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!
Cinnamon Sugar Pull-Apart Muffins
Cinnamon Sugar Pull-Apart Muffins
This will be sweet kind of bread that will surprise quests of its unusual style. You can it for special treating as dessert that is so easy to prepare.Let’s combine sugar, nutmeg and cinnamon. Its for toping of your bread. You will add it to brown butter. You’d make slit with knife. You will continue with few pieces to make these bread creatures. Spread them with melted butter and mix.Bake until its golden. Use for all tea treatments. Your guests will adore them.
Cinnamon Sugar Pull-Apart Muffins
Prep 15 MIN
Total 35 MIN
Servings 6
Ingredients
- 1 can (11 oz) Pillsbury™ refrigerated crusty French loaf
- 1/4 cup butter
- 1/2 cup sugar
- 1 teaspoon cinnamon
- 1/4 teaspoon nutmeg
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Steps
- Preheat oven to 350°F and spray a muffin tin with cooking spray.
- In a skillet, brown the butter over medium-low heat for about 5 minutes. The butter will turn a caramel color and smell nutty. (Watch it carefully because it can quickly go from browned to burned.) Set aside to cool.
- In a small bowl combine the sugar, cinnamon, and nutmeg. Set aside for later.
- Open the bread dough and place on a cutting board. Using a sharp knife, make a small slit to score the dough at the middle point of the roll, so that there are two equal sections. Then score each section again in the middle. Repeat, scoring sections at the halfway point, until you have 31 slits in the dough. Using a very sharp serrated knife, slice the dough into discs using these score marks as guides.
- Place all the slices on a large sheet of wax or parchment paper and flatten with a rolling pin. Brush each disc of dough with the melted butter. Dip buttered slices into the cinnamon sugar mixture. Add any remaining butter and sugar mixture to the prepared muffin tin.
- Stack 5-6 pieces of dough on top of each other. Slice each stack in half and place both sections cut side down in a muffin tin. Repeat with remaining dough until all cups of the muffin tin are filled.
- Place muffin tin onto a large rimmed cookie sheet to catch any sugar or butter overflow. Bake 20-25 minutes or until golden brown. Allow muffins to cool for 10 minutes in the pan and then enjoy!
- Slightly adapted from Cinnamon Sugar Pull Apart Muffins
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