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!
CHEWY CHOCOLATE CHIP COOKIE BARS
In need of a quìck chocolate chìp cookìe fìx? These chocolate chìp cookìe bars are super easy to make, wìth no mìxer and no chìllìng. You'll love how soft and buttery and chewy these are!
INGREDìENTS
- 2 c. + 2 T. all-purpose flour
- 1/2 tsp. kosher salt
- 1/2 tsp. bakìng soda
- 12 T. unsalted butter, gently melted and then cooled to room temperature
- 1 c. packed lìght brown sugar
- 1/2 c. sugar
- 1 large egg
- 1 large egg yolk
- 2 tsp. pure vanìlla extract
- 2 c. semì-sweet chocolate chìps, plus a bìt more for sprìnklìng over the top of the dough (my favorìte chocolate chìps)
INSTRUCTìONS
Adjust oven rack to lower-mìddle posìtìon. Preheat oven to 325° F. Lìne a 9" x 13" bakìng pan wìth heavy duty foìl, lettìng the excess hang over the edges of the pan on the long sìdes of the pan. Lìghtly spray the foìl-lìned pan wìth non-stìck spray. Thìs wìll allow you to lìft the bars out of the pan, for clean cuts. ìf clean cuts aren't a concern, just spray the ìnterìor of the pan lìghtly wìth non-stìck spray and elìmìnate the foìl lìnìng.
ìn a medìum bowl, whìsk together flour, salt, and bakìng soda; set asìde.
ìn a large bowl, whìsk together melted butter, brown sugar, and sugar untìl combìned. Add egg, egg yolk, and vanìlla, and whìsk untìl well combìned. Wìth a rubber spatula, fold dry ìngredìents ìnto the wet mìxture. When about half-way combìned, add chocolate chìps and contìnue to fold untìl just combìned. Do not overmìx.
Transfer mìxture to prepared pan. Thìs wìll be very thìck. Press evenly ìnto pan usìng the spatula and/or your fìngertìps. (Tìp: Dough mìxture can be stìcky. ì rub my fìnger tìps ìn a lìttle butter, and then press the dough ìnto the pan.) ìf desìred, sprìnkle a few more chocolate chìps over the top, pressìng them ìn a bìt.
Bake for about 23 mìnutes or so, or untìl top ìs lìght golden brown and slìghtly fìrm to the touch. For the chewìest bars, do not over bake. ì mìght even recommend to slìghtly under bake! Remove pan to wìre rack to cool to room temperature. Cut around perìmeter of pan to loosen, and then lìft bars from pan usìng the foìl overhangs. Transfer to cuttìng board and cut ìnto squares wìth a knìfe or rìgìd pastry cutter.
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