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!
PERFECT MICROWAVE CARAMELS
Perfect Microwave Caramels are the softest, creamiest, and easiest caramels you will ever make! No constant stirring, not candy thermometer, no fuss. And they absolutely melt in your mouth!
I found the recipe for Perfect Microwave Caramels in a RV add that came in the mail. Weird right? I guess I was added to the junk mail list after I went to the RV lot and halfheartedly looked at a camper one day. The saleswoman sends RV fliers to me all the time and they have the best recipes on them! It’s the only kind of junk mail I like!
These Caramels are perfect because they are soft, and creamy, and dreamy and the are made in the microwave. No scorching, no constant stirring, no candy thermometer. Just a microwave and a spoon, that's about all you need!
INGREDIENTS :
- 1 c. butter
- 2 1/2 c. brown sugar packed
- 1 c. light corn syrup
- 1 14 oz. can sweetened condensed milk
- 1 tsp. vanilla
- dash sea salt
INTRUCTIONS :
- Line a pan with parchment paper and spray paper with baking spray. If you want taller caramels use a 9 x 9 pan. If you want short caramels use a 9 x 13 pan. If you want medium sized caramels use an in between sized pan. That's what I did.
- Use a large microwave safe bowl for this recipe. Make sure your bowl is pretty big or the caramel will boil over.
- Melt butter in bowl.
- Add brown sugar, corn syrup and sweetened condensed milk to butter. Stir to combine.
- Microwave 4 minutes. Remove from microwave and stir.
- Microwave another 4 minutes. Remove from microwave and stir.
- Microwave another 4 minutes. Remover from the microwave and stir.
- Do a soft ball test by dropping a small ball of caramel into a glass of water. Check to see how soft the caramel. is. The caramel should hold together in a ball and be pretty soft. Determine if caramel is the consistency you would like. If caramel is a little to soft still microwave for another 1-2 minutes. I microwaved mine for 1 more minute and it still produced a very soft caramel.
- Once you've reached desired consistency remove caramel from microwave and stir. Add vanilla. Add a dash of seas salt if desired.
- Pour caramel mixture into prepared pan.
- Let caramel sit until completely cooled.
- Remove from pan and cut into squares. Wrap in small squares of wax paper or store in an air tight container.
- Store in refrigerator.
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