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!
White Chocolate & Raspberry Cheesecake
White Chocolate & Raspberry Cheesecake
I can only go on about this cheesecake before so long before you all want to beat my face in with a shovel (er, a surprisingly violent imagination just emerged there) so I will say only this: make this. Make this now. Make this if you want everyone who tastes it to fall in love with you.
White Chocolate & Raspberry Cheesecake
Recipe adapted from The People's Cookbook, as seen in Good Food magazine (July 07).
Serves 12
Ingredients:
For the base:
- 85g (3oz) digestive biscuits, crushed (Americans; graham crackers. I usually use 100g of each for the base cause I like a little bit more)
- 85g (30z) ginger nut biscuits, crushed
- 85g (3oz) butter, melted
For the filling:
- 500g (1lb 2oz) white chocolate, broken into pieces
- 50g (2oz) butter
- 1/2 vanilla pod, split lengthways
- 500 g (1lb 2oz) full fat soft cheese
- 50 g caster sugar
- 175 ml whipping cream
- 225 g punnet fresh raspberries, plus extra to decorate
Directions:
- For the base, combine biscuits & butter, then press into the base of a 23cm (9.5") springform tin.
- For the filling, put the chocolate, butter and vanilla pod in a heatproof bowl and microwave in 20-second bursts to melt it. Allow to cool slightly.
- In another bowl, mix the soft cheese, sugar and whipping cream til smooth.
- Remove the vanilla pod from the chocolate mixture and stir the chocolate into the cream. Gently stir in raspberries with a spatula, then spoon on top of the base, smooth carefully, and leave in the fridge to set (8-24 hours).
- Remove from tin and decorate with raspberries to serve.
I go to uni on Saturday, so blog posts may be sporadic for a while - I'm hoping to get in this month's Daring Baker challenge but time might be against me this week. Bear with me a bit and I'll be back with part two of the sugarcraft flower tutorial soon ^__^.
Also, I made a Flickr account! I'm not sure why. But it makes me feel cool.
full recipe:
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