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!

BEEF AND CABBAGE STIR FRY

BEEF AND CABBAGE STIR FRY
This fast and easy Beef and Cabbage Stir Fry is a filling low carb dinner with big flavor and endless possibilities for customization.
INGREDIENTS
STIR FRY SAUCE
  • 2 Tbsp soy sauce $0.18
  • 1 Tbsp toasted sesame oil $0.33
  • 1 Tbsp sriracha* $0.05
  • 1/2 Tbsp brown sugar $0.02
STIR FRY
  • 1/2 head green cabbage $1.78
  • 2 carrots $0.22
  • 3 green onions $0.17
  • 1/2 Tbsp neutral cooking oil $0.02
  • 1/2 lb. lean ground beef $3.90
  • 2 cloves garlic $0.16
  • 1 Tbsp fresh grated ginger $0.13
  • Pinch of salt and pepper $0.05
GARNISHES (OPTIONAL)
  • 1 Tbsp sesame seeds $0.08
  • 1 Tbsp sriracha $0.05

Garnish the Beef and Cabbage stir fry with a little drizzle of sriracha and a sprinkle of sesame seeds. I particularly liked the sesame seeds for the texture they added to the dish!

INSTRUCTIONS
  1. Prepare the stir fry sauce first. In a small bowl stir together the soy sauce, toasted sesame oil, sriracha, and brown sugar. Set the sauce aside.
  2. Shred the vegetables so they are ready to go when you need them. Cut one small cabbage in half, remove the core, and then finely shred the leaves of one half the cabbage (4-6 cups once shredded, save the other half for another recipe). Peel two carrots, then use a cheese grater to shred them (1 cup shredded). Slice three green onions. Mince two cloves of garlic. Peel a knob of ginger using either a vegetable peeler or by scraping with the side of a spoon, then grate it using a small-holed cheese grater.
  3. Heat a large skillet over medium heat. Once hot add the cooking oil, ground beef, garlic, ginger, and a pinch of salt and pepper. Cook the beef until browned (about five minutes).
  4. Add the cabbage and carrots to the skillet and continue to stir and cook until the cabbage is slightly wilted (or fully wilted, if you prefer). Stir in the prepared sauce and the green onions. Top with a sprinkle of sesame seeds and a drizzle of sriracha, then serve.
NOTES
* 1 Tbsp sriracha makes a medium-spicy stir fry. If you don't like spicy, I'd start with 1 tsp. The sriracha adds flavor as well as heat, so I don't suggest skipping it all together.

Recipe Adapted From budgetbytes.com

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