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!

Smoked Salmon Eggs Benedict

Mother’s Day is a little over a week away, but I wanted to have a Mother’s Day blog hop today in order to give plenty of time for menu planning and inspiration. Back home Mother’s Day is usually one of my favorite days of the year. Usually my mom, sister, and I use it as an excuse for a girls’ day out. We go to the zoo or botanic gardens, get mani-pedis or enjoy a leisurely brunch, stroll through a museum or go shopping (and yes, we’ve done all of those things on Mother’s Days past).
Living so far from home I have to wait until summertime to enjoy those days with my family, but on Mother’s Day I’ll be thinking about my momma nonetheless. Have I mentioned that she’s the coolest? She has an educational blog of her own and has co-authored a book for teachers that will be out in August. Talk about an amazing role model.

If I was home, I’d want to make my mom one of the recipes from my e-cookbook, Puff Pastry at Brunch: 10 Sweet and Savory Recipes to Start Your Day. {Shameless plug: if you haven’t purchased a copy it’s only $2.99 and has 10 great brunch recipes plus tips and more! Also, it would make a most excellent Mother’s Day gift…)

I’ve already shared my recipe for Hollandaise Sauce, so the rest of the recipe is fairly simple. Don’t be afraid of poaching eggs – it’s really quite simple once you get the hang of it! I used to use a drop of vinegar in the water, but have stopped since I find I make perfectly good poached eggs without it. The most important things I have learned is to keep the water shallow, just deep enough to cover the egg completely, and to make sure the water is lightly simmering but not boiling.

Prep Time 20 mins
Cook Time 15 mins
Total Time 35 mins

Serving Eggs Benedict with smoked salmon instead of the traditional Canadian bacon makes it an even more special dish, sometimes called Eggs Norwegian. Here the typical English muffin base is replaced with baked puff pastry circles. Although you wouldn’t expect such a small change to make a difference, the rich, flaky puff pastry transforms this into an even more decadent and celebratory meal.

Ingredients 
  • 14 ounces frozen puff pastry, defrosted 
  • 8 eggs 
  • 6 ounces smoked salmon 
  • Hollandaise sauce 
  • Finely chopped parsley or chives 
Directions 
  1. Preheat the oven to 350°F. Line a baking sheet with parchment paper. 
  2. Unroll the puff pastry (it should be about1/4-inch thick). Using a cookie cutter or large glass, cut out 8 (4-inch) circles. If you don’t have room for all 8 circles at once, roll up the extra puff pastry scraps in a ball and roll out to ¼-inch thick and cut out the remaining circles. Transfer the pastry circles to the prepared baking sheet. 
  3. Put in the oven and bake for 10 to 15 minutes, until puffed up and golden brown. Remove from the oven and set aside. 
  4. Meanwhile, poach the eggs. Fill a small pot or shallow pan with 3 inches or so of water. Heat over medium heat until just simmering (not boiling). From just above the surface, crack an egg into the water (you can cook multiple at a time depending on the size of your pot or pan). 
  5. Poach for about 3 minutes, or until the eggs are set. Using a slotted spoon, remove the eggs from the water and drain on a paper towel-lined plate. Repeat with the remaining eggs. 
  6. Put two puff pastry disks on each of four plates. Top with smoked salmon, then one poached egg per disk. Drizzle hollandaise sauce over and garnish with chopped parsley or chives. Serve immediately. 


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