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!

1-POT RED LENTIL CHILI

Hearty red lentil chili made in 1 pot with simple ingredients! A smoky, flavorful, protein- and fiber-rich plant-based meal perfect for cold nights and feeding a crowd.
Ingredients
  • US Customary - Metric
  • 2 Tbsp grape seed or coconut oil
  • 1 medium white or yellow onion, diced
  • 1 medium red pepper, diced
  • 1/2 tsp each sea salt and black pepper (divided // plus more to taste)
  • 1 jalapeño , diced with seeds
  • 4 cloves garlic (4 cloves yield ~2 Tbsp)
  • 3 Tbsp chili powder (divided)
  • 2 Tbsp ground cumin (divided)
  • 1 tsp smoked paprika
  • 2 15-ounce cans diced tomatoes (if unsalted, add more sea salt)
  • 3 Tbsp tomato paste
  • 1 3/4 cup water (plus more as needed)
  • 3/4 cup dry red lentils thoroughly rinsed in cold water + drained
  • 1 15-ounce can kidney beans (slightly drained)
  • 1 15-ounce can black beans (slightly drained)
  • 1-2 Tbsp coconut sugar (or maple syrup)
  • 1 15-ounce can corn, drained (optional)
  • FOR SERVING optional
  • DIY Chili "Cheese” Fritos
  • Fresh chopped cilantro
  • Avocado

Instructions
  1. Heat a large pot over medium heat. Once hot, add oil, onion, and red pepper. Season with a healthy pinch each salt and pepper and stir. Sauté for 3-4 minutes, stirring frequently.
  2. Add jalapeño and garlic to a mortar and pestle and crush into a rough paste (alternatively, blend in a small food processor, or finely mince). Add to the pot with onion and red pepper, and season with another pinch salt and pepper.
  3. Add 2/3 of the chili powder (2 Tbsp as original recipe is written), half of the cumin (1 Tbsp as original recipe is written), paprika, diced tomatoes, tomato paste, and water, and stir to combine. Bring to a low boil over medium high heat.
  4. Once boiling, add lentils and reduce heat to medium-low or low, so it's at a gentle simmer. You want to see bubbles, but you don't want it boiling. Cook for 15 minutes, or until lentils are mostly tender. As it's cooking you may need to add more water if the mixture is looking too dry and the lentils aren't submerged (I didn't find that necessary).
  5. Next add kidney beans, black beans, 1/4 tsp each salt and pepper, and remaining cumin (1 Tbsp as original recipe is written) and chili powder (1 Tbsp as original recipe is written), and stir to combine.
  6. Bring to a simmer over medium heat, then reduce heat slightly to low (or medium-low), add corn (optional), cover, and gently simmer for 20 minutes to meld the flavors together. Stir occasionally.
  7. Taste and adjust seasonings as needed, adding more chili powder or cumin for smokiness, salt for saltiness, or a little coconut sugar to balance the heat and draw out the other flavors.
  8. Serve as is, or garnished with chili cheese fritos, fresh jalapeño, cilantro, red onion, and/or avocado (optional).
  9. Store leftovers in the refrigerator up to 4 days, and in the freezer up to 1 month. Reheat on the stovetop, or in the microwave.
Recipe Adapted From minimalistbaker.com

Notes
*Nutrition information is a rough estimate.

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