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!
GLUTEN-FREE LEMON CURD TART WITH BERRIES
This luscious lemon curd tart is gluten-free, dairy-free, and refined sugar-free! It’s made with a tender almond flour crust and garnished with fresh mixed berries.
There’s no need to skip pie, just because you’re avoiding gluten. This luscious Lemon Curd Tart recipe makes a special dessert that everyone loves, whether they’re following a gluten-free diet, or not. With no dairy products or refined sugar, it’s a dessert that all your guests can safely enjoy!
This luscious lemon curd tart is gluten-free, dairy-free, and refined sugar-free! It's made with a tender almond flour crust and garnished with fresh mixed berries.
Ingredients
- Almond Flour Crust
- 1 cup Superfine Almond Flour
- 1 cup oat flour certified gluten free, if necessary
- 1/4 cup coconut oil, melted (or grass-fed butter)
- 3 tbsp maple syrup
- Lemon Curd
- 1 tbsp Meyer lemon zest
- 3 eggs
- 1/3 cup honey
- 1/2 cup freshly squeezed Meyer lemon juice OR you can use regular lemons
- 6 tbsp coconut oil or grass-fed butter
- fresh berries for garnish
Instructions
- Preheat oven to 350°F. Line the bottom of a 13" x 4" oblong tart pan with a removable bottom with parchment paper and grease the sides. Alternatively, use a 9" round tart pan with a removable bottom, line and grease.
- Combine superfine almond flour and oat flour and stir in melted coconut oil (or butter) and maple syrup until well blended.
- Transfer to tart pan. Press firmly into the bottom of the pan and up the sides, as evenly as you can
- Prick all over with a fork. This will allow the steam to escape and prevent the crust from puffing up while it bakes
- Transfer to oven and bake for 10 - 12 minutes or until golden. Edges will begin to brown slightly. Remove and let cool completely before adding filling.
- Lemon Curd
- Zest the lemons. While Meyer lemons have a wonderful flavour, you can certainly use regular lemons in this recipe. If using Meyer lemons (which are often smaller) you may need 2 to get enough zest. Squeeze the juice, measure 1/2 cup and set aside.
- Whisk the eggs in a medium saucepan with a heavy bottom. Whisk in the honey and lemon zest.
- Set over low - medium heat and whisk constantly until mixture is pale yellow and slightly thickened. If you have the heat too high, the eggs will start to cook too soon and become lumpy. But don't despair--If this happens, just turn the heat down, keep stirring and you'll be able to strain out the solids later. Be patient. This takes a while.
- Stir in the lemon juice and the coconut oil (or butter), one tablespoon at a time. Keep stirring to prevent it from scorching on the bottom. Continue to cook and stir until the mixture has thickened and is just beginning to bubble. You'll think it will never happen . . . but it will. Don't let it boil.
- Remove from heat and strain through a sieve. Don't skip this step. You'll be surprised at the solids that remain in the sieve. If not using right away, store in glass jars, covered, in the refrigerator. The lemon curd will thicken as it cools.
- Pour slightly cooled lemon curd into the prepared crust, smoothing to the edges. Garnish with fresh berries and chill until serving time. Cut into 6 pieces and serve.
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