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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!

EDDIE’S AWARD WINNING CHILI

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I’ll never forget the first chili cook-off I ever attended. It was an office event and it hadn’t even occurred to me to submit my own entry. There were about a dozen chilis to choose from ranging from incredible to inedible (the latter being heat related – it was called “The Five Alarmer” and it passed its time at the cook-off largely undisturbed). The ultimate winner, whose chili I had voted for, was a young woman just starting her career. I was an executive at the time, which I mention only to emphasize how awkward it was when I asked her if she would share her recipe with me and she just looked at me and shook her head. I suddenly understood the competitiveness involved in these things – there would be another chili cook-off at some point and she wasn’t giving away any secrets. Thus began my personal quest to win a chili contest!

I tried a number of different approaches in the following years, including a purist Texas style chili that shunned beans and ground beef in favor of unadorned hunks of stew meat simmered in what I thought was an excellent balance of chiles and spices. “Delicious”, someone told me after I placed third, “but it’s not really chili”. The award winning chili had beans in it. And I had to admit it was much better than mine, in part because it had three different kinds of meat in it, including sausage.
INGREDIENTS
  • 3 Anaheim chiles, roasted, peeled, chopped
  • 3 poblano chiles, roasted, peeled, chopped
  • 12 ounces of bacon, cut crosswise into 1/4-inch strips and sautéed until almost crisp. Reserve 3 tablespoons of bacon fat.
  • 3 tablespoons bacon fat (rendered from the bacon)
  • 2 tablespoons vegetable oil (canola, grape seed or your favorite)
  • 2 red bell peppers, seeds and ribs removed, diced
  • 2 jalapeño peppers, seeds and ribs removed, minced
  • 2 yellow onions, peeled and diced
  • 1 head garlic, peeled and minced (10-12 garlic cloves, 6 tablespoons minced garlic)
  • 1 pound boneless beef chuck, trimmed of fat and gristle, cut into 1/2-inch cubes
  • 2 pounds ground beef
  • 1 pound sweet Italian sausage, casings removed
  • 3 tablespoons chili powder (Try using 3 different chili powders for great depth of flavor – I use ancho, chipotle and Mexican)
  • 2 teaspoons cayenne pepper (Half this amount for less heat)
  • 2 teaspoons ground coriander
  • 2 teaspoons ground cumin
  • 2 teaspoons granulated garlic
  • 2 teaspoons granulated onion
  • 2 teaspoons hot paprika (not smoked)
  • 2 teaspoons kosher salt
  • 2 teaspoons freshly ground black pepper
  • 2 cups tomato sauce
  • 8 ounces tomato paste
  • 12 ounces of your favorite beer (I use an IPA because I like the hoppy flavor)
  • 1 cup chicken stock
  • 2 15-ounce cans kidney beans, with juice
  • 2 15-ounce cans pinto beans, with juice
  • Optional Garnishes:
  • 1 bunch green onions, thinly sliced or 1 red onion, finely chopped
  • Shredded cheddar cheese or Monterey Jack
  • Sour cream



INSTRUCTIONS
  1. Roast the Chilies: Preheat the oven to broil (500ºF) Set an oven rack at the top, directly under the broiler. Spread the chiles out on a low-sided oven tray and roast for 15-20 minutes, turning peppers with tongs every five minutes, until their skins are about 60-70% blackened on all sides. Put the hot peppers directly into a paper bag. Roll down the top of the bag so they’re tightly contained. Let them sit and steam for 15-20 minutes until the skins are loosened and easy to peel off. Peel off skins, remove seeds and membranes, and chop.
  2. Sauté Chilis and Aromatics: Add the bacon grease and oil to a large heavy pot or Dutch oven (6-quart), over medium-high heat. Add the chopped chiles, red bell peppers, jalapeño peppers and onions. Cook for 5 minutes or until the vegetables just start to become translucent. Add garlic and cook 1 minute longer. Transfer all the sautéed vegetables to a bowl and set aside. No need to wash the pot, you’ll use it to brown the meat.
  3. Brown the Meats: Add the cubed beef chuck to the pot and cook, stirring often, until lightly browned on all sides, about 4 minutes. Add the ground beef and sausage and cook for 7-10 minutes, stirring to break up the sausage and ground beef, until the meat is no longer pink. Return the cooked vegetables to the pot along with the reserved bacon.
  4. Add Spices: Add the 3 tablespoons of chili powder, cayenne, coriander, cumin, granulated garlic, granulated onion, paprika, salt and black pepper. Cook, stirring, for 1 minute, until fragrant.
  5. Add the Rest of the Ingredients: Add the tomato sauce and paste. Cook, stirring, for 2 minutes, to combine. Add beer, chicken stock, kidney beans with their liquid and pinto beans with their liquid. Bring to a boil, lower to a simmer, and cook for 2 hours, uncovered.
  6. To Serve: Ladle chili into bowls. Top with garnishes or put garnishes into small bowls for self serve.

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