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!
SFINCIONE: SICILIAN PIZZA RECIPE & HISTORY – ALL YOU NEED TO KNOW!
The Sfincione recipe is one of the most popular and traditional Sicilian pizzas. This thick flatbread seasoned with a tasty tomato sauce, preserved anchovies, and Sicilian cheese is a street food delicacy easy to find in the Palermitan markets: a must-to-try with a very ancient history. Here the traditional recipe!
INGREDIENTS
- 4 cups + 3 tbsp (500 g)bread flour
- 3 cups (500 g) semolina flour
- 21 oz (600 ml) lukewarm water
- 1.5 (10 g) dry active yeast
- 42 oz (1.2 kg) canned whole San Marzano tomatoes
- 2 (500 g) big onions, red or white
- 7 tbsp extra-virgin olive oil
- 5 tbsp bread crumbs
- 3 tbsp dried oregano
- 3 oz (85 g) Sicilian Primo Sale cheese (alternatively, Caciocavallo or soft goat cheese Cheddar)
- 2 oz (55 g) Ragusano cheese (alternatively, Pecorino cheese)
- 1 tbsp sugar
- 1 dash black pepper
- as needed table salt
INSTRUCTIONS
- SFINCIONE DOUGH
- First of all, pour 21 oz (600ml) of lukewarm water into a bowl, then add the active dry yeast and 1 tbsp of sugar. At this point, melt the yeast with your hands, then combine the two flours and add them a spoon at a time, kneading constantly. On the halfway, add 4 tbsp of olive oil, and 1 tsp of table salt. The exact amount of flour to reach the perfect result depends on the season and the humidity, so add flour and knead until the mixture results in a soft, elastic, and smooth on the surface ball.
- Now, wrap the bowl and let the dough rise into the turned off oven at room temperature until double its volume (about 3 hours).
- TOMATO SAUCE[br]Waiting for the dough rising, prepare the tomato sauce. First, peel and reduce the onion into thin slices, then sautè them along with 2 tbsp of extra virgin olive oil and a pinch of salt until soft and translucent. After that, mince the canned San Marzano tomatoes and add them into the saucepan along with their tomato puree, and a generous amount of dried oregano. Cook over medium/low flame until the sauce becomes thick, but still creamy, stirring as needed. Finally, turn off the heat and let the sauce cool down until lukewarm.
- LAYING THE DOUGH
- When the dough is ready, grease a baking tray with 1 tbsp of olive oil, and spread it with a paper towel. Now lay the dough delicately: you want not flatten it too much. After that, distribute the diced soft cheese (Primo Sale, or Caciocavallo, or goat cheddar), and the anchovies fillets. Finally, cover the tray with a damp cloth and wait 1 hour more.
- TOMATO SAUCE; BREAD CRUMBS; AND RAGUSANO
- Now, add a thick layer of tomato sauce, then spread the bread crumbs, and cover eventually with grated Ragusano cheese (alternatively, Pecorino). Let the Sfincione rise 30 minutes more.
- BAKING AND SERVING
- Preheat the oven to 465° F (240° C), then bake the Sicilian Pizza. After 5 minutes, low the oven temperature to 430 °F (220° C) and bake about 25 minutes more, until perfectly cooked.
- Serve lukewarm, or at room temperature.
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