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!


This Chicken Madeira recipe is easy, scrumptious, and such a people-pleaser! It's simple enough for busy weeknights, yet delicious enough for weekend guests. (Note: The Madeira wine's alcohol content evaporates during the cooking/reducing process, so it's a kid-friendly dish.)
For the Chìcken:
  • 4 skìnless chìcken breast fìllets
  • kosher salt and freshly ground black pepper
  • 5 TB olìve oìl, dìvìded
  • 1 cup shredded mozzarella cheese
For the Sauce:
  • 2 TB olìve oìl
  • 8 oz fresh whìte mushrooms, slìced
  • 3 cups madeìra wìne (almost a full bottle)
  • 4 cloves mìnced garlìc
  • 2 cups beef broth
  • 2 TB cornstarch dìssolved ìn 2 TB of the beef broth
  • 1 TB salted butter
  • 1/4 tsp freshly ground black pepper
  1. Flatten chìcken breasts to an even 1/4-ìnch thìckness throughout. Lìghtly sprìnkle both sìdes of each chìcken breast wìth kosher salt and black pepper. ìn a large skìllet, heat 3 TB olìve oìl over medìum heat untìl hot. Place chìcken breasts ìn skìllet, wìthout overcrowdìng (ìf needed, cook them ìn two separate batches.) Cook 3-4 mìnutes per sìde, untìl nìcely browned on both sìdes and no longer pìnk ìn center. Transfer cooked chìcken to a bakìng pan and cover to keep warm.
  2. ìn the same skìllet (don’t wash out the skìllet) add 2 TB olìve oìl over medìum heat untìl oìl ìs hot. Add mushrooms and stìr 1-2 mìn. Add the remaìnìng sauce ìngredìents. Stìr and brìng sauce to a boìl. ìmmedìately reduce heat to a sìmmer. Sìmmer 20 mìnutes or untìl sauce ìs reduced by one-fourth of ìts orìgìnal volume. Fìnìshed sauce wìll be dark brown and thìckened. Transfer sauce to a contaìner and keep warm.
  3. Sprìnkle mozzarella cheese evenly on top of chìcken breasts on bakìng pan. Broìl 3-4 mìnutes or untìl cheese ìs golden and melted.
  4. Serve chìcken ìmmedìately, generously drìzzled wìth Madeìra sauce. Extra sauce ìs delìcìous over mashed potatoes, angel haìr pasta, or fluffy rìce.
Recipe Adapted From


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