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!

GRAPEFRUIT GINGERSNAP PIE

I had my first perfect tangerine of the season the other day, and that kick started my annual love affair with citrus.  Citrus fruit is endlessly inspiring to me as an eater and as a cook.  I love those juicy flavors and cheery colors, I love all the new varieties that have come out lately, and I love that it bursts into season in the dead of winter.  Who cares that we can’t have ripe tomatoes or masses of backyard basil right now ~ we’ve got bright juicy citrus!

This pie starts with an unusual gingersnap walnut crumb crust ~ it’s sweet and spicy at the same time, and so good that I’m always on the lookout for an excuse to make one.  It’s just as easy to make as a regular crumb crust, but the flavor is so much better.   You can crush any crisp gingersnap cookie you like, but I’m partial to the super thin ones from Sweden.   If you can’t find them, most stores carry some type of gingersnap year round.

Ingredients

crust

  • 5 ounces gingersnaps
  • 1 cup walnuts
  • 3 Tbsp brown sugar
  • 4 Tbsp butter, melted

filling
  • 1 cup sugar
  • 4 Tbsp cornstarch
  • pinch of salt
  • 4 egg yolks
  • 1 1/2 cups freshly squeezed pink or ruby red grapefruit juice, (not bottled!) strained to remove seeds and pulp
  • 1/4 cup freshly squeezed lemon juice
  • tiny drop of pink gel food coloring
  • 5 Tbsp butter, cut in 5 pieces


Instructions

  1. Preheat oven to 350F
  2. Put the gingersnaps in a food processor and process until they are fine crumbs (This should be about a heaping cup, in case you're using ready made crumbs) Add the walnuts, and sugar and process again until everything is finely ground. Add the butter and process briefly to combine.
  3. Pat the crust into a 9 inch pie plate, and up the sides. Bake for 10-12 minutes. Set aside to cool.
  4. Put the sugar, cornstarch, salt, and egg yolks in a saucepan with a heavy bottom and whisk to combine and break up the yolks. Whisk in the juices and add the tiniest bit of food coloring to enhance the pink tone. Less is more when it comes to the coloring, and the pink will deepen as the curd thickens.
  5. Heat the mixture on medium heat, whisking or stirring constantly, until it comes to a boil. Boil for one minute exactly (set the timer.)
  6. Take off the heat and whisk in the butter pieces, the mixture will be thick and glossy.
  7. Strain the curd though a mesh strainer if you like, the step is optional, but will remove any little bits of curdled egg. Fill the pie shell immediately, the curd will start to set fairly quickly.
  8. Let cool and then refrigerate, uncovered, at least 4 hours to let it fully chill and firm 

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