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!
CHOCOFLÁN
CHOCOFLÁN
From the blog Las Cocina de Gisele we bring a spectacular cake (chocoflán) that combines a base of chocolate sponge cake with a top layer of flan, or quesillo, covered with caramel. The recipe is simpler than it may seem and the result is, as we can see in the images, totally spectacular.
Ingredients: (for mold type crown or bundt bread)
For the candy we will need:
- 1/2 cup of white sugar
- 1/4 cup of water
For the quesillo or flan
- 5 eggs
- 1 can of condensed milk of 395 gr
- 395 gr of milk (we will use the measure of the can of condensed milk)
- 1 spoon of vanilla
For the wet chocolate cake
- 4 eggs
- 1 and 1/2 cup of wheat flour
- 1 cup cocoa or chocolate powder (not instant)
- 1 and 1/2 cup of sugar
- 1/2 cup of milk
- 1/2 cup of oil
- 1 tablespoon baking powder (10 gr)
STEP 2 - PREPARATION OF THE CHEESE OR FLAN
- We will beat by hand in a large bowl or blender as you prefer the 5 eggs, the condensed milk, the same measure of the condensed can in whole milk and the vanilla spoonful. We will add this mixture to the mold where we have emptied the caramel that by now is cold and hard.
- We will bake at 220ºC for 20 minutes this quesillo at Bain Mary, this is important so that it does not burn on the bottom or on the sides and it looks nice, while it is baking we are going to prepare the chocolate cake mixture.
STEP 3 - PREPARATION OF THE HUMID CHOCOLATE CAKE
- Easier impossible, all we have to do is mix all the ingredients by hand in a bowl and that's it. Is not it a wonder? It seems incredible that the simplest is the richest. Well this is the case of this cake .. when I do it alone I cover it with nutella and I give myself life!
- After 20 minutes of the quesillo (flan) in the oven, remove it and add the mixture of the chocolate cake with care that it does not fall very abruptly and with a spatula we will spread it well throughout the mold so that it is uniform.
- We return to the oven equal to 220ºC bain-marie. If the water was consumed, heat a little more and add it. We will bake between 40 and 45 minutes maybe a little more or a little less depending on your oven I always say they are not all the same. It will be ready when a stick comes out dry.
- We remove the cake from the oven and let it cool for an hour on a rack. Then with a knife very carefully we introduce it by the sides of the mold to take it off a little if it is necessary. We now place a large plate on it and we will turn around quickly. We arrange it a little so that it is in the center of the plate and we will tap the mold just in case it is released, we take out the mold and voilà! we already have this preciousness that will leave everyone delighted.
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