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!
BLACKBERRY AND PEAR GALETTE WITH ROSEMARY
Those people who make beautiful pies I envy you. With even crusts and golden color, seriously I’m not bitter but pie making is an art. But making a galette is easy!
Making a galette will always be my way out of making a pie. Galette’s require no fuss and produce no drama, just crusty golden rustic looking slices. Keyword – “Rustic”
This leaves the door wide open as to how your finished galette will look. Slightly off on one side, rustic. A little cracked around the edges, rustic
BLACKBERRY AND PEAR GALETTE WITH ROSEMARY RECIPEA buttery flaky pastry crust filled with juicy blackberries, pears and fresh rosemary.
INGREDIENTS- 1 cup all-purpose flour plus extra for your work surface
- A pinch of salt
- 4 tablespoon sugar divided
- 6 tablespoons unsalted butter
- 3 tablespoons iced water
- 2 packs fresh blackberries 12oz each
- 1 small-medium sized pear. cut roughly into small cubes
- 1 teaspoon chopped rosemary
- 3 tablespoons milk
INSTRUCTIONS- Preheat your oven to 425 degrees F.
- Place the flour, salt and 1 tablespoons sugar into a bowl.
- Add the butter, cut into small pieces
- Break the butter up in the flour with your fingers or a pastry cutter until it's like the size of small peas.
- Add the iced water and gently mix until it all comes together.
- Place the dough in a zip lock bag and keep in the fridge for at least 30 minutes to relax.
- Add the blackberries, diced pear, 2 tablespoons sugar and rosemary to the bowl.
- Toss well coating the blackberries with the sugar and rosemary.
- Roll the dough out into a circle about 10 inches wide in diameter.
- Transfer the pastry carefully to a large baking tray with a piece of parchment paper.
- Place the blackberry mixture in a pile in the center of the pastry leaving a 2-inch border.
- Fold the border in towards the blackberries creating a break wall to stop the filling escaping.
- Using a pastry brush, glaze the pastry with some of the milk and sprinkle with the remaining tablespoon of sugar.
- Bake in the oven for 20 minutes and then reduce the heat to 375 degrees F.
- Bake for a further 40-45 minutes or until the galette crust is golden and the fruit is slightly bubbling.
- Let cool for 10 minutes before slicing.
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