with the whacking!
****If the ganache has some unmelted bits after stirring, heat over a simmering bain marie.
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