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!

Salisbury Meatballs and Mashed Potatoes

Salisbury Meatballs and Mashed Potatoes
Salisbury Meatballs and Mashed Potatoes
Prep Time: 30 mins
Cooking Time: 40 mins
Serves: 4

Ingredients List
For The Meatballs
  • 500 g ground beef
  • ¼ cup breadcrumbs (I used Panko)
  • 1 tbsp tomato ketchup
  • 1 tsp Worcestershire sauce
  • ½ tsp salt
  • 1 tsp grounded black pepper
  • 1 garlic, grated
  • ½ onion, grated
  • 2 tbsp olive oil
For Gravy
  • 2 tbsp butter
  • 1 large onion, sliced
  • 1 garlic, grated
  • 2 cups beef stock
  • 2 tbsp plain flour
  • 1 tbsp tomato ketchup
  • 1 tbsp bbq sauce
  • 1 tsp smoked paprika
  • ½ tsp freshly cracked black pepper
  • Salt to taste
For Mashed Potatoes
  • 5 large potatoes, peeled and boiled till tender
  • 4 tbsp salted butter
  • ½ cup milk (I used low-fat milk)
  • Salt and black pepper to taste
Directions
  1. Add all the meatball ingredients (excluding the olive oil) to a large bowl and mix well.
  2. Shape into 1-inch meatballs.
  3. Add the olive oil to a large skillet and heat over medium to high heat. Add meatballs and cook.
  4. Cook the meatballs on all sides, add more oil if needed. Remove meatballs from skillet and set aside.
  5. In the same pan, add butter. Once melted, add onion and cook until onion is soft and translucent.
  6. Add in 2 tbsp of flour and the grated garlic. Fry this for 1 minute.
  7. Slowly whisk in the beef broth. Cook for about 3 minutes till sauce thickens.
  8. Mix in the tomato ketchup, bbq sauce and paprika.
  9. Season with salt and black pepper.
  10. If sauce is too thick, add some beef broth or water.
  11. Add the meatballs back to the pan and let them toss in the sauce for about 1 minute.
For Mashed Potatoes
  1. Mash the boiled potatoes and place it in a big bowl.
  2. Add milk, butter, salt and pepper.
To Serve
  1. Place some mashed potatoes on a plate.
  2. Top with meatballs and gravy. Serve with a side of steamed broccoli.
  3. Garnish with some parsley if desired.

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