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!

THE BEST ROSEMARY FOCACCIA BREAD


A soft and chewy focaccia bread with olive oil and fresh rosemary.

Author: Foodnessgracious

INGREDIENTS
  • 1 cup lukewarm water
  • 1 whole envelope of Red Star Platinum Yeast
  • 2 cups wheat flour divided
  • 1 cup all-purpose white flour
  • 2 tablespoons olive oil plus more for brushing on top
  • 1 teaspoon salt
  • 1/4 cup chopped fresh rosemary divided
  • 1 pinch Sea Salt for garnishing


INSTRUCTIONS
  1. Prepare two 6 inch skillets by rubbing generously with olive oil. Preheat the oven to 400 degrees F.
  2. In a bowl of a stand mixer fitted with a dough hook combine the water and yeast. Stir to dissolve.
  3. Add 1 cup of the wheat flour and ½ cup of the white flour.
  4. Mix on low speed for about 2-3 minutes then cover with a towel and let rise for 30 minutes.
  5. Fold in the olive oil, salt and 2 tablespoons of the rosemary to the dough.
  6. Add the remaining 1 cup of wheat dough and ¾ cup of the white flour. Mix on low speed for 3-4 minutes.
  7. Add more flour if the dough is still very sticky but it should be soft and not too stiff and wrapped around the dough hook.
  8. Dust your work surface with some flour and dump the dough onto it.
  9. Gently knead the dough into a ball shape and cut it in half.
  10. Knead each piece of dough into a ball and place in the prepared skillets and press down on them to fill the space.
  11. Cover with a towel and let rise for about 30 minutes.
  12. Using a pastry brush, gently glaze each loaf with olive oil and then sprinkle the remaining rosemary over the top.
  13. Slice each loaf in a diagonal pattern with a sharp serrated knife and sprinkle with some sea salt flakes.
  14. Bake in the oven for about 25 minutes and the bread is golden brown.
  15. Once the bread comes out of the oven, brush with more olive oil and let cool.
  16. Visit foodnessgracious.com for full instructions.


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