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!

PLUM DUMPLINGS RECIPE

This Plum Dumplings, a popular dessert across Eastern Europe. It is made with fresh ripe plums coated in a mashed potato dough and tossed into sweetened cinnamony breadcrumbs. A fantastic Fall recipe that goes well with the whole family.


Plums are at the their best in Autumn, and they are easily available from the end of August onwards. I mean, the real deal, those plums that actually taste the way they should taste, the juicy and ripe ones, not the supermarket kind of plums that can be found outside their season too.

Ingredients
  • 1 kg white potatoes (2 pounds)
  • 2 2/3 cups flour
  • 2 eggs
  • 20 fresh plums (ripe)
  • 2 cups breadcrumbs
  • 1 1/4 cups sugar
  • 2 tbsp cinnamon
  • 60 g butter ( 2 oz)
Instructions
  1. Cut the plums lengthwise, but not all the way through, just enough to remove the pits.
  2. Add a quarter of a cup of sugar to them together with one tablespoon of cinnamon, toss well, and set aside.
  3. In a pan set over a low heat, melt the butter, add the breadcrumbs, and stir well for 2-3 minutes, then add the remaining sugar and cinnamon, and stir again for a further 2-3 minutes, until the breadcrumbs become golden.
  4. Remove fromt the heat and set aside.
  5. Boil the potatoes, either with their skin on, or peeled and cut into chunks. Once they are tender, drain the water, and mash them well.
  6. Leave to cool a bit, then add the eggs and flour, and knead into a smooth, but sticky dough.
  7. Take one-two tablespoons of dough, flatten it up, then place a plum in the middle and wrap the dough around it.
  8. Repeat with the remaining plums.
  9. Bring a pot of salted water to the boil, drop the dumplings in, working in batches, and boil until the dumplings float to the surface.
  10. Remove them from the pot, and toss well into the breadcrumbs while they are still hot.
  11. Leave to cool before serving.
Recipe Adapted : PLUM DUMPLINGS @ mygorgeousrecipes

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