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!

Spicy Lime Jalapeno Chicken Soup


This is not only the perfect solution for healthy weeknight dinners (and I like to pack extras to take to the office for lunch)it has also been quite popular for Sunday football as well! This is another VERY popular recipe from the archives here on the blog, so I wanted to make a video of it to jog your memory on what an awesome recipe it is, and how easy it is to pull together!

The spice, the lime and the garlic make the chicken and beans so incredibly flavorful. I mean, it is really so good that I could eat a gallon of this stuff! I know you are going to love it too, and it will be just the thing as we head into hibernation weather!


Recipe: Spicy Lime Jalapeno Chicken Soup

Ingredients
3 tablespoons olive oil
1 large yellow onion, roughly chopped
3 garlic cloves, roughly chopped
1-2 jalapeno’s thinly sliced (depending how spicy you like it!)
1 whole raw chicken
2 cans white beans, rinsed and drained
8 cups chicken broth
1 lime
kosher salt
1 fresh jalapeno, thinly sliced
freshly chopped cilantro
1 lime, cut into wedges

Instructions
In a large pot, heat the olive oil over medium high heat and then add the onions, garlic and jalapeno. Sprinkle with salt and saute 5 to 7 minutes until soft and tender and only lightly browned. Add the whole chicken to the pot. Add the chicken broth to the pot and put a lid in the pot. Turn the heat to low and let simmer for 60 minutes.
Remove the chicken from the pot and transfer it to a large bowl or pan. Transfer the broth with the onions, garlic and jalapeno to the jar of a blender (you may have to do this in batches) and puree on high until smooth. Pour the broth back into the pot and add the fresh lime juice and the beans.
Remove all of the chicken meat from the bones and skin of the chicken. Shred the meat and add it to the soup. Stir everything together and season to taste with kosher salt. Bring the soup to a simmer and serve hot with some fresh jalapeno slices, a sprinkle of fresh cilantro and a lime wedge.

Preparation time: 15 minute(s)

Cooking time: 75 minute(s)

Number of servings (yield): 8


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