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!

Garlic Balsamic Brown Sugar Steaks


Knock your socks off grilled steaks cooked to perfection with the incredible umami flavors of sweet, salty, tangy and…oh. Heck. Just MAKE these. You can thank me later!

YIELD: 2 SERVINGS

Ingredients
  • 2 Tbl. butter
  • 1 Tbl. salad oil such as canola
  • 2 cloves garlic, finely minced
  • 2/3 cup dark brown sugar, packed
  • 1/3 cup aged balsamic vinegar (*aged will be sweeter)
  • 2 Tbl. worcestershire sauce
  • 1 tsp. coarse ground black pepper
  • 1/2 tsp. kosher salt
  • 1/2 tsp. sriracha sauce
  • 1/8 tsp. cajun seasoning such as Slap Ya Mama
  • 1/8 tsp. cayenne
  • two thick-cut New York Strip steaks, (beef tenderloins or other tender cuts would work well, too)

Instructions
  1. In small sauté pan, melt butter and oil over medium heat. Add garlic and sauté 1 minute.
  2. Remove pan from heat, add rest of ingredients and stir until brown sugar has melted. Let cool completely.
  3. Pour into a ziplock baggie. Close baggie and chill. Add steaks and squish around so that the marinade sauce is coating both well on both sides. Seal baggie closed well, removing air in bag, and pop into the fridge to marinate for at least 2 hours or overnight making sure steaks are not stacked. Turn bag now and then to evenly marinate steaks.
  4. For rare to medium-rare steaks, heat grill to HIGH, place steaks onto HOT, oiled grates, and grill each side 4 - 6 minutes depending on thickness of steaks with lid OPEN. (*Ours were barely one inch thick and medium-rare after just 5 minutes. So watch carefully).
  5. Let rest at least 5 minutes before cutting to let the juices settle.
  6. Really nice served with a simple baked potato, grilled asparagus, and a tossed garden salad with one of my homemade salad dressings! Enjoy!

For full instructions kindly visit wildflourskitchen.com.

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