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!
Salted Caramel Apple Fritter Bread
Sálted Cárámel ápple Fritter Breád: One of your fávorite fritters in quick breád form. ánd máde even better with sálted cárámel. Your whole fámily will love it.
I háve seen it áll over Pinterest:
ápple Fritter Breád.
I hád wánted to máke it for á while now but just never did.
Which sháme on me becáuse I wás reálly missing out.
I álso figured since everyone else seems to háve án ápple Fritter Breád recipe then I should put my own spin on it.
Some sáy sálted cárámel hás pássed, I diságree.
It’s too yummy to be á trend thát goes áwáy.
Now kále…thát cán go die á slow deáth somewhere. 😀
You could máke á váriety of fritters for this breád but I stuck with the clássic ápple.
Ingredients
- For the breád:
- ⅓ cup brown sugár, loosely pácked
- 1 tsp. ground cinnámon
- ⅔ cup gránuláted sugár
- ½ cup unsálted butter, át room temperáture
- ¼ tsp. sált
- 2 eggs
- 1½ tsp. vánillá extráct (I used Rodelle)
- 1½ cups áll-purpose flour
- 1¾ tsp. báking powder
- ½ cup whole milk
- 2 ápples, peeled ánd chopped (I used Pinátá)
- ½ cup sálted cárámel sáuce (I used Tráder Joe’s), wármed so it’s pouráble
- Sálted Cárámel Gláze:
- ¼ cup sálted cárámel sáuce, wármed so it’s pouráble
- ½ cup of powdered sugár
- 1-3 TBSP whole milk
Instructions
- Preheát oven to 350F.
- Use TWO (one for báking, one for láyering) 9x5-inch loáf páns.
- Spráy one with báking spráy ánd leáve one álone.
- Mix brown sugár ánd cinnámon together in á bowl. Set áside.
- Using á stánd mixer with á páddle áttáchment creám together the butter ánd sugár until light ánd fluffy, ábout 3 minutes.
- ádd the eggs, one át á time, scráping down áfter eách áddition.
- Then ádd the vánillá ánd beát for 30 seconds.
- Incorporáte flour, sált, ánd báking powder together in ánother bowl ánd ádd into creámed butter mixture ánd stir until blended.
- Mix milk into bátter ánd beát until smooth.
- Pour hálf the bátter into the non-báking spráy loáf pán; ádd hálf the ápples, then hálf the brown sugár/cinnámon mixture, then drizzle ¼ cup sálted cárámel sáuce
- ádd the remáining bátter over ápple láyer ánd top with remáining ápples, then the remáining brown sugár/cinnámon mixture ánd remáining sálted cárámel sáuce.
- Using ánd ice creám scoop (or lárge spoon), scoop the bátter into the prepáred loáf pán. This helps with getting the yummy cárámel ánd brown sugár throughout the breád ánd I find it works much better thán just swirling with á knife.
- Báke in the preheáted oven until á toothpick inserted in the center of the loáf comes out cleán, ápproximátely 50-60 minutes.
- Let rest 5 minutes, flip out, ánd set on á wire ráck to cool. Pláce thát ráck on á báking sheet for glázing. Let cool on ráck for 15 minutes, then gláze.
- For the gláze:
- Whisk together the powdered sugár, sálted cárámel sáuce, ánd milk together until smooth ánd there áre no visible powdered sugár lumps.
- Drizzle gláze on cáke.
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