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!

Genius Meal Planning Ideas for a Healthy Week

Learn the secret to batch cooking your healthy meals ahead of time to save stress (and calories!) for one week straight for your Shape Body Shop program.

GREEN, RED, AND YELLOW RICE
Ingredients:
  • 1 cup brown rice
  • 1 cup chopped red bell pepper
  • 1 cup chopped green onions
  • 1/2 cup chopped cilantro
  • 1 tablespoon olive oil
  • 2 tablespoons finely chopped garlic
  • 1 cup frozen corn
  • 1 teaspoon cayenne pepper
  • salt & pepper to taste

Directions:
1. Bring water to a boil, and then add rice. When water begins to boil again, reduce heat to a simmer and cover.
2. Cook covered for 40-50 minutes until rice is tender; stir once after about 20 minutes.
3. While rice is cooking, prepare vegetables; heat oil in skillet over low heat.
4. Sauteed garlic for about 4 minutes until flagrant; be careful not to burn the garlic.
5. Increase heat to medium-high, add remaining vegetables and corn and cook for about 2 minutes.

SAUTÉED TURKEY WITH TOMATOES AND CILANTRO
Ingredients:
  • 1/2 tablespoon oil or coconut oil
  • 1 tablespoon minced garlic
  • 1 cup chopped yellow or red onion
  • 1/2 cup diced tomatoes
  • 1-2 tablespoons chopped jalapeno
  • 2 sprigs thyme
  • 1 teaspoon red pepper flakes
  • 1 pound lean ground turkey
  • 1/4 cup cilantro
  • salt & pepper to taste
  • 1/2 teaspoon cumin

Directions:
1. Heat skillet over low heat; add oil and sauté garlic until flagrant, about 2-3 minutes.
2. Add onions, tomatoes, jalapeno, thyme and pepper flakes; increase heat to medium-high and sauté vegetables, about 4 minutes.
3. Add ground turkey and cook until turkey is fully cooked and brown, about 10 minutes; stir frequently and continuously break large chunks of turkey into smaller pieces.
4. Stir in cilantro; add salt and pepper to taste.

STEAMED BROCCOLI MBMK STYLE
Ingredients:
  • 3 bunches broccoli
  • 2 tablespoons olive oil
  • 1/2 tablespoon red pepper flakes
  • 1/2 teaspoon garlic powder
  • 1 teaspoon sesame oil (optional)
  • salt & pepper to taste

Directions:
1. Discard stem or cut into thick slices; cut broccoli into florets.
2. Bring water to boil; add broccoli to steamer and place steamer over boiling water.
3. Steam broccoli for no more than 4 minutes; remove from heat and immediately run cold water over broccoli to stop it from cooking any further.
4. Toss cooled broccoli in the remaining ingredients; add salt and pepper to taste.

SIMPLY TASTY BLACK BEANS
Ingredients:
  • 2 cups dried black beans
  • 2 tablespoons olive oil
  • 1 cup chopped onion
  • 1/2 cup chopped celery
  • 2 tablespoons chopped garlic
  • 2 cups diced tomatoes
  • 2-3 sprigs fresh thyme
  • 1 teaspoon cayenne pepper
  • 1/2 teaspoon cumin (optional)
  • 1/2 teaspoon cinnamon
  • 1 tablespoon honey or brown sugar
  • salt & pepper to taste

Directions
1. Soak beans overnight (or for at least 6 hours) in 6-8 cups of water.
2. After soaking, drain water and rinse beans; heat large pot on medium heat.
3. Add oil and sauté chopped onion, celery and garlic for 2 minutes; add tomatoes and cook for an additional 2 minutes.
4. Add rinsed black beans, thyme, cayenne pepper, cumin and cinnamon to sautéed vegetables.
5. Add water and honey, increase heat and let simmer covered for 1 1/2 to 2 hours; stirring occasionally.
6. Add more hot water if necessary; add salt and pepper to taste.

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