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!
Apple Crostata for Thanksgiving Dinner
I hope that everyone who celebrated had a fantastic Thanksgiving weekend! My contribution to dinner was this fabulous Apple Crostata.
I'm not a huge fan of pumpkin pie, so I try to ensure an alternative dessert for myself. My mom usually makes a chocolate pie, but this year I had something else in mind. I didn't want to make another pie, so I opted for an apple crostata instead. It's kinin d of like an open-face apple pie. A pie pizza. (But not a pizza pie).
The recipe comes from the always fantastic Ina Garten. I love her. (And I love 30 Rock even more now for mentioning her in the season premiere-- even though last week's episode was decidedly subpar). 64 positive reviews accompanied this recipe, so I felt pretty confident about making it, although you can never trust the unwashed masses. Fortunately, in this case, they were right! The pastry alone is one of the best I've made, and the filling tastes just like apple pie. I think it's safe to say it will be a staple from now on.
Ingredients
For the pastry:
- 1 cup all-purpose flour
- 2 tablespoons granulated or superfine sugar
- 1/4 teaspoon kosher salt
- 1/4 pound (1 stick) very cold unsalted butter, diced
- 2 tablespoons ice water
For the filling:
- 1 1/2 pounds McIntosh, Macoun, or Empire apples (3 large) (I used Granny Smith)
- 1/4 teaspoon grated orange zest
- 1/4 cup flour
- 1/4 cup granulated or superfine sugar
- 1/4 teaspoon kosher salt
- 1/4 teaspoon ground cinnamon
- 1/8 teaspoon ground allspice
- 4 tablespoons (1/2 stick) cold unsalted butter, diced
Directions
- For the pastry, place the flour, sugar, and salt in the bowl of a food processor fitted with a steel blade. Pulse a few times to combine. Add the butter and pulse 12 to 15 times, or until the butter is the size of peas. With the motor running, add the ice water all at once through the feed tube. Keep hitting the pulse button to combine, but stop the machine just before the dough becomes a solid mass. Turn the dough onto a well-floured board and form into a disk. Wrap with plastic and refrigerate for at least 1 hour.
- Preheat the oven to 450 degrees F.
- Flour a rolling pin and roll the pastry into an 11-inch circle on a lightly floured surface. Transfer it to a baking sheet.
- For the filling, peel, core, and cut the apples into 8ths. Cut each wedge into 3 chunks. Toss the chunks with the orange zest. Cover the tart dough with the apple chunks leaving a 1 1/2-inch border.
- Combine the flour, sugar, salt, cinnamon, and allspice in the bowl of a food processor fitted with a steel blade. Add the butter and pulse until the mixture is crumbly. Pour into a bowl and rub it with your fingers until it starts holding together. Sprinkle evenly on the apples. Gently fold the border over the apples to enclose the dough, pleating it to make a circle.
- Bake the crostata for 20 to 25 minutes, until the crust is golden and the apples are tender. Allow to cool. Serve warm or at room temperature.
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