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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!

Red Chile and Orange Glazed Turkey





Spice up this year's turkey—frozen or fresh—with a zesty red chile and orange glaze.
YIELDS:12 - 14 servings
PREP TIME:1 day 2 hours 50 mins
COOK TIME:0 hours 40 mins
TOTAL TIME:1 day 3 hours 30 mins
INGREDIENTS
Red Chile and Orange Glazed Turkey
1 18-pound turkey
1 c. unsalted butter (2 sticks), at room temperature
Kosher salt and freshly ground black pepper
1 recipe Turkey Brine
Red Chile and Orange Glaze
Turkey Brine
1/2 c. sugar
1/2 c. Kosher salt
1 qt. white vinegar
4 bay leaves
1/4 c. black peppercorns
4 qt. Ice
1/2 c. whole-grain or Dijon mustard
Red Chile and Orange Glaze
2 (2-ounce) bags dried New Mexican red chiles, stemmed, seeded, and rinsed
1/4 tsp. cocoa powder
3/4 tsp. dried oregano
1/4 c. chopped onion
1 bay leaf
1 garlic clove, chopped
1 tsp. fresh lemon juice
2 c. fresh orange juice
Kosher salt
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DIRECTIONS

Brine turkey for 24 hours: Bring 3 quarts water to a boil in a large pot. Stir in sugar and salt until dissolved. Add vinegar, bay leaves, and peppercorns and remove from heat. Add ice to cool the mixture. Stir in mustard until dissolved.
Remove turkey from brine and pat dry thoroughly with paper towels. Discard brine.
Preheat oven to 375°F with the rack in the lowest position. Place turkey in a roasting pan fitted with a rack. Loosen the skin and rub butter underneath and on the outside of the skin, dividing evenly. Season with salt and pepper. Roast for 30 minutes.
Reduce oven to 325°F and roast 1 1/2 hours. (Tent breasts with oiled aluminum foil if they become too dark.)
Make glaze: Preheat oven to 350°F. Place chiles on a rimmed baking sheet. Roast until slightly dried and toasted, 8 to 10 minutes. Transfer to a bowl and cover with water; cover bowl with plastic wrap. Soak until soft, turning once, 30 to 35 minutes. Reserve 3/4 cup soaking liquid; drain chiles. Blend chiles and reserved liquid, in batches, until smooth, 1 to 2 minutes. Strain into a large saucepan, pressing to release as much liquid as possible. Add cocoa powder, oregano, onion, bay leaf, garlic, lemon juice, and 1/4 teaspoon salt. Bring to a boil over medium-high heat. Reduce heat and simmer, stirring often, 20 minutes. Cool completely. Strain through a fine-mesh sieve; discard solids. Meanwhile, cook orange juice in a medium saucepan over medium heat until thick and syrupy, 20 to 30 minutes. Whisk in reserved red chile sauce, 1 tablespoon at a time, until smooth and thick. Remove from heat.
Continue roasting, glazing twice with Red Chile and Orange Glaze, until an instant-read thermometer inserted in thickest part of thigh registers 165°F, 25 to 30 minutes.
Gently tilt turkey to release juices from cavity into the pan. Transfer turkey to a cutting board; rest at least 30 minutes before carving.
Scrape browned bits from bottom of the pan and transfer, along with pan juices, to a large straight-sided skillet; reserve.


Tip: Finding space to brine the turkey is the biggest challenge. A large cooler works well if you don’t have room in the fridge. Line the bottom of the cooler with ice or ice packs. Place a large bag into the cooler that can fit the whole turkey and will not leak. Place the turkey in the bag and pour the cooled brine over to cover. Cinch the bag to remove any air and to help completely cover the turkey with brine. Add ice to the cooler as needed to keep cold.

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