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!

No-Bake Eclair Cake

No-Bake Eclair Cake

No-Bake Eclair Cake is a dessert that is layers of flavor: graham crackers, instant vanilla pudding, whipped topping and topped with chocolate frosting!

Course: Dessert
Cuisine: American
Keyword: No-Bake Eclair Cake
Prep Time: 20 minutes
Total Time: 20 minutes
Servings: 12
Calories: 275kcal
Author: Brandie @ The Country Cook

Ingredients
  • 2 (3.5 oz) package of instant vanilla pudding mix
  • 1 (8 oz) container of whipped topping (COOL WHIP) thawed
  • 3 cups milk
  • 2 sleeves graham cracker squares
  • 1 tub chocolate frosting
Instructions
  1. In a medium bowl, mix together the pudding mix, milk and Cool Whip.
  2. In an 9 x 13 baking dish, arrange a single layer of graham cracker squares on the bottom.
  3. You may have to break them up a bit to get enough crackers to cover the bottom of your dish.
  4. Spread half of the pudding mixture on top of the crackers.
  5. Layer another layer of graham crackers over the pudding mixture.
  6. Then layer the other half of the pudding mixture on top of crackers.
  7. Top with a final layer of graham crackers.
  8. Put plastic wrap over dish and put in fridge for about 30 min to an hour to allow pudding to set.
  9. When ready, put the tub of chocolate frosting in the microwave for about 15 seconds to soften (remove lid and aluminum foil top before microwaving).
  10. Take out and stir frosting. It should be easily spreadable now.
  11. Remove plastic wrap from dish and evenly spread chocolate frosting all over the top layer of graham crackers.
  12. Place plastic wrap over top of dish and put back in fridge.
  13. Now, forget about this dessert until tomorrow. This dessert gets better over time. The graham crackers need time to soften up.
  14. When ready, slice and serve!
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