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!

Mediterranean Grilled Balsamic Chicken with Olive Tapenade

A simple marinade with two kinds of balsamic vinegar, fresh herbs, and grainy mustard gives this grilled balsamic chicken topped with an easy olive and sun dried tomato tapenade a classic Mediterranean flavor zing.


Ingredients
  • 2 skinless, boneless Simple Truth chicken breasts
  • ¼ cup olive oil
  • ¼ cup golden balsamic vinegar
  • ⅛ cup Private Selection Whole Grain Garlic Mustard
  • 1½ tablespoons balsamic vinegar
  • 3 cloves garlic, pressed or minced
  • Juice of ½ lemon
  • 1 heaping tablespoon chopped fresh herbs such as Simple Truth tarragon, rosemary or thyme
  • 1 teaspoon kosher salt
  • ½ teaspoon freshly ground black pepper
  • Serve with Olive Tapenade (recipe below) and chunks of feta cheese


Instructions
  1. Trim any extra fat from the chicken breasts and place in a bowl or a gallon size freezer bag.
  2. In a small bowl, whisk the olive oil, balsamic vinegars, mustard, garlic, lemon juice, herbs, and salt and pepper. Reserve half of the marinade and add the other half to the bowl or bag with the cihcken. Marinate for at least 30 minutes up to overnight, turning occasionally.
  3. When ready to grill, bring one side of an outdoor grill to high heat with the other side off.
  4. Oil the grill grates well and drizzle the chicken breasts with more olive oil, then place the chicken breasts on the hot grill. Cook for 2-3 minutes or until grill marks appear, then flip the chicken and cook for another 2-3 minutes. Move the chicken to the cooler grates of the grill, cover, and cook for 10 minutes. Transfer a few tablespoons of the reserved marinade to another bowl and use it to baste the chicken with and flip. Continue cooking, basting, and flipping until the breasts have an internal temperature of 165 degrees. Move the chicken to the hot side of the grill to add more grill marks and color to the chicken breast but be sure to watch them so the balsamic marinade doesn't burn.The length of cooking time will depend up on the thickness of the breasts but you should count on the whole cooking time to be about 30 minutes.
  5. Transfer the chicken to a platter and cover with a piece of aluminum foil and let rest for 5 minutes. Serve with olive tapenade, chunks of feta cheese minced herbs and drizzle with any leftover marinade or olive oil.

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