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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!

Irish Potato Cakes

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I think that as a child St. Patrick's Day was actually one of my favourite celebrations of the year. For the weeks preceding many hours were spent making flags, banners, brooches and hats all sporting green, white and gold. Of course, nowadays all these can be bought for little or nothing yet I feel for the children to experience the 'real' St. Patrick's Day a few homemade flags are completely necessary! The local parade was the highlight of the day where we got to stand at the side of the road for a couple of hours, mostly in the rain, waving frantically as neighbours passed by in their tractors and trucks. A couple of brass bands and some energetic Irish dancers would complete the lineup and each year on the journey home we'd decide that the previous year's parade had actually been better. As simple as this day was, I have so many fond memories of St. Patrick's Day. I think the fact that it was a family day out really made the experience special and all the nicer.


Potato Cakes

Each year my Mother would serve a big fry up before we went to town and my favourite part to this would be my mother's fluffy potato cakes. A big knob of butter placed on top before serving allowed the potato cake to don a silky buttery glaze. Only in recent years have I started to make potato cakes myself and the children love them. I have added some finely chopped scallions to my potato mix but if you prefer you can leave these out and make them plain or even add a handful of grated cheese. Enjoy!


Ingredients
450g (1lb) cooled mashed potatoes
1 egg, slightly beaten
Salt & freshly ground black pepper
75g (3oz) plain flour
2 scallions, finely chopped
1 tbsp oil
Knob of butter


Method
Place the mashed potato in a large bowl. Season with salt and pepper and add the egg. Stir in the flour and combine well to form a dough.
Transfer the dough onto a floured work surface and lightly knead. Roll out the dough, about 3cm thick.
Cut into circles using a pastry cutter making approximately 8 potato cakes.
Place the oil into a pan and place over a medium heat. Add the potato cakes and cook for about 3 minutes on each side or until golden brown.
Serve hot with a knob of butter on top.


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