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!
Easy Boston Cream Poke Cake
When I told him I made it for him, I could see pure happiness on his face. So that made me happy too! Not to mention, he gobbled most of it up on his own in three days. I did manage to get a few nibbles too, thank goodness I did when I did!
Boston Cream Poke Cake… It’s a very simple, luscious dessert. Best part besides eating it, is it’s really hard to mess up this recipe, because it’s super simple to make.
It takes a cake mix, pudding and frosting and we can’t forget the pokes. After all, it is a poke cake!
Boston Cream Poke Cake...yellow buttery cake filled with a french vanilla cream pudding and frosted with rich chocolate. Beyond doubt, this is a very heavenly dessert
Ingredients
- 1 box yellow butter recipe cake mix
- 2 small boxes French Vanilla instant pudding
- 1 tub chocolate frosting
Instructions
- Bake cake as directed on the box in a 9x13 baking pan.
- Prepare the pudding as directed on the box.
- While the cake is still warm, use the end of a wooden spoon to poke holes randomly through the cake about an inch apart.
- Spread the pudding over the cake, pushing it into the holes.
- Refrigerate for 1 1/2 - 2 hours.
- Remove the lid and seal from the frosting and microwave for 15-20 second intervals, stirring in between each interval, until the frosting can be poured, but not bubbling.
- Spread the frosting over the cake and refrigerate 4 hours or overnight.
Recipe Notes
For home-made Chocolate Ganache Frosting:
- 8 oz (1/2 lb or 1 1/3 cup of ) semi-sweet chocolate chips
- 1 cup heavy whipping cream
- Note: If you want more ganache, use the full 12 oz bag and 12 oz (1 1/2 cups) of whipping cream.
- Combine chocolate and heavy cream in a microwave-safe bowl. Heat for 2 minutes and stir. Heat for an additional 1-2 minutes or until chocolate is fully melted and whisk until well incorporated and velvety. Wait about 5-10 minutes before adding it top of pudding on cake.
- The ganache will thicken as it cools. When it’s completely cool, it will be thick and fudgy. You can reheat it to achieve your desired consistency.
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