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 French Apple Tart

Like an apple pie without the pan, this French apple tart consists of a thin layer of cinnamon-scented apples atop a buttery, flaky crust.

When we think of French desserts, we usually imagine fancy pâtisseries with pyramids of pastel-colored macarons and glossy fruit tarts. But when the French bake at home, they keep it simple. One of my favorite food writers, Dorie Greenspan, wrote of her time living in France: “No matter how chic the hostess, her homemade dessert invariably looked as rustic as if it had come from a farmhouse grand-mère.”

The recipes are often centuries old and passed down through the generations. In fact, the recipes are so tried and true, she writes, “many French women make them without recipes, or au pif.” This free-form French apple tart is something the French might throw together au pif, or by feel. Like an apple pie without the pan, it consists of a thin layer of cinnamon-scented apples atop a buttery, flaky crust.

Like an apple pie without the pan, this French apple tart consists of a thin layer of cinnamon-scented apples atop a buttery, flaky crust.

INGREDIENTS:
FOR THE CRUST

  • 1-1/2 cups all-purpose flour, spooned and leveled
  • 1/2 teaspoon salt
  • 2 tablespoons granulated sugar
  • 1-1/2 sticks (12 tablespoons) very cold unsalted butter, cut into 1/2-inch pieces
  • 1/4 cup very cold water

FOR THE FILLING

  • 1-3/4 lbs baking apples (3 large)
  • 1/3 cup sugar
  • 1 teaspoon vanilla extract
  • 1 teaspoon cinnamon
  • 2 tablespoons unsalted butter, melted
  • 1/8 teaspoon salt

FOR ASSEMBLING & BAKING

  • 1 tablespoon all purpose flour
  • 1 egg, beaten
  • 2 tablespoons turbinado sugar
  • 1 tablespoon apricot jelly or jam, optional for glaze


INSTRUCTIONS:

  1. Make the crust: Line a baking sheet with parchment paper. In a food processor fitted with the steel blade, combine the flour, salt and sugar. Pulse briefly to combine. Add the cold butter and process just until the butter is the size of peas, about 5 seconds. Sprinkle the ice water over the mixture and process just until moistened and very crumbly, about 5 seconds. Transfer the dough to a lightly floured work surface and knead a few times, just until it comes together into a cohesive ball. Pat the dough into a disk. Flour your work surface again and dust the dough with flour, as well. Using a rolling pin, roll into a circle 8 to 10 inches in diameter, turning and adding more flour as necessary so the dough doesn’t stick. Transfer the dough to the parchment-lined baking sheet and refrigerate while you prepare the filling (you’ll roll the dough out further on the parchment paper so go ahead and clean your work surface).
  2. Make the Filling: Peel, core, and cut the apples into 1/8-inch-thick slices (you should have about 4 cups) and place in a large bowl. Add the sugar, vanilla, cinnamon, melted butter, and salt; toss to combine.
  3. Take the dough from the fridge and slide the parchment paper onto the countertop. Roll the dough, directly on the parchment paper, into a 14-inch circle about 1/8 inch thick. It’s fine if the edges are a little ragged. Place the parchment and dough back on the baking sheet – the pastry should curve up the lip of the pan.
  4. Assemble the tart: Sprinkle the flour evenly over the pastry. Arrange the apple slices on top in overlapping concentric circles to within 3 inches of the edge. Don’t worry about making it look perfect! It doesn’t make much difference in the end and you don’t want the dough to get too warm. Fold the edges of the dough over the apples in a free-form fashion, working your way around and creating pleats as you go. Patch up any tears by pinching a bit of dough from the edge.
  5. Using a pastry brush, brush the pleated dough evenly with the beaten egg. Sprinkle half of the turbinado sugar over the top crust and half over the fruit. Chill the assembled tart in the fridge for 15 to 20 minutes.
  6. Meanwhile, preheat the oven to 350°F and set an oven rack in the center position.
  7. Bake for 55 to 65 minutes, or until the apples are tender and the crust is golden and cooked through. (It’s okay if some of the juices leak from the tart onto the pan. The juices will burn on the pan but the tart should be fine -- just scrape any burnt bits away from the tart once it’s baked.) Transfer the pan to a rack and let cool.
  8. While the tart cools, make the optional glaze. In a small bowl, mix the apricot jam with 1-1/2 teaspoons water. Heat in the microwave until bubbling, about 20 seconds. Using a pastry brush, brush the apples with the apricot syrup.
  9. Use two large spatulas to transfer the tart to a serving plate or cutting board. Slice and serve warm or at room temperature. The tart is best served on the day it is made, but leftovers will keep, loosely covered on the countertop, for a few days.
  10. Make Ahead: The dough can be made up to 3 days in advance and refrigerated. Allow it to sit at room temperature for about 15 minutes or until pliable before rolling.
  11. Freezer-Friendly Instructions: The assembled tart may be frozen for up to 3 months. To freeze, place the baking sheet in the freezer until the tart is frozen, then wrap tightly. (Wait until right before baking the tart to brush the beaten egg and sprinkle the sugar onto the crust.) Bake directly from the freezer. (It may take a few extra minutes to bake from frozen.)


Recipe Adapted From Rustic French Apple Tart

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