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!

The Best Wine for Making a Mimosa Cocktail

The Best Wine for Making a Mimosa Cocktail
Use a dry sparkling wine, not sweet. We usually will spend $12 to $15 on the sparkling wine we add to our mimosas. Your best bet is to look for “Cava,” which comes from Spain or an American sparkling wine that’s around $15. A dry Prosecco is a great option, too. Unless you’ve found something you absolutely love, don’t go lower than $10 as that could lead to headache central.
The Orange Juice
If you can swing it, use freshly squeezed orange juice. We know it seems a little over the top, but when you consider half of the drink is made from juice, you want the best. Freshly squeezed OJ is a little lighter, a bit tart and more delicate than anything you can find in the store. With that said, when we’re in a pinch, we’ll use the “Simply” brand of orange juice.
YOU MAY ALSO LIKE: If you are looking for drinks for a crowd, our Classic Mojito Recipe is a perfect fit. You can make it for one or many. We love it so much, we’ve even shared our Fresh Blueberry Mojito, too.
The Ratio
A classic mimosa recipe calls for equal parts sparkling wine to orange juice. While we think this ratio tastes the best, if we’re serving a crowd for brunch, we do hold back the wine a little. There is also the option to add a splash of orange liqueur, such as Grand Marnier or triple sec. We’ll skip this and keep things a little lighter, but feel free to experiment yourself.
When you’re making a mimosa, always add the sparkling wine first, then top with orange juice. This way, the cocktail mixes together on its own and won’t make a sticky mess at the top of the glass. You don’t need to stir as this will cause the wine to become flat.
Keep The Wine and the Orange Juice Chilled
The absolute worst thing you can do to a mimosa is serve it warm. Keep the wine and orange juice (or oranges if you are planning to juice them yourself) in the refrigerator until you are ready to serve. Once you’ve poured everyone a drink, place everything back into the refrigerator until you’re ready for a second round.
How to Make The Best Mimosa Recipe
PREP 5 mins
TOTAL 5 mins

What’s better to serve at brunch than a fabulous mimosa cocktail made with dry sparkling wine and orange juice? It’s simple, fun and perfect to serve company. Use a dry sparkling wine, not sweet. We usually will spend $12 to $15 on the sparkling wine we add to our mimosas. Your best bet is to look for “Cava,” which comes from Spain or an American sparkling wine that’s around $15. A dry Prosecco is a great option, too.
Make 8 Servings

YOU WILL NEED
  • 1 (750 ml) bottle chilled dry sparkling wine
  • 3 cups (750 ml) chilled orange juice (freshly squeezed is best)
  • 1/2 cup (120 ml) Grand Marnier or triple sec, optional
DIRECTIONS
Fill 8 champagne flutes 1/2 full with chilled sparkling wine. Top with orange juice. If you are using, top mimosa with 1 tablespoon of Grand Marnier or triple sec.

ADAM AND JOANNE'S TIPS
  • To make 1 mimosa cocktail: In a champagne flute, combine 1/3 cup chilled sparkling wine, 1/3 cup chilled orange juice and 1 tablespoon Grand Marnier or triple sec.
  • Nutrition facts: The nutrition facts provided below are estimates. We have used the USDA Supertracker recipe calculator to calculate approximate values.
NUTRITION PER SERVING: 
Calories 156 /
 Protein 1 g / 
Carbohydrate 15 g / 
Dietary Fiber 0 g/ 
Total Sugars 9 g / 
Total Fat 0 g / 
Saturated Fat 0 g / 
Cholesterol 0 g
AUTHOR: Adam and Joanne Gallagher

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