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 Hand Pies
Strawberry Hand Pies
You know how inside of each Dove chocolate wrapper there is a ridiculously cheesy phrase? Ah, those are seriously the highlight of my day. I know they’re supposed to be uplifting and encouraging, but they are so incredibly trite that I cannot help but laugh.
This pie dough recipe is one that my aunt uses all of the time. It’s part butter, cream cheese, and flour. The cream cheese gives it a creaminess and unique flavor that sets it apart from a traditional butter crust. And I really love how the cream cheese flavor pairs with the strawberry filling.
Because of the cream cheese, the pie dough does need to be chilled for about 30-60 minutes. And, when rolling it out, it does need a good amount of flour or powdered sugar on the workspace to avoid the dough sticking to whatever surface you’re working on.
The therapy for it? Balancing it out with my coffee and comfort food addiction. The key to life is all about balance. That’s why today’s recipe is for hand pies. They’re smaller than a traditional piece of pie.
Strawberry Hand Pies
These easy strawberry hand pies have a cream cheese crust and are filled with homemade strawberry pie filling! This strawberry hand pie recipe is perfect for spring or summer dessert!
Ingredients
Dough 1 9-inch pie crust
- 1/2 c butter, softened
- 4 oz cream cheese, softened
- 1 c flour
- Filling
- 1 cup chopped strawberries
- 1/4 c sugar
- 1 tsp vanilla
- zest of half a lemon
- 2 Tbsp cornstarch
- 1 egg, beaten (for eggwash)
- Extra sugar for sprinkling
Topping
- Whipped cream, ice cream, or powdered sugar
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Instructions
- With a mixer, cream butter and cream cheese together until light and fluffy.
- Add in flour and mix just until dough comes together.
- Place dough in plastic wrap and chill for 30-60 minutes.
- Preheat oven to 350. Place parchment paper on a pan and set aside.
- On a floured or powdered sugared surface, knead the dough a couple of times until it is a nice round ball. Then, roll dough into a circle with a rolling pin, about 1/4" thick.
- Using a 3" biscuit cutter, cut out as many dough rounds as possible (about 5-6). Place dough rounds on sheet pan.
- Form the dough back into a ball, and roll out again. Cut out 5-6 more rounds. The recipe should yield 12 dough rounds, so keep repeating this step until you have 12 rounds (because of the cream cheese in the dough, it will not get tough or overworked like traditional pie dough).
- In a small bowl, gently combine chopped strawberries, sugar, vanilla, lemon zest, and cornstarch.
- Fill each pie round with 1-2 Tbsp of filling.
- Take one side of the dough and pull it over the filling. Use a fork to crimp the edges together and poke an air hole at the top of the pie. Do for all pies.
- Brush each pie with eggwash. Sprinkle with white sugar.
- Bake for 30-35 minutes or until pie is golden brown.
- Sprinkle with powdered sugar, ice cream, or whipped cream.
- Enjoy!
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