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!
PUMPKIN CHEESECAKE SNICKERDOODLES
PUMPKIN CHEESECAKE SNICKERDOODLES
I have seen pumpkin snickerdoodles everywhere right now and I have been dying to make them. I love anything that has to do with pumpkin. But then I stumbled upon pumpkin snickerdoodles stuffed with cream cheese. Life doesn’t get much better than that!
It has been cooling down here in Utah and it has been pretty rainy here the last couple of days. Taking pictures of the food can be quite frustrating on rainy days. I had just baked this delicious batch of cookies. The smell of spices and pumpkin filled my house. I immediately had to try one. It baked so perfectly and as soon as I bit into it, the soft cream cheese layer was inside. Seriously my mind was blowing into a million pieces.
I had to try to get the best picture that I could given the circumstances. I had to turn on the kitchen light to stage the food. But I knew I had to take a picture of them because they wouldn’t last a day. I was right. They were gone within an hour. I gave some away to the neighbors, my boys ate some after school, and I had one…. or two… or I lost count.
Pumpkin Cheesecake Snickerdoodles
Prep time 30 mins
Cook time 12 mins
Total time 42 mins
Delicious soft and puffy pumpkin snickerdoodles with a surprise cream cheese center.
Author: Alyssa
Serves: 24
INGREDIENTS
- 3¾ cups all-purpose flour
- 1½ tsp. baking powder
- ½ tsp. salt
- ½ tsp. ground cinnamon
- ¼ tsp. freshly-ground ground nutmeg
- 1 cup unsalted butter, at room temperature
- 1 cup granulated sugar
- ½ cup light brown sugar
- ¾ cup pumpkin puree
- 1 large egg
- 2 tsp. vanilla extract
Filling Ingredients:
- 8 ounces cream cheese, softened
- ¼ cup sugar
- 2 teaspoons vanilla extract
Cinnamon-sugar coating:
- ½ cup granulated sugar
- 1 tsp. ground cinnamon
- ½ tsp. ground ginger
- Dash of allspice
INSTRUCTIONS
- In a medium bowl, whisk the flour, baking powder, salt, cinnamon, and nutmeg together. Set aside.
- In a KitchenAid mixer with a paddle attachment, beat together the butter and sugars on medium high speed until fluffy about 2-3 minutes.
- Blend in pumpkin puree, beat in egg and then add vanilla. Slowly add dry ingredients on low speed just until combined. Cover and chill dough for an hour.
- To make the cream cheese filling, blend cream cheese, sugar and vanilla together. Chill for an hour.
- Preheat oven to 350 and line your baking sheets with parchment paper. In a small bowl, combine the sugar and spices for the coating and set aside.
- To make the cookies, take a tablespoon of the cookie batter. Flatten it like a pancake and place a teaspoon of the cream cheese in center. Form another tablespoon of the cookie batter into a flat pancake shape and place on top of the cream cheese. Pinch the edges together sealing in the cream cheese and roll into a ball. Roll in the cinnamon sugar coating and place on the prepared baking sheet 2 inches apart.
- Repeat until the dough is gone and flatten the cookie dough balls with a heavy bottomed glass or measuring cup.
- Bake the cookies for 10-15 minutes or until the tops start to crack. Let cool on the baking sheet for 5 minutes and transfer to a wire rack. Enjoy!
NOTES
Recipe Source Bakeaholic Mama
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