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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!

GARLIC BUTTER BAKED SALMON IN FOIL

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Baked salmon in foil that’s been brushed with my lemon garlic butter sauce. This recipe is so easy to make and pulls together in less than 30 minutes! The salmon is so flakey and tender when baked inside foil. You’re going to love this recipe!


This is  gluten-free and paleo friendly so it’s perfect to serve when you’ve got guests with different dietary restrictions. That’s scoring big time.

GARLIC BUTTER BAKED SALMON IN FOIL RECIPE
Baked salmon in foil that’s been brushed with my lemon garlic butter sauce. This recipe is so easy to make and pulls together in less than 30 minutes! The salmon is so flakey and tender when baked inside foil. You’re going to love this recipe!



INGREDIENTS:

  • 1 ¼ pound sockeye or coho salmon (preferably wild caught)*
  • 2 tablespoons lemon juice
  • 2 cloves garlic, minced
  • 2 tablespoons cold butter, cubed
  • 1/2 teaspoon salt
  • ¼ teaspoon black pepper
  • ¼ teaspoon Italian seasoning
  • ¼ teaspoon red pepper flakes
  • 1 tablespoon chopped parsley, for garnishing (optional)

DIRECTIONS:

  1. Position a rack in the center of the oven and preheat the oven to 375ºF. (see notes)
  2. In a saucepan over medium heat, combine the lemon juice and minced garlic, allow the lemon juice to reduce to 1 tablespoon. Add in 1 tablespoon of butter, remove pan from heat and swirl so the butter starts to melt. Place back on the heat for a few seconds, removed and continue to swirl until butter completely melts. Repeat with second tablespoon of butter. When butter is completely melted, remove sauce from stove.
  3. Place the salmon filet in a piece of foil large enough to fold over and seal. Using a brush or spoon, brush the salmon with the garlic butter sauce. Season with salt, pepper, Italian seasoning, and red pepper flakes. Cover with foil so that all sides are properly closed so the sauce does not leak.
  4. Bake the salmon for 12-14 minutes or until firm. Open the foil and allow the fish to broil under the broiler for 2-3 minutes, keeping an eye on it so the fish does not burn. Remove from oven, top with parsley. Serve immediately.

NOTES:

  • I suggest using a good quality salmon for this recipe. Try to avoid using ‘pink salmon’ as this type of salmon is quite watery and will release lots of water in the baking process causing the fish to be wet and not flakey.
  • Please note: baking time may vary slightly due to thickness of fish. Feel for firmness on the thickest part of the filet to make sure your fish is cooked through.
  • The salmon can also be wrapped in foil and barbecued at 375º-400ºF for about the same amount of time give or take a minute or two. Allow the salmon to ‘broil’ the same way you would in the oven, by opening the foil and allow the fish to dry out for just 1-2 minutes.


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