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!

Easy 30-Minute Homemade White Chicken Chili

Chili is the ultimate fall and winter comfort food. Who can say no to a bowl of warm, thick chili that’s loaded with tender chicken and hearty cannellini beans.
It’s some of the best chili I’ve ever had and will be on rotation all winter.
Who can say no to a bowl of warm, thick chili that’s loaded with tender chicken and hearty cannellini beans. It’s some of the best chili I’ve ever had and is robustly flavored from sweet Vidalia onions, jalapeno peppers, and green chilis. The chili has mild to medium kick, but you can make it spicier by using the jalapeno seeds or by adding more red chili flakes or cayenne pepper. It’s so easy and ready in 30 minutes. To save time, use a storebought rotisserie chicken or leftover chicken that you have on hand. Salt your chili to taste. I use low-sodium chicken broth, low-sodium beans, and add a bit of salt to the chili so I can control the overall salt level. It makes enough to stash half in the freezer for the future.

INGREDIENTS:
  • 3 tablespoons olive oil
  • 3 cups sweet Vidalia or yellow onion, peeled and diced small (about 2 medium/large onions)
  • 1 large jalapeno pepper (about 4 to 5 inches long), diced very small (the seeds are where the heat is concentrated; included or discard them based on preference)
  • 7 to 8 ounces canned green chiles, don’t drain (I used mild heat)
  • 4 garlic cloves, peeled and finely minced
  • 32 ounces (4 cups) low-sodium chicken broth
  • 4 cups shredded cooked chicken (use about 1 whole storebought rotisserie chicken to save time; or roast or cook your own chicken in a skillet)
  • two 15-ounce cans cannellini beans, drained and rinsed (see step 4 below about blending 1 cup of the beans with a splash of chicken broth or water)
  • 1 tablespoon lime juice
  • 1 tablespoon cumin
  • 1 teaspoon dried oregano
  • 1 teaspoons salt, or to taste
  • 1 teaspoon black pepper
  • 1/2 teaspoon red chili flakes
  • 1/4 teaspoon cayenne pepper, optional and to taste
  • 1/3 cup fresh cilantro leaves, finely minced
  • tortilla strips, chips, crackers, diced avocado, shredded cheese, and/or sour cream; all are optional for garnishing

DIRECTIONS:
  1. To a large Dutch oven or stockpot, add the olive oil and heat over medium-high heat to warm.
  2. Add the onion, jalapeno, green chilis, and sauté for about 7 minutes, or until vegetables begin to soften. Stir intermittently.
  3. Add the garlic and sauté for 1 to 2 minutes. Stir intermittently.
  4. Add the chicken broth, chicken, cannellini beans including whole beans and blended bean mixture (take 1 cup of the beans, add to a food processor or blender, add a splash of chicken broth or water and blend until smooth; mixture should be thick. Add the blended bean mixture along with the whole beans to pot), lime juice, cumin, oregano, salt, pepper, red chili flakes, optional cayenne pepper, and bring to a boil. Allow mixture to boil gently for about 7 to 10 minutes. It’s unlikely, but if at any point the overall liquid level looks low or you prefer your chili to be thinner, add 1 cup of water or as desired; you’ll adjust the salt and seasoning levels at the end. For thicker chili, allow mixture to boil longer and reduce until desired thickness is reached.
  5. Add the cilantro and boil 1 minute.
  6. Taste chili and add salt to taste. This will vary based on how salty the chicken broth, beans, and rotisserie chicken are, and personal preference. Make any necessary seasoning adjustments (i.e. more salt, pepper, cumin, cayenne, lime juice, etc.).
  7. Ladle chili into bowls, and optionally garnish with tortilla strips, chips, crackers, avocado, cheese and/or sour cream; serve immediately. Chili will keep airtight in the fridge for 5 to 7 days or in the freezer for up to 6 months.

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