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!

MUJADDARA

Mujaddara is a simple but flavorful rice and lentil pilaf, topped with sweet caramelized onions. Serve alone or as the base of just about any meal. 
INGREDIENTS
  • 2 Tbsp olive oil $0.32
  • 4 yellow onions $1.59
  • 1 tsp cumin $0.10
  • 1 tsp allspice $0.10
  • 1/4 tsp ground cloves $0.03
  • 2.5 cups vegetable broth $0.30
  • 1 cup long grain white rice (or jasmine) $0.33
  • 1 cup brown lentils $0.68

INSTRUCTIONS
  1. Thinly slice the onions and add them to a large pot with the olive oil. Cook over low heat, stirring frequently for one hour, or until they are deeply golden brown, sticky, and caramelized. Remove half of the onions and set them aside to top the pilaf after cooking
  2. Add the cumin, allspice, and cloves to the pot with the remaining onions. Sauté for about one minute to lightly toast the spices. Add the vegetable broth and stir the pot well to dissolve any browned bits stuck to the bottom of the pot.
  3. Add the rice and lentils to the pot. Cover the pot with a lid and turn the heat up to high. Allow the contents to come up to a boil. As soon as it reaches a full boil, turn the heat down to low and let it simmer for 30 minutes. After 30 minutes, turn the heat off and let it rest for 10 minutes without removing the lid. Finally, remove the lid, fluff with a spoon or fork, then top with the reserved caramelized onions. Serve warm.
RECIPE NOTES
If your vegetable broth is low sodium or sodium free, you'll likely need to add some salt when cooking the rice and lentils. Taste the broth before setting the pot to boil and add salt as needed.

Recipe Adapted From MUJADDARA @ budgetbytes.com

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