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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!

MAPO TOFU

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Mapo tofu is a popular dish to order at any Sichuan restaurant. I decided to make this because it’s one of those dishes that we like to order when we eat out.
The ground pork is first browned and then stir-fried with leeks, garlic and ginger. The tofu cubes were added next followed by the spicy sauce. The dish came out spicy and delicious. My husband and youngest son loved the dish so much that I will be making this again soon. I served this flavorful dish over steamed rice. Enjoy!


Mapo Tofu

Prep Time
10 mins
Cook Time
10 mins
Total Time
20 mins


Course: Main Course
Servings: 4 servings

Ingredients
2 tablespoons vegetable oil
½ lb ground pork or beef
1 leek, white parts only, thinly sliced at an angle
2 cloves garlic, minced
1 knob ginger, peeled and grated
1 lb medium-firm tofu, drained and cut into 1-inch cubes
1 tablespoon cornstarch dissolved in 2 tablespoons water
Chopped green onion
Sauce:
1 tablespoon fermented black beans
1 cup chicken stock
2 tablespoons chili bean sauce
1 tablespoon Chinese rice wine or dry sherry
2 teaspoons soy sauce
2 teaspoons sesame oil
2 teaspoons sugar
¼-½ teaspoon ground Sichuan pepper

Instructions
Rinse the black beans to remove any grit. In a small bowl, mash the black beans with the back of a spoon.
In a medium bowl, combine together the black beans, stock, chili bean sauce, rice wine, soy sauce, sesame oil, sugar and Sichuan pepper. Set aside.
Heat a large skillet over high heat. Add oil and swirl to coat all sides. Add the ground pork and stir-fry for 2 minutes or until meat is brown and no longer pink.
Reduce heat to medium and then add the leek, garlic and ginger; stir-fry for 1 minute.
Give the sauce one last stir and then add to the pan. Bring the mixture to a boil and then gently add the tofu cubes, making sure not to move them around too much. Cook for 2 to 3 minutes or until tofu has completely absorbed the sauce.
Give the cornstarch mixture one last stir and then stir into the pan. Continue cooking until sauce has thickened. Sprinkle with chopped green onions.
Serve with steamed rice. Enjoy!


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