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!
Pecan Pie
These Pecan Pies might look small..but they pack a BIG Pecan Pie taste!
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These Pecan Pies might look small..but they pack a BIG Pecan Pie taste!
These Pecan Pies might look small..but they pack a BIG Pecan Pie taste!
I love pecan pie. Although I typically only make it for holidays, Thanksgiving and Christmas. The more I thought about this, the more I felt that this is just plain wrong.
Pecan pie is one of the BEST desserts ever made! Why not make it during Summer. Or Fall. Or Spring. Or whenever I feel like it basically.
Of course, though, I had to put my own spin on it. Which means as we all know. Miniature. These Pecan pie bites may look small, but trust me, these little bites pack the full pecan pie flavor.
Ingredients
- 3/4 cup white sugar
- 1/4 cup light brown sugar
- 1 cup corn syrup
- 3/4 teaspoon vanilla extract
- 1/3 cup melted butter
- 3 eggs beaten
- 1 cup chopped pecans
- 2 pillsbury pie crusts, or pie crust of choosing
Instructions
- Preheat the oven to 350 degrees. Grease your mini muffin tin. Roll out the pie crusts and cut with a circle cookie cutter, or I used a child’s cup (from Ikea) about 3 inches in diameter. Press the pie crust into each cup in the muffin tin.
- Sprinkle a small amount of chopped pecans into each pie crust.
- In a medium size bowl combine the sugar, brown sugar, corn syrup, vanilla, butter, and eggs. Stir to combine.
- Carefully pour about 2 tablespoons of the syrup into each pie crust, be careful not to get the syrup along the edges of the pie crust, this will make them stick when you go to take them out.
- Bake for about 22-25 minutes. Mine baked perfect at 23 minutes.
- Remove from the oven and allow to cool. Carefully remove from the muffin tin, if you need use a butter knife to slide along the side of the pies to loosen. Give a little twist and pull them out.
- Serve and enjoy!
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