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!
Gooey Monkey Bread Muffins
Gooey Monkey Bread Muffins
If you're a fan of traditional monkey bread than you are going to love these individual monkey muffins that capture all the gooey goodness all for yourself!
Have Blessed Day!
Gooey Monkey Bread Muffins
Author: Tahnycooks
Recipe type: Dessert/Bread
Cuisine: American
Prep time: 2 hours
Cook time: 20 mins
Total time: 2 hours 20 mins
Serves: 24
Ingredients
BREAD:
- 2 cups of whole milk or 2%
- 2 Tablespoons granulated sugar
- 2 Tablespoons butter
- 3-3½ cups all purpose flour
- 1 teaspoon salt
- 1 package yeast (1/4 oz)
- 2 teaspoons ground cinnamon
- ½ cup granulated sugar
- 4 Tablespoons butter, melted
GLAZE:
- 1½ cup powdered sugar
- 1 teaspoon vanilla extract
- 1 Tablespoon heavy cream or milk (you might need more liquid for drizzling)
- pinch of salt
Instructions
- In a saucepan heat together the milk, sugar and butter. Heat just until the butter is melted and the milk is just too warm to touch. DON'T BOIL! You can also do this in the microwave. Just heat the milk to 110 degrees. If the temp exceeds 110 degrees then just wait for it to cool off.
- In a large bowl or your standing mixer place the 3 cups of the flour, yeast and salt and whisk until incorporated.
- Once you're at the right temp with your milk mixture pour into the flour/yeast mixture. If you're not using your dough hook then use a wooden spoon and lots of muscle!
- If the dough mixture is looking too wet then add the remaining ½ flour if needed. But, don't be too anxious to do this. Knead the dough until it becomes elastic like. This might take up to 10 minutes. Once it has reached that stage place the dough ball into a large greased bowl. Cover with plastic wrap and a warm damp towel. Set in a draft free place and let the dough rise and double in size.
- Have the melted butter in a small bowl. In another small bowl mix together the cinnamon and sugar. Line your muffin tin with your liners of choice.
- Once the dough has doubled then punch it down and knead just once or twice. Pinch off about a quarter size amount and dip in the butter. Roll in the cinnamon and sugar.
- Place the sugary dough balls in the muffin liners. It should be about 5-6 dough balls in each cup. Repeat until all are filled.
- Preheat oven to 350 degrees.
- Place plastic wrap loosely over the top and cover with the towel again. Let double in size once more.
- Once the dough has doubled, gently place in the oven and bake for about 15-20 minutes. The tops should be golden and the sides should be bubbling. Yum! This batch will make 24 muffins or you could make the tradition size in a bundt pan. Just double the butter and cinnamon and sugar mixture.
- Mix together the powdered sugar, vanilla and cream. Add more cream if need to reach the desired drizzle consistency you would like. Eat the while warm and gooey! Enjoy!
Notes
Gooey Monkey Muffins appeared first on Tahnycooks.com
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