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!

Foolproof Cherry Pie

This recipe is dedicated to my mom! Because literally every single time I mention I’m baking a pie her response is “what kind… cherry?” or “you know what kind of pie people love? CHERRY!”.


And by people, I’m pretty sure she just means herself! But hey, I admire her persistence. Plus, she’s my mom… so really, baking and dedicating a pie to her is the least I can do. Its’s just a major bonus that I get to share it with you, too!
Sweet and Summery, you'll want to make this Foolproof Cherry Pie all season long! So delicious with a cup of coffee!

Ingredients
  • (2) foolproof all-butter pie crust
  • 2 pounds (about 5 cups) cherries, pitted
  • 1/4 cup cornstarch
  • 2/3 cup granulated sugar
  • 1/2 teaspoon salt
  • 2 teaspoons bourbon vanilla extract (regular vanilla is also fine!)
  • 1/2 teaspoon almond extract
  • 1 and 1/2 tablespoons fresh lemon juice
  • 2 tablespoons unsalted butter, cut into small cubes
  • 1 large egg
  • 2 teaspoons water
  • 2 Tablespoons sparkling sugar, for decoration (optional)

Instructions

Prepare the Crust:

  1. Have ready and refrigerated one batch of foolproof all-butter pie crust. 
  2. Remove the dough from the fridge 10 minutes before you begin rolling, as dough that is too cold will crack. Lightly flour a rolling pin and your work surface. Set the dough in the middle of the work surface and - beginning from the center of the disc - roll the dough away from you in one firm and even stoke. After each stroke, rotate the disc a quarter turn clockwise and roll again. Lightly sprinkle more flour on the work surface, on the dough, and on the rolling pin as needed. You want to use just enough to prevent the dough from sticking. As your disc of dough becomes larger, be sure not to overstretch the center of the dough. Continue rolling until the dough is 3 inches longer than the pan you are using, and around 1/8" to a 1/4" in thickness.
  3. Carefully fold the dough in half and lay it across one side of a buttered pie pan, placing the seam of the dough in the center of the pan. Gently unfold the crust, then use your hands to fit the dough down into the pan, making sure there are no gaps between the dough and the pan. Burst any air bubbles with a fork. Do not pull or stretch the dough here!
  4. Using kitchen sheers, trim the dough overhang to 1 and 1/2 inches, measuring from the inner rim of the pan. 
  5. Cover the crust with plastic wrap and refrigerate for at least 1 hour, or up to 48 hours. You may also freeze for up to 2 months

Prepare the lattice strips

  1. Have ready and refrigerated one batch of foolproof all-butter pie crust. 
  2. Line a small baking sheet with parchment paper; set aside until needed. 
  3. On a lightly floured work surface, roll out the pie dough into a 12-inch circle. 
  4. Using a pizza cutter or pastry roller, slice the dough into 10 strips (the width of the strips is totally up to you. I prefer medium strips so I usually slice them between an inch and an inch and a half wide). Lay the strips on the prepared baking sheet and refrigerate until needed. 
  5. For the Cherry Pie Filling:
  6. Combine the cherries, cornstarch, sugar, salt, vanilla, almond extract, and lemon juice in a large saucepan over medium-high heat. Simmer, stirring almost constantly, until the mixture starts to thicken – about 8 minutes. Reduce heat to low and cook for another 2 minutes before removing from the heat. Transfer to a heatproof bowl and cool to room temperature.

For the Egg Wash:

In a small bowl, beat together the egg and water until well combined. Set aside until needed. 
Assembly and Baking:

  1. Preheat oven to 425 degrees (F). 
  2. Remove the crust and lattice strips from the refrigerator.
  3. Using a rubber spatula, scrape the cherry pie filling into the pie crust shell. 
  4. Lay 6 of the strips parallel on top of the filling, leaving about 1/2-inch between each strip. Fold back every other strip, then place another strip of dough perpendicular to the strips. Unfold the folded strips so they lay over the perpendicular strip. Continue this layering process, weaving the strips over and under each other.
  5. Trim the edges of the strips, leaving about 1/2 inch overhang. Roll the excess dough up so it's tightly sitting on the edge of the pie plate, then crimp the edges to secure the strips with the bottom pie crust.
  6. Brush the edges of the crust with the egg wash and sprinkle with sugar, if using. 
  7. Place the pie on a baking sheet and bake for 15 minutes. Reduce the oven temperature to 350 degrees (F) and continue baking for 50 minutes, or until the crust is golden and the filling is bubbling.
  8. Place pie plate on a wire rack and cool for at least 2 hours before slicing.

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