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!
THE ULTIMATE TARTE TATIN
Juicy fall apples are the crowning glory of this classic French upside-down tart. Real vanilla bean accentuates the apples' natural sweetness and adds a warm, inviting aroma.
INGREDIENTS
- 1 cup all-purpose flour
- 1 tablespoon granulated sugar
- pinch salt
- 1/2 cup cold butter cubed
- 1 egg yolk
- 2 tablespoons ice water (approx)
- Apple Topping:
- 4 Pink Lady apples
- 2 Granny Smith apples
- 1/3 cup butter
- 1 cup granulated sugar
- half vanilla bean halved lengthwise
- pinch salt
METHOD
- In large bowl, whisk together flour, sugar and salt. With pastry blender or 2 knives, cut in butter until mixture resembles coarse crumbs. Whisk egg yolk with ice water; drizzle over flour mixture. Toss with fork until mixture clumps; if necessary, add up to 2 tsp more ice water. With floured hands, quickly press into 1-inch (2.5 cm) thick disc. Wrap dough in plastic wrap; refrigerate for 30 minutes. (Make-ahead: Refrigerate for up to 24 hours.)
- Apple Topping: Meanwhile, peel, quarter and core apples; halve each quarter lengthwise. Set aside. In 10-inch (25 cm) cast-iron skillet, melt butter over medium heat.
- Stir in sugar and vanilla bean; cook, stirring, for 2 minutes. Spread wet sugar mixture evenly over bottom of pan; arrange apples over top, overlapping and wedging tightly to fill pan. Cook, gently stirring and turning apples and basting with liquid by tipping and rotating pan, until apples are tender and syrup is thick and golden caramel in colour, about 30 minutes. Remove from heat; sprinkle with salt. Refrigerate pan on rack for 20 minutes. Discard vanilla bean pod; carefully rearrange apples in pan into overlapping concentric circles.
- On lightly floured work surface, roll out dough to 11-inch (28 cm) circle. Drape loosely over rolling pin; unroll over apple mixture, tucking edge in between pan and apples. Cut 4 steam vents in centre of dough.
- Bake in 425F (220C) oven for 10 minutes. Reduce heat to 375F (190C); bake until crust is golden, 20 to 25 minutes. Let cool in pan on rack for 5 minutes.
- Invert heatproof platter over tarte. Wearing oven mitts, turn pan upside down onto platter; carefully lift away pan. With spatula, remove any apples stuck to pan and arrange over tarte. Spoon any pan syrup over top; let cool for 5 minutes before serving.
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