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!

Strawberry Margarita Jello Shots

Strawberry Margarita Jello Shots

Want to learn how to make jello shots? This delicious strawberry margarita jello shot recipe is perfect for summer parties, backyard BBQs, pool parties, Cinco de Mayo and more! 

Servings12 2-oz. Servings

Ingredients
  • 2 3-oz Boxes Strawberry Jello
  • 1 cup Boiling Water
  • 1 cup Silver Tequila, cold
  • 2-3 Limes
  • Coarse Sugar or Margarita Salt
Instructions
  1. Pour the 2 boxes of strawberry Jello into a large mixing bowl. Add the boiling water and whisk until the gelatin is dissolved.
  2. Add the cold tequila and stir well.
  3. Pour the mixture into 12 plastic Jello shot cups and chill, uncovered, for 2 hours or until completely set. 
  4. Once completely set, dip the rims of each cup into water or corn syrup. Place each cup onto a plate sprinkled with coarse sugar (or margarita salt if you prefer a sweet and salty Jell-O shot ) and coat each rim. Return to the refrigerator for 30 minutes to allow the rims to set. 
  5. Before serving, slice the limes into small wedges and place on the rims of each Jello shot cup. 
  6. Recipe Notes
  7. You can make these strawberry margarita Jello shots a few days ahead of time and cover them with the plastic lids that came with the cups. Before serving, remove the lids and coat each rim with sugar (or salt) and a lime wedge. 

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