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!
Buchty
If you are familiar at all with these traditional Czech sweet buns you will note right off the bat that mine do not have any kind of filling. But, since "buchty" translates as "buns" I think the name is still appropriate. I simply find it too finicky to try to seal jam or poppyseed filing inside the dough. I also think you get a better rise, bake, and crumb without a filling. So do what you want with this recipe. I like to cut the buns in half, toast them, and slather them with strawberry jam for breakfast.INGREDIENTS- 17 oz white bread flour- 1 tsp salt- 1/4 cup sugar- 3.5 oz vegan butter
, divided (or vegetable shortening)- 8 oz lukewarm non-dairy milk- 4 oz mashed potatoes (i.e. boiled whole in skins, skinned, then mashed)- 1 tbsp instant yeast
METHOD1. Whisk together 10 oz of the flour, salt, and sugar in a mixing bowl.2. Add the melted butter to the warm milk. Add the mashed potatoes and blend until smooth (I use an immersion blender in a large 4 cup measuring cup). The mixture will be thick. Whisk in yeast and let sit for 5 mins.3. Add milk mixture to the flour and beat until smooth (batter attachment on a stand mixer works well).4. Cover and let sit for an hour in a warm place.5. Add the remaining 7 oz of flour and work into a soft, smooth dough. It should be tacky, but not sticky. Add more flour or milk as needed. Shape into a ball and place in an oiled bowl, turning to coat. Cover and let rise in a warm place until doubled.6. Line the bottom of a 10x10 baking pan with parchment paper.7. Melt the remaining 1.5 oz of vegan butter8. Divide the dough into 16 equal pieces and shape into balls. Roll each ball in the butter to coat and place in the pan in four rows of four.9. Cover and let rise in a warm place until almost doubled. Meanwhile, preheat oven to 375 degrees.10. Bake for 22-25 mins, until a dark golden brown. 11. Remove from the pan to a cooling rack. Dust with icing sugar before serving if desired.
more recipes @ vegandad.blogspot.com
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