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!

cajun honey lime chicken wings

cajun honey lime chicken wings
Citrus and spicy, with a hint of honey sweetness, these Cajun Honey Lime Chicken Wings may change the way you flavor your wings forever. The wings are oven baked, and basted with an amazing sauce that will make these wings a crowd favorite.
  • 3 pounds chicken wings – about 32 wing sections
  • 1/3 cup Cajun seasoning
  • 1 cup BBQ sauce
  • 2 TBSP Honey
  • 1 TBSP Sriracha sauce
  • 1 fresh lime
  1. Preheat the oven to 350 degrees. Spray baking sheets with cooking spray.Place chicken wings on baking sheet in a single layer, without crowding. Sprinkle each wing liberally with Cajun seasoning.
  2. Bake on middle rack of the 350 degree oven for 30 minutes.
  3. While the chicken is baking begin preparing the basting sauce.
  4. While uncut, zest the lime until you have 1 TBSP of zest. Cut the lime in half and juice 1/2 of the lime, reserving juice and setting aside the other lime 1/2 for later.
  5. Add the BBQ Sauce, Honey, Sriracha and the juice from 1/2 of the lime to a small bowl. Stir until blended. Set aside.
  6. After 30 minutes, remove the chicken from the oven and baste with 1/2 of the prepared sauce using a basting brush. Return the chicken to the oven for 10 minutes.
  7. Remove the chicken from the oven and baste again with the remaining 1/2 of the basting sauce. Return to the oven for a final 10 minutes to complete cooking and to caramelize the basting sauce on the wings.
  8. Remove the chicken from the baking pan onto a serving tray. Squeeze the juice from remaining 1/2 of lime over the wings and sprinkle the wings with the lime zest. Serve hot!
* Use salt-free Cajun Seasoning if you are salt-sensitive.

Recipe Adapted From


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