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!

Bobby Flay’s Meatball {and sauce!} Recipe

Bobby Flay’s Meatball {and sauce!} Recipe
With a combination of 3 meats in a homemade marinara sauce, these tender meatballs are full of savory flavor that will put any pasta dish over the top.
Ingredients
Meatballs
  • 1/2 pound ground beef
  • 1/2 pound ground pork *see notes
  • 1/2 pound ground veal *see notes
  • 2 large eggs lightly beaten
  • 1/4 cup Parmesan cheese grated
  • 4 cloves garlic finely chopped and sautéed
  • 1/4 cup breadcrumbs
  • 1/4 cup parsley finely chopped
  • Salt and freshly ground pepper
  • 1 cup olive oil
Homemade Sauce
  • 2 tablespoons olive oil
  • 1 Spanish onion finely chopped
  • 4 cloves garlic finely chopped
  • 56 oz. plum tomatoes and their juice pureed in a blender
  • 1 bay leaf
  • 1 bunch parsley
  • 1 pinch red pepper flakes
  • Salt and freshly ground pepper to taste
  • 6 basil leaves sliced into strips
Instructions
Meatballs
  1. Combine all ingredients, (except the oil), in a large bowl until well-combined. Roll into 1+1/2 inch balls.
  2. Heat the oil in a large sautee pan or dutch oven over medium heat and add the meatballs. Let them fry, cooking on each side until lightly browned, but not cooked all the way through. About 10-15 minutes.
  3. Add the meatballs to tomato sauce and let them simmer on medium low heat for about 45 minutes.
Homemade Sauce
  1. In a medium saucepan, heat the olive oil on medium heat. Add the onions and garlic until they’re softened, about 5 minutes.
  2. Add the pureed tomatoes and juice, the bay leaf, parsley, red pepper flakes, salt, and pepper.
  3. Bring the sauce to a boil, reduce the heat back down to a light simmer, and add the meatballs.
  4. Cover the pot and let them simmer for 40 minutes.
  5. Remove the bay leaf and parsley prior to serving and mix in the basil. Serve, and enjoy!
Recipe Notes
You can substitute the veal and/or pork with ground beef or ground turkey if preferred.
To serve with pasta, combined with 1 lb. of spaghetti. This is also great with a side of garlic bread!
Be sure to check out the video of this recipe at the top of this post! 

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