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!

FRENCH ONION DIP

This diping is a fresh and lighter version of classic French Onion Dip!


INGREDIENTS:

  • 2 tablespoons butter or olive oil
  • 3 medium yellow or white onions, peeled and diced
  • 2 cloves garlic, minced
  • 1 1/2 cups sour cream (or plain Greek yogurt)
  • 1 tablespoon fresh thyme leaves
  • 2 teaspoons Worcestershire sauce, to taste
  • 1 teaspoon fine sea salt
  • 1/2 teaspoon black pepper

INSTRUCTIONS

  1. In a large heavy-bottomed stockpot, melt the butter over medium-high heat.  Add the onions and saute until well browned and caramelized (but not burnt), about 30-40 minutes, stirring every few minutes.  Add garlic and sauté for 1-2 minutes, until fragrant.  Remove from heat and transfer the onions to a medium mixing bowl.  Refrigerate for 15-20 minutes or until the onions reach room temperature.  (Optional: At this point, set aside 1/4 cup caramelized onions, if you would like to use them as a topping.)
  2. Add the remaining ingredients to the mixing bowl with the caramelized onions, and stir until the mixture is evenly combined.  Taste, and season with additional salt and pepper and extra Worcestershire if need be.
  3. Serve immediately, topped with the reserved caramelized onions if desired.  Or cover and refrigerate for up to 3 days.

Recipe Adapted : FRENCH ONION DIP @ gimmesomeoven

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