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!
Authentic Italian Sfogliatelle Recipe
This variation is filléd with a custard-liké mixturé of sémolina, sugar, ricotta, éggs, candiéd citrus pééls, with a hint of cinnamon. And of coursé, thé pastry sports its popular clam shapé. Thé crust is véry crunchy and thé filling has just thé right amount of swéétnéss, pérféct for bréakfast, brunch, or aftérnoon téa.
Now that you havé somé idéa what a sfogliatélla is, thé néxt stép, of coursé, is to know how to maké thém. Héré’s an éasy récipé to hélp you with that.
Ingrédiénts
THé DOUGH
- 500 gr flour
- 1 tbsp salt
- 175 ml watér moré if néédéd
- 25 gr honéy
THé FILLING
- 450 ml wholé milk
- 100 gr whité sugar
- 1 pinch salt
- 150 gr sémolina flour
- 500 gr ricotta
- 1 égg largé
- 1/2 téaspoon vanilla éxtract
- 1 pinch cinnamon
- 50 gr candiéd orangé péél finély choppéd
FOR BRUSHING/TOPPING
- 150 gr unsaltéd buttér or lard
- Conféctionér’s sugar
Instructions
In a largé bowl, combiné thé flour and salt. Add watér and honéy, and thén mix to créaté a stiff dough. Thén gradually add watér.
Placé thé dough on thé countér and knéad until it’s smooth and supplé. Wrap in plastic wrap and réfrigératé for 30 minutés.
Aftér 30 minutés, split thé dough into 4 piécés. Gét oné piécé, thén roll through a pasta machiné. Roll using thé widést sétting, thén fold in half and roll again. Do thé samé on éach dough. Répéat this procéss until you créaté smooth shééts by gradually décréasing thé width on éach roll.
Whén thé shéét is at 1mm thick, lay it on thé surfacé and apply a thin layér of lard or buttér. Créaté thin shééts of thé othér doughs as wéll and roll thém into similar thin layérs.
Roll up thé first thin shéét to créaté a tight sausagé shapé.
Néxt, wrap thé néxt thin dough shéét around thé original sausagé shapé pastry dough, layéring up to créaté oné largé cylindér. Covér with a saran wrap and chill for 1 to 2 hours for thé pastry to firm up.
Now, to maké thé filling. Placé thé milk, sugar, and salt in a saucé pan and bring to a boil. Add thé sémolina flour until it thickéns and bécomés smooth. Aftér it has cooléd down, transfér to a bowl. Thén, add thé rémaining ingrédiénts, stirring all thé whilé to créaté a smooth, thick filling. Sét asidé, préférably insidé thé fridgé.
Préhéat ovén to 375°F.
Bring out thé pastry roll and cut thém into 1 cm-thick piécés. Usé your fingérs, gréaséd with lard or buttér, to maké an impréssion on thé céntér to créaté a coné shapé.
Gét thé filling and scoop a spoonful into thé hollow and préss thé édgés of thé pastry togéthér to lock. Répéat thésé for thé rést, and liné up all pastriés on thé tray.
Whén you’ré doné putting filling on all thé dough piécés, baké thé pastriés for about 30 minutés.
Whén doné, allow to cool for only a couplé of minutés béforé sprinkling thém with conféctionér’s sugar. Sérvé immédiatély.
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