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!
Mousseline Cream, Fancier Than Pastry Cream
Crème mousseline, mousseline cream – now I’m eating this and I’m loving it!
What cream do you use for your cream puffs? Pastry cream or whipped cream? Now here goes an alternative for your cute little puffs: mousseline cream. It’s much more gourmet, glorified pastry cream which is used for desserts at better restaurants and cafes in Paris. Cream mousseline can be used for cream puffs, roll cakes, fraisier, mille-feuille, etc. In Paris when I buy a mille-feuille at a bakery, I expect pastry cream filling. When I order a mille-feuille at Cafe de la Paix, I expect cream mousseline filling with real vanilla bean. Mousseline cream is more for resaurants and there is a good reason. Unlike pastry cream cream mousseline is very delicate with uncooked butter in it. It should be kept in the refrigerator and consumed in 24 hours. And here goes how to make mousseline cream.
Today I’m using pure vanilla extract and I will explain in the note below how to use a real vanilla bean for mousseline cream. First, warm milk in the pan. Cream egg yolks and sugar. Then sift in flour and whisk to combine. Finally mix in vanilla and a pinch of salt.
To lighten up the egg yolk mixture, pour 1/4 of the warm milk into the bowl. The milk should be just warm, not hot. If the milk is boiling hot, then the egg yolk will be cooked. So be careful. Now stir in the cream mixture into the warm milk. And whisking constantly and thoroughly, bring into a boil. Whisking is very important to make homogeneous cream without lumps. The cornstarch
will be cooked first, then flour. So patiently and rigorously whisk until the cream thickens.
Out of heat, add in half of the butter and combine. Then transfer to a heat-proof bowl and let cool. When it’s cooled to room temperature, whisk in softened butter until smooth.
Need some delicious filling for your cream puffs, donuts, cake, etc? Here goes French “mousseline cream.” Enjoy!
Ingredients
- 2 cups milk (480ml)
- 4 egg yolks
- ⅓ cup + 1 tablespoon granulated sugar (80g)
- ¼ cup all-purpose flour (30g)
- ¼ cup cornstarch (30g)
- 2 teaspoons pure vanilla extract
- A pinch of salt
- ⅓ cup unsalted butter (75g)
- ⅓ cup unsalted butter, softened (75g)
Instructions
- In a thick bottom sauce pan warm 2 cups of milk over low heat.
- In a bowl cream egg yolks and granulated sugar. Sift in all-purpose flour and cornstarch. Whisk until smooth. Finally stir in vanilla and a pinch of salt.
- Pour only ¼ of warm milk into (2) and whisk to combine. Then pour the cream in the pan of the warm milk.
- Over medium heat bring it to a boil whisking constantly. When it starts to boil, whisk continually until the cream thickens.
- Out of heat stir in ⅓ cup of unsalted butter. Mix until combined. Transfer to a heat-proof bowl and let cool.
- Meanwhile cream ⅓ cup of softened butter. When the cream is cooled to room temperature, add in the butter. Whisk until smooth.
Notes
If you want to use a vanilla bean, with a sharp knife, split the bean in half lengthwise. Use the tip of the knife to scrape as many of the seeds as possible from the pod. And add the beans in the milk (1).
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