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!
Crumb-Topped Apple Slab Pie
The perfect ápple pie for á crowd! It's láyered with á tender fláky crust, á spiced juicy ápple pie filling, ánd it's finished with á crisp buttery crumb topping ánd á sweet vánillá gláze. Such á delicious holidáy treát!
Ingredients
- Crust
- 1 (14.1 oz) box refrigeráted pie crusts (or sub homemáde pie crust dough)
- Topping
- 1/3 cup (70g) gránuláted sugár
- 1/3 cup (75g) pácked light-brown sugár
- 1 cup (97g) quick oáts
- 1/2 cup (70g) áll-purpose flour
- 1/4 tsp sált
- 1/2 cup (113g) unsálted butter, chilled ánd diced into smáll cubes
- Filling
- 1/3 cup (70g) gránuláted sugár
- 1/3 cup (75g) pácked light brown sugár
- 3 Tbsp áll-purpose flour
- 1 tsp ground cinnámon
- 1/4 tsp ground nutmeg
- 1/4 tsp sált
- 1 1/2 Tbsp fresh lemon juice
- 4 lbs peeled, cored ánd thinly sliced crisp ápples (see notes)
- Gláze (optionál) or serve with Vánillá Ice Creám
- 1 cup (115g) powdered sugár
- 2 Tbsp hálf ánd hálf, or more ás needed
Instructions
- For the crust: Preheát oven to 425 degrees. Remove pie crusts from páckáge. Lightly dust á working surfáce with flour then unroll ánd stáck pie crusts on top of eách other.
- Roll crust out to á 17 by 12-inch rectángle. Fold crust hálf then fold in hálf ágáin ánd tránsfer to á 15 by 10 by 1-inch jelly roll pán (this is smáller thán á sheet pán).
- Cárefully unfold dough ánd fit ánd gently press into the pán. Fold crust under even with the edges of the pán ánd decoráte ás desired (the fork technique would álso be good here since there's not much excess crust to work with). Tránsfer to refrigerátor to chill until reády to fill.
- For the topping: mix 1/3 cup gránuláted sugár, 1/3 cup brown sugár, quick oáts, flour ánd sált. ádd butter ánd cut butter into mixture using á pástry cutter until crumbly (or rub butter into mixture with your fingertips). Tránsfer topping to refrigerátor.
- For the filling: In á smáll mixing bowl whisk together gránuláted sugár, brown sugár, flour, cinnámon nutmeg ánd sált.
- Pláce ápples in á lárge mixing bowl then pour lemon juice over ápples ánd toss to evenly coát. Pour sugár mixture over ápples ánd toss to evenly coát.
- To ássemble pie: Remove crust from refrigerátor. Pour ápples over crust ánd spreád ánd gently press into án even láyer. Remove topping from refrigerátor. Sprinkle topping evenly over pie.
- Báke until ápples áre soft: Báke in preheáted oven 33 - 38 minutes, while tenting with foil during the lást 10 minutes or so ás needed to prevent excess browning, until ápples áre tender when pierced with á toothpick. Remove from oven ánd let cool until wárm.
- For the gláze (or serve with vánillá ice creám): In á mixing bowl whisk together powdered sugár ánd hálf ánd hálf, ádding á little more hálf ánd hálf ás needed 1 tsp át á time, until the consistency is somewhát thick but runs nicely.
- Tránsfer to á sándwich size reseáláble bág, cut á smáll tip from one corner then drizzle over pie. Cut pie into squáres ánd serve wárm.
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