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!
BOMBOLONI {ITALIAN DOUGHNUTS}
BOMBOLONI {ITALIAN DOUGHNUTS}
Bomboloni are irresistibly light and delicious Italian doughnuts that are fried, coated in granulated sugar, and traditionally stuffed with pastry cream.
Happy Monday! A new crazy week has begun, and really the only consolation I can give you is doughnuts! More specifically, Bomboloni, which are these absolutely mind-blowing Italian doughnuts. These are completely homemade and easier than you’d think! The only problem, as usual, is patience. You have to give these babies enough time to rise so that they become light, fluffy, sugary clouds. Sooooo good. And SO worth the wait!
INGREDIENTS
- 250g (2 cups) bread flour
- 250g (2 cups) all-purpose flour
- 75g (heaping ⅓ cup) granulated white sugar
- 100g (7 tbsp) unsalted butter, at room temperature
- 20g fresh cake yeast or 1 package (7g) dry instant yeast
- 7g (1½ tsp) salt
- 150g (3) whole large eggs
- 40g (2) egg yolks
- 110g (1/2 cup) lukewarm water
- zest of 1 orange
- 1 tsp vanilla extract
- granulated sugar, for coating
INSTRUCTIONS
- First, dissolve the yeast in the lukewarm water, and allow it to sit until it blooms.
- In the bowl of a stand mixer fitted with a dough hook, combine all ingredients except for one of the whole eggs, and beat on medium speed for 5 minutes, then high speed for 5 more minutes.
- Add in the remaining egg, and beat on medium speed until a smooth and elastic dough forms {you may have to add a little more flour if it seems too sticky}.
- Knead by hand for a couple of minutes, then place the dough in a large, lightly oiled bowl, cover with plastic wrap, and allow to rise in a warm place for at least 2 hours until tripled in size.
- After the first rise, lightly knead the dough, roll it out to 1.5 cm/0.5 inch thickness, and cut out rounds. I found a regular water glass to be the perfect size!
- Transfer all your rounds to baking sheets lined with wax paper, spray lightly with water, and cover with plastic wrap or a tea towel. Allow the bomboloni to rise another hour and a half until they triple in size once more.
- When ready to fry, heat vegetable oil in a large, deep pan to a temperature between 170-180C {a frying thermometer comes in handy}.
- Fry the bomboloni a few at a time, making sure to not crowd the pan. Fry them for about 3 minutes on each side, until they are golden brown, then drain off the excess oil, and set them on a wire rack to cool.
- While they are still warm, pour some granulated sugar in a small bowl, and roll the bomboloni around until completely coated in the sugar.
- Fill as desired {I have included a link to the chantilly cream below}, and enjoy!
*NOTE* I have read that you can also bake these at 350F for about 20 minutes instead of frying (but I have not personally tried it).
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