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!

COZY AUTUMN WILD RICE SOUP




This Cozy Autumn Wild Rice Soup is wonderfully creamy and comforting. See tips above for how to modify this recipe to be gluten-free and/or vegan, if you prefer.

INGREDIENTS:

6 cups vegetable stock (or chicken stock)
1 cup uncooked wild rice*
8 ounces baby bella mushrooms, sliced
4 cloves garlic, minced
2 medium carrots, diced
2 ribs celery, diced
1 large (about 1 pound) sweet potato, peeled and diced
1 small white onion, peeled and diced
1 bay leaf
1 1/2 tablespoon Old Bay seasoning
3 tablespoons butter
1/4 cup all-purpose flour
1 1/2 cups milk
2 large handfuls of kale, roughly chopped with thick stems removed
Kosher salt and freshly-cracked black pepper

DIRECTIONS:

INSTANT POT (PRESSURE COOKER) METHOD:
Combine vegetable stock, wild rice, mushrooms, garlic, carrots, celery, sweet potato, onion, bay leaf and Old Bay seasoning in the bowl of an Instant Pot pressure cooker. Stir briefly to combine.
Cover and set vent to “sealing”. Cook on manual (high pressure) for 25 minutes. Let the Instant Pot rest there for an extra 10 minutes (natural release). Then carefully turn the vent to “venting” and release the remaining pressure (quick release). Remove lid and discard the bay leaf.
Meanwhile, during those final 10 minutes of pressure cooking, prepare your cream sauce on the stove. In a medium saucepan, cook the butter over medium-high heat until melted. Whisk in the flour until combined, and cook for 1 minute. Gradually add in the milk, and whisk until combined. Continue cooking, stirring frequently, until the mixture nearlycomes to a simmer and has thickened. (It should be very thick.)
Add the cream sauce and kale to the soup, and stir gently until combined. Taste and season with salt and pepper (plus any extra Old Bay seasoning, if you would like) as needed.
Serve warm. Or transfer to sealed container(s) and refrigerate for up to 4 days.
CROCK-POT (SLOW COOKER) METHOD:
Combine vegetable stock, wild rice, mushrooms, garlic, carrots, celery, sweet potato, onion, bay leaf and Old Bay seasoning in the bowl of a large slow cooker. Stir briefly to combine.
Cook on high for 4 hours or on low for 8 hours, until the rice is cooked and tender.
Meanwhile, during those final 10 minutes of slow cooking, prepare your cream sauce on the stove. In a medium saucepan, cook the butter over medium-high heat until melted. Whisk in the flour until combined, and cook for 1 minute. Gradually add in the milk, and whisk until combined. Continue cooking, stirring frequently, until the mixture nearly comes to a simmer and has thickened. (It should be very thick.)
Add the cream sauce and kale to the soup, and stir gently until combined. Taste and season with salt and pepper (plus any extra Old Bay seasoning, if you would like) as needed.
Serve warm. Or transfer to sealed container(s) and refrigerate for up to 4 days.

STOVETOP METHOD:

Heat (an extra) 1 tablespoon butter in a large stockpot over medium-high heat. Add onion and sauté for 5 minutes, stirring occasionally, until soft and translucent. Stir in the garlic and cook for an additional 1-2 minutes, stirring occasionally, until fragrant.
Add in the vegetable stock, wild rice, mushrooms, carrots, celery, sweet potato, bay leaf and Old Bay seasoning. Stir to combine.
Continue cooking until the soup reaches a simmer. Then reduce heat to medium-low, cover and simmer for 45 minutes, or until the rice is tender, stirring occasionally.
Meanwhile, during those final 10 minutes, prepare your cream sauce in a separate saucepan on the stove. In it, cook the butter over medium-high heat until melted. Whisk in the flour until combined, and cook for 1 minute. Gradually add in the milk, and whisk until combined. Continue cooking, stirring frequently, until the mixture nearly comes to a simmer and has thickened. (It should be very thick.)
Add the cream sauce and kale to the soup, and stir gently until combined. Taste and season with salt and pepper (plus any extra Old Bay seasoning, if you would like) as needed.
Serve warm. Or transfer to sealed container(s) and refrigerate for up to 4 days.


*As mentioned above, if you would like to skip making the cream sauce (butter, flour, milk), feel free to just add in a can of full-fat coconut milk instead. It’s dairy-free and vegan, and absolutely delicious in this recipe!

*I used 100% wild rice (not a blend), which I love and recommend for this soup. Cooking time may vary if you use a wild rice blend.

*Recipe edited from the original to make the milk/butter roux slightly less thick, per reader requests. Enjoy!

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