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!
Sweet Potato Pie For One
Sweet Potato Pie For One – This popular Southern dessert starts with a buttery graham cracker crust and is filled with perfectly spiced sweet potato custard. Top this tasty pie with a spoonful of maple whipped cream and you’ve got an amazing single serving dessert.
In keeping with our Thanksgiving For One theme, today I’m bringing you an ultra creamy Sweet Potato Pie. I seem to be on some kind of a pie-making kick these days. With the holidays right around the corner, I’ve been in such a pie-baking mood. I’m just having too much fun transforming our family’s favorite holiday recipes and desserts into single serving portions.
Although the traditional Pumpkin Pie will always have a special place in my heart for Thanksgiving, I think there’s also room for sweet potato pie.
Sweet Potato Pie For One - This popular Southern dessert starts with a buttery graham cracker crust and is filled with perfectly spiced sweet potato custard. Top this tasty pie with a spoonful of maple whipped cream and you've got an amazing single serving dessert.
Ingredients
CRUST
- 1/2 cup crushed graham cracker crumbs (about 4 large sheets)
- 3 tablespoons butter , melted
- 1 teaspoon sugar
- 1/4 teaspoon ground cinnamon
FILLING
- 1 cup cooked and mashed sweet potato (small or 1/2 of a medium-sized )*See notes
- 1 large egg
- 2 tablespoons sugar
- 1/4 heavy cream
- 1/4 teaspoon vanilla extract
- 1/4 teaspoon ground nutmeg
- 1/8 teaspoon ground cloves
- 1/8 teaspoon ground ginger
- 1/8 teaspoon salt
MAPLE WHIPPED CREAM
- 1/2 cup heavy cream
- 1 tablespoon maple syrup
Instructions
- TO MAKE THE GRAHAM CRACKER CRUST
- Preheat oven to 350 degrees F.
- Place the sheets of graham crackers in a zip top bag and roll with a rolling pin or heavy can to crush.
- Pour crumbs into a small bowl and stir in melted butter, sugar and cinnamon.
- Spoon crumbs into a lightly greased 5-inch baking dish and press the mixture into the bottom of the pan. Use the back of a spoon or the bottom of a flat measuring cup to press the crumbs down.
- Bake the crust for 7-8 minutes. Remove from oven and set aside.
- TO MAKE THE FILLING
- In a bowl, whisk together the mashed sweet potatoes, egg, sugar, cream, vanilla, nutmeg, cloves, ginger and salt. Pour into baking dish.
- Bake in the oven for 45 minutes or until the filling has set.
- Remove from oven and allow to cool at room temperature for at least 30 minutes.
- TO MAKE THE MAPLE WHIPPED CREAM
- Pour the cream into a small bowl. Add the maple syrup to the cream and beat with an electric mixer or a wire whisk until stiff peaks form.
- Top sweet potato pie with the whipped cream.
Recipe Notes
TO COOK A SWEET POTATO
Scrub sweet potato thoroughly with a brush. Set aside.
Place the sweet potato in a pot and add just enough water to cover the sweet potato. Add a pinch of salt. Using medium-high heat, bring to a boil.
Cover the pot with the lid and cook sweet potato for 10 minutes or until tender on the outside.
Place a colander in the sink and carefully remove the sweet potato from the pot by pouring the sweet potato into a colander and draining off the water. Run cold water over the sweet potato to cool it before using.
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