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!
LEMON TARTLETS WITH LEMON CURD
LEMON TARTLETS WITH LEMON CURD
An easy recipe for lemon tartlets with lemon curd. Sweet pastry shells make the perfect container for the best lemon curd ever – it’s so silky and smooth.
With our backyard lemon tree making meyer lemons faster than we can pick them, everyone also got a handful of lemons as a parting gift. With multiple lemon desserts and these parting gifts, I probably overdid it a bit. Luckily I didn’t hear any complaints!
Pretty lemon tartlets with the best lemon curd you’ve ever had! Definitely a crowd pleaser as an appetizer or dessert at your next party!
INGREDIENTS
For the tart dough:
- 1 1/3 cups (166 grams) all purpose flour
- 1 stick (115 grams) cold unsalted butter, cubed
- 1/4 cup granulated sugar
- pinch of salt
- 1 egg yolk
For the lemon curd: (makes extra, about 1 1/2 cup in total)
- 1/3 cup lemon juice, about 2 lemons
- 2 large eggs
- 1 egg yolk
- 1/2 cup sugar
- 2 tablespoons chilled unsalted butter, cut into 1/2-inch cubes
- 1 tablespoon heavy cream
- 1/4 teaspoon vanilla extract
- pinch table salt
- Berries for serving (optional)
Special supplies:
- Mini muffin tin
- Circle cookie cutter
INSTRUCTIONS
Make the tartlets:
- Cut the butter into the flour until the mixture resembles course breadcrumbs.
- Stir in the sugar, then add the egg yolk until just combined. Use your hands to work the mixture into a dough.
- Roll the dough out on a floured surface.
- Cut the pastry into rounds with a cookie cutter and press into mini muffin tins. Optional :: Use a fork to make the crust design you see in the photos. Freeze for 30 minutes.
- Bake at 350° F for 20 minutes or until golden. Set aside to cool.
Make the lemon curd:
- Heat lemon juice over medium heat until hot but not boiling.
- Meanwhile, whisk eggs and yolk in a medium bowl. Gradually whisk in the sugar. While whisking, slowly pour hot lemon juice into the eggs. Return to saucepan and cook over medium heat. Stir constantly with a wooden spoon until mixture registers 170° Fahrenheit and coats the back of a spoon.
- Remove pan from heat and stir in butter. Once melted, stir in cream, vanilla, and salt. If the curd didn’t come together and thicken, simply return to heat and cook a bit longer, stirring constantly, until it thickens.
- Curd can be stored in an airtight container in the fridge for up to a week, just cover with plastic wrap to prevent it from drying out.
Assemble the lemon tartlets:
- Spoon the lemon curd into each tartlet shell.
- Top each tartlet with a berry (optional) and serve.
