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!
OVEN BAKED FRENCH CRULLER DONUTS
Recently a friend of mine reminded me of cruller donuts when we were having a conversation about our favorite kinds of donuts. I used to love going to this little Belgium Bakery in town because they made the best donuts. My favorite of them all were the French Crullers. You had to get there first thing in the morning on Saturday if you wanted to get one because they sold out fast!
I began to wonder if it was possible to bake them instead of fry. I have other donut recipes that I absolutely love that I bake in the oven like Old Fashioned Sour Cream Donuts & Vanilla Cake Donuts. I was very excited to read that the pâte à choux pastry dough that is used to make cruller donuts bakes well in the oven! Yes! The next day I whipped up a batch of Oven Baked French Cruller Donuts & I was satisfied with the results. They turned out very well in the oven & reminded me of the ones I used to get at the bakery.
INGREDIENTS
- 1 cup water
- 3 eggs
- 1 cup all purpose flour
- 6 Tablespoons butter, sliced
- 2 teaspoons sugar
- ¼ teaspoon salt
- -Glaze-
- 1 cup powdered sugar
- ½ teaspoon vanilla extract
- 1½-2 Tablespoons milk
INSTRUCTIONS
- In a saucepan bring water, butter, sugar, & salt to a boil.
- Lower heat, add in flour and mix well.
- Continue to cook & stir it on low-medium heat for about 4-6 minutes, you want to steam out as much water as you can. Be careful to not burn it.
- Once a thin layer forms on the bottom of the saucepan turn off heat.
- Remove from heat.
- Use an electric mixer to beat the dough for 1 minute to cool it down.
- Beat in one egg at time, scrapping the sides of the bowl until they are mixed in well.
- Preheat oven to 450 F. degrees.
- Transfer the dough to a piping bag fitted with a ½ inch open star tip.
- Squeeze the dough into circles on a greased or lined cookie sheet, place 2 inches apart.
- Bake for 5 minutes. Reduce heat to 350 F degrees & bake for 15 more minutes.
- Turn off oven, leave in oven for 5-10 more minutes with door slightly ajar.
- Remove from oven & let them cool down.
- Prepare glaze, mix powdered sugar, vanilla, & milk together until you get a thin enough glaze to dip or pour over the donuts. Start with 1½ tablespoons milk & add more if needed.
- Once donuts have cooled down dip or pour glaze over them. Let glaze set.
- They are best eaten fresh or they will get soggy.
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