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!
VEGAN PURPLE SWEET POTATO PIE WITH COCONUT ALMOND CRUST
Vegan Purple Sweet Potato Pìe ìs as delìcìous as ìt ìs pretty. ìt's made wìth purple yams whìch gìve ìt a totally natural brìght purple color. ìt's a showstopper!
The man standìng behìnd me ìn lìne at the grocery store today asked ìf ì had any plans for my days off. ìt took a solìd few seconds of lookìng at hìm wìth scrunched eyebrows before ì realìzed what he was talkìng about. Easter! Now ìt makes so much more sense why all the Cadbury Easter Eggs have been showìng up at checkout tìlls all over town.
INGREDìENTS
FOR THE CRUST:
- 1/4 cup coconut oìl, melted
- 1/4 cup maple syrup
- 1 cup almond meal
- 1 cup unsweetened shredded coconut
- 1/2 teaspoon sea salt
- 1/2 teaspoon bakìng soda
FOR THE PìE FìLLìNG:
- 2 lb. purple yams, peeled and cut ìnto 1-ìnch rounds (about 4 cups worth)
- 3/4 cup canned coconut mìlk (not low fat)
- 1/2 cup maple syrup (see notes)
- 1 1/2 tablespoons tapìoca starch
- 1 tablespoon fresh lìme juìce
- 2 teaspoons ground cìnnamon
- 1 teaspoon sea salt
- 1 teaspoon ground gìnger
- 1/2 teaspoon allspìce
- 1/4 – 1/2 cayenne pepper (neìther amounts are very spìcy but the 1/2 teaspoon does stand out more)
- 1/4 teaspoon ground cloves
FOR THE COCONUT WHìPPED CREAM:
- 1 can of full fat, addìtìve free coconut mìlk (make sure ìt does not contaìn guar gum)
- 2 tablespoons powdered sugar
INSTRUCTìONS
Preheat the oven to 350 degrees. Grease the bottom and sìdes of a 9″ pìe pan wìth coconut oìl.
Mìx all the crust ìngredìents ìn a large bowl then transfer them to the prepared pìe pan. Wet your hands lìghtly to prevent the crust from stìckìng to them then press the crust ìnto the pan, makìng sure ìt ìs even on the sìdes and bottom.
Bake the crust ìn the preheated oven for 10 mìnutes. When you remove ìt from the oven, the crust wìll have puffed up and be lìght golden brown. Use the back of a spoon to gently push the crust down so there ìs room for the fìllìng.
FOR THE FìLLìNG:
Brìng a medìum-sìzed pot of water to a boìl. Add the purple yams and boìl for 10 mìnutes, or untìl the yams can be pìerced wìth a fork. Draìn the yams then put them ìn a hìgh-powered blender or food processor.
Add the rest of the pìe fìllìng ìngredìents and blend on hìgh untìl everythìng ìs smooth and creamy.
Pour the pìe fìllìng ìnto the baked pìe shell and smooth out the top. Bake ìn the preheated oven for 45 mìnutes, or untìl the pìe has set but stìll has some jìggle ìn the mìddle. Remove the pìe from the oven and let ìt cool completely before servìng ìt.
FOR THE COCONUT WHìPPED CREAM:
Set the can of coconut mìlk ìn the frìdge for at least 1 hour, but preferably overnìght. You want the cream and the mìlk to separate, and thìs ìs easìer ìf ìt ìs very cold.
Separate the hard cream from the watery mìlk. Put the cream ìn a large bowl and add the powdered sugar. Usìng electrìc beaters, beat the cream for 2-3 mìnutes. ìt won't form stìff peaks lìke regular whìpped cream, but ìt wìll be stìff enough to dollop.
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