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!
Strawberry Pie with Strawberry Crust
Food coloring was so ten years ago. That’s why this gorgeous strawberry pie with strawberry crust gets it vibrant pink hue from freeze-dried strawberries (which you can pick up at Trader Joe’s). Just whirl ’em up in the food processor with your flour and butter, and voilà: You have a pretty-in-pink dessert that’ll blow everyone away.
INGREDIENTS
- STRAWBERRY PIE CRUST
- ½ cup freeze-dried strawberries
- 1 tablespoon granulated sugar
- 2½ cups all-purpose flour
- ½ teaspoon fine sea salt
- 2 sticks unsalted butter, cut into ½ inch-cubes
- FILLING AND FINISHING
- 5 cups fresh strawberries, halved
- 1 tablespoon fresh lemon juice
- ½ teaspoon pure vanilla extract
- Pinch of fine sea salt
- ½ cup plus 2 tablespoons granulated sugar
- ⅓ cup cornstarch
- 1 large egg white
- Sanding sugar, for finishing
DIRECTIONS:
1.MAKE THE PIE CRUST: In a food processor, pulse the strawberries and granulated sugar to a fine powder. Add the flour and salt, and continue to process until well combined.
2. Add the butter and pulse until the mixture resembles small peas. Transfer to a medium bowl.
3. Make a well in the center of the flour and add ¼ cup ice water. Mix by hand until the mixture uniformly comes together but isn’t sticky or tacky. If necessary, add more water 1 tablespoon at a time.
4. Divide the pie dough in half and form each half into a 1-inch-thick disk. Wrap each disk tightly in plastic wrap and chill for at least 30 minutes.
5. PREPARE THE FILLING: In a large bowl, toss together the strawberries, lemon juice, vanilla and salt.
6. In a small bowl, whisk together the granulated sugar and cornstarch. Add the mixture to the strawberries and toss well to combine.
7. In a small bowl, whisk together the egg white and 1 tablespoon water.
8. ASSEMBLE THE PIE: On a lightly floured surface, roll out one disk of the dough to ¼ inch thick. Transfer to a pie plate and trim the excess crust around the edge with scissors so that only ½ inch hangs over the edge of the pie plate.
9. Pour the filling into the pie crust. Transfer the whole thing to the refrigerator.
10. Roll out the second disk of dough to ¼ inch thick. Cut 1½-inch-wide strips from the dough. Use the strips to weave a lattice on top of the pie.
11. Chill the pie for 20 minutes while you preheat the oven to 425°F.
12. Brush the surface of the pie with egg wash and sprinkle with the sanding sugar. Bake until the crust begins to brown slightly and the filling is bubbly, 40 to 45 minutes.
13. Cool completely before slicing and serving.
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