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!
Rustic Raspberry Lemon Cheesecake Tart
Rustic Raspberry Lemon Cheesecake Tart
Rustic Raspberry Lemon Cheesecake Tart
Ingredients:
- 1 sheet puff pastry, thawed but still cold
- 4 oz. cream cheese, softened
- 1/3 cup sugar, plus more for sprinkling
- 2 Tbsp. heavy cream
- 1/3 cup lemon curd, homemade or store-bought
- 1 pint raspberries
- 1/4 cup seedless raspberry jam, warmed
- Powdered sugar
Directions:
For the tart:
- Preheat oven to 425° F. Line a baking sheet with parchment paper or a Silpat baking mat. Unfold the thawed out puff pastry on a lightly flour dusted area and gently roll into a 10x11 inch rectangle. Carefully transfer to your baking sheet.
- Brush edges with a little bit of water and fold over all 4 sides to create a lip. Using a fork, poke holes all over the center of your tart. Gently brush the entire tart with an egg wash and sprinkle about 2 tsp. of sugar over the center. Bake until golden brown, about 15-20 minutes. Remove from oven and carefully with the back of a spoon press the center back down if it has puffed. Transfer to a wire rack to cool.
For the filling:
- In a bowl combine softened cream cheese and sugar. Mix with a hand-mixer or by hand until smooth and the sugar is well incorporated. Add the heavy cream and mix for about 1 minute. Fold in the lemon curd.
To assemble the tart:
- Carefully spread your lemon cheesecake mixture over the center of your cooled tart crust. Arrange berries decoratively over the curd and drizzle with the warmed jam. Dust the tart with powdered sugar.
Notes:
This tart is best made and eaten on the same day. You can prepare the tart along with the cheesecake filling ahead of time. Refrigerate the filling and assemble the tart right before eating.
Other berries would be lovely as well. I bet blueberries, strawberries, blackberries or a combination would also be great!
A Susi's Kochen und Backen Original Recipe
recipe source:
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