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!

GRILLED EGGPLANT SALAD


We started using our barbecue grill a couple of weeks ago. Who wouldn’t with the hot and nice weather we are having here in Vancouver? We grilled our favorites: Filipino pork barbecue and Korean barbecue ribs. In the past, I would also grill some eggplant and make Filipino eggplant salad. The tangy mixture of eggplant, tomato and onions is my favorite side dish to have with pork barbecue. Last time, I tried this new grilled eggplant salad recipe that uses balsamic vinegar to flavor the sliced eggplant right after they were grilled. The flavored eggplant were further marinated in a mixture of parsley, capers, garlic, oregano pepper flakes and olive oil for at least 2 hours. The result was tender and tasty grilled eggplant that I enjoyed with the rest of the barbecued meat.





GRILLED EGGPLANT SALAD

PREP TIME
5 mins
COOK TIME
10 mins
TOTAL TIME
15 mins
Serves: 4 servings

INGREDIENTS½ cup chopped flat-leaf parsley
2 tbsp capers, drained
2 cloves of garlic, peeled and sliced
½ tsp dried oregano
¼ tsp red pepper flakes
¼ cup extra virgin olive oil
5 Japanese eggplants or 1 large eggplant, peeled and sliced about ⅓" thick
3 tbsp balsamic vinegar
Kosher salt and freshly ground black pepper


INSTRUCTIONSPreheat an outdoor charcoal or gas grill. Alternately, heat a grill pan until smoking hot.
In a large bowl, combine together parsley, capers, garlic, oregano and red pepper flakes. Stir in the olive oil; season with salt and pepper. Set aside.
Place eggplant slices on the grill without overcrowding them. Cook the eggplants for 3 to 6 minutes and then turn them over. Cook for another 3 minutes or until eggplants are soft.
Dip each grilled eggplant slice into the balsamic vinegar and then transfer to a plate. Continue grilling and dipping the eggplant until all the slices are cooked and seasoned.
Spoon 2 tablespoons of the parsley mixture onto a platter and spread it out evenly. Arrange half of the grilled eggplant on the mixture in a single layer and then sprinkle more of the mixture on top of the slices. Place a second layer of eggplant on top and spread the remaining parsley on it. Cover with plastic wrap and refrigerate for at least 2 hours refrigerate for longer. Serve at room temperature.

NOTES
Recipe source: marcussamuelson.com





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