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!
SNICKERDOODLE APPLE BREAD
SNICKERDOODLE APPLE BREAD
The recipe is pretty simple dimple.
Grab a Granny Smith Apple.
Peel it and dice it small-ish.
Then whip up the batter, which it super simp.
THEN sprinkle some cinnamon sugar all up on there.
When it’s baked the cinnamon sugar creates this sugary, delicious crust on top. It’s pretty magic.
Then you could wait until it’s cooled to slice it up or throw caution to the wind and get at it. I won’t be mad.
Snickerdoodle Apple Bread
Author: Cookies & Cups
Cook Time: 55 mins
Total Time: 55 mins
Yield: serves 8-10
Ingredients
- 1/2 tsp kosher salt
- 1 1/2 tsp baking powder
- 1 1/2 cups flour
- 1/2 cup butter, room temperature
- 1 cup light brown sugar
- 1/4 cup granulated sugar
- 1/2 Tbsp cinnamon
- 2 eggs
- 1 Tbsp vanilla
- 1/2 cup milk
- 1 Granny Smith Apple, finely chopped
- Cinnamon sugar topping
- 2 Tbsp granulated sugar
- 1 tsp cinnamon
Instructions
- Preheat oven to 350°
- Spray a 9×5 loaf pan with baking spray. Line bottoms and up the ends with a strip of parchment paper (for easy removal) and spray again. Set aside.
- Whisk together salt, baking powder and flour. Set aside.
- In bowl of stand mixer beat butter, both sugars and cinnamon for 2 minutes on medium speed, scraping sides as necessary. Add in both eggs and vanilla and continue mixing until smooth, again scraping sides as necessary.
- Turn mixer to low and add in flour mixture and milk in alternating additions, starting and ending with flour. Mix until just combined.
- Finally add in apples and stir until just combined and pour batter into prepared pan.
- Mix together the sugar and cinnamon for topping and sprinkle on top of batter.
- Bake for 50-55 minutes until bread is set and toothpick inserted into the center comes out clean.
- Allow to cool in pan for 10 minutes and then remove transfer to a wire rack to cool completely.
- Serve warm or at room temperature.
- recipe source: https://cookiesandcups.com/snickerdoodle-apple-bread
