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!

Lobster Tails With Honey Garlic Butter White Wine Sauce

Lobster Tails With Honey Garlic Butter White Wine Sauce Recipe
Broiled Lobster Tails with Honey Garlic Butter White Wine Sauce is a fancy, classy and best of all EASY to make recipe. Ready in under 20 minutes, let the oven do all the cooking for you! Full of flavour, there's no need to go to a restaurant for chef-tasting, slightly charred lobster tails!


Ingredients

  • 4 6oz (170g) lobster tails
  • 1/2 a small onion cut into 4 wedges
  • 1/2 cup unsalted butter
  • 1/3 cup white wine
  • 1/4 cup honey
  • 6 large cloves garlic crushed
  • 1-2 tablespoons fresh lemon juice (adjust to your taste)
  • 1 teaspoon salt or to taste
  • Cracked pepper to taste
  • Lemon slices to serve
  • 2 tablespoons fresh chopped parsley

Instructions

  1. Position a rack in the middle of the oven (4-6 inches from heat element). Preheat broiler and line a baking tray / sheet with foil.
  2. Thaw out lobster tails, if frozen, in a pot of cold water for 30 minutes or more, until fully thawed. Rinse and pat dry with paper towels. 
  3. In a small saucepan, melt the butter over medium heat. Add the garlic and sauté until fragrant (about 1 minute), then add the white wine. Allow to simmer and let reduce slightly (about 2-3 minutes), then add the honey, lemon juice, salt and pepper. Whisk until the honey has melted through the butter and the mixture is well combined. Set aside.
  4. Using sharp kitchen shears, cut the top shell down the centre of the back to the end of the tail, leaving tail fan intact. Remove vein or shell shards, if any. Run your finger between the meat and the shell to loosen it. Spread the meat slightly open. Pull and lift the lobster meat off of the bottom of the shell, being careful not to pull the tail out completely. Place an onion wedge beneath the meat (between the meat and the shell).
  5. Place lobster tails, meat side up, on baking sheet. Set aside. Sprinkle each lobster with a pinch of salt and a little pepper (If desired).
  6. Using half of the sauce, pour or brush over each lobster (concentrating on the meat) and reserve the remaining sauce for serving.
  7. Broil for 12 to 14 minutes or until lobster meat is opaque, and edges are slightly charred.
  8. Garnish with parsley and serve immediately with the remaining sauce and lemon slices.

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