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!
KRISPY KREME GLAZED DOUGHNUTS (COPYCAT)
Krispy Kreme Glazed Doughnuts are the original glazed yeast raised doughnut that made Krispy Kreme famous. I’ve been known to make the detour when the “HOT” sign is on at Krispy Kreme but since I can make them at home I’ve become immune to the pull of the brightly lit signs.
Original Krispy Kreme Glazed Doughnuts you know and love and now you can make them at home and eat them fresh!
INGREDIENTS
Doughnuts:
- 2 packet yeast 1/4 ounce packets
- 1/4 cup warm water 105-115 degrees
- 1 1/2 cups lukewarm milk scalded, then cooled
- 1/2 cup sugar
- 1 teaspoon salt
- 2 eggs
- 1/2 cup shortening
- 5 cups all-purpose flour
- 4 cups vegetable shortening or vegetable oil if you would prefer for frying
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Glaze:- 2 1/2 cups confectioners' sugar
- 1/4 cup milk
- 1/4 cup light corn syrup I make my homemade corn syrup in my [url:2]Caramel Popcorn recipe[/url]
INSTRUCTIONS
- Note: click on times in the instructions to start a kitchen timer while cooking.
- Add water and yeast together in a your stand mixer and set aside for 10 minutes.
- Add in the milk, sugar, salt, eggs, shortening and 2 cups of the flour.
- Turn the stand mixer on medium speed for 2 minutes, then add in the rest of the flour and mix until just combined.
- Take the bowl out of the stand mixer and cover with a clean towel to let it rise for an hour.
- When you can push down on the dough and your fingerprint stays you're ready to move on to the next step.
- Working with half the dough at a time, roll it to 1/2 inch thick on a floured surface.
- Dip your doughnut cutter in flour and cut out a dozen doughnuts with each half of the dough and out onto wax paper.
- Let rise, covered, in a warm spot for 30-45 mins (I did 45)
- In a cast iron pan or other deep saucepan, heat the vegetable shortening to 375 degrees.
- Please use a thermometer to measure the temperature as this is a critical step.
- Fry the doughnuts on each side for 90 seconds.
- Drain on a cooling rack until you finish cooking them all then dip into the glaze.
- To make the glaze, add the powdered sugar, milk and corn syrup to a bowl and microwave for 30 seconds.
- Most importantly, eat with reckless abandon.
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