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!

Mini Steak Sandwich with Brie, Caramelized Onions and Fig Jam

Mini Steak Sandwich with Brie, Caramelized Onions and Fig Jam
Have you heard about this New Year’s Eve’s hottest fashion trend? It’s a cocktail dress paired with a giant bib, a.k.a. the ideal ensemble for devouring a Mini Steak Sandwich with Brie, Caramelized Onions, and Fig Jam.
Mini Steak Sandwich with Brie, Caramelized Onions, and Fig Jam
YIELD: 8 sandwiches 
PREP TIME: 15 minutes 
COOK TIME: 45 minutes 
TOTAL TIME: 1 hour

Ingredients:
  • 2, 10-ounce beef strip steaks (about 1-inch thick each)*
  • Kosher salt
  • Ground black pepper
  • 2 1/2 tablespoons extra virgin olive oil, divided
  • 2 large red onions, thinly sliced
  • 1 tablespoon Dijon mustard
  • 2 tablespoons melted unsalted butter
  • 8 mini-sized French rolls, pretzel buns, or similar soft, but sturdy buns
  • 1 1/2 cups arugula
  • 8 ounces Brie cheese, cut into thin slices
  • 1/2 cup fig jam
Directions:
  1. Preheat the oven to 350 degrees F. Remove steak from the refrigerator and place on a plate. Season liberally with salt and pepper on both sides. Let come to room temperature while you caramelize the onions.
  2. Prepare the Dijon onions: Heat 1 tablespoon olive oil in a large sautee pan over medium high. Add the sliced red onions and 1/4 teaspoon kosher salt. Cook until the onions begin to soften and brown, 5-8 minutes. Reduce heat to low and let cook, stirring occasionally, until the onions are very soft and caramelized, about 15 additional minutes. Remove from heat and stir in the Dijon to evenly coat. Remove the onions to a plate or bowl, then gently wipe the skillet clean with a paper towel.
  3. Heat the remaining 1 1/2 tablespoons olive oil in the skillet over medium high. Once the oil is very hot and almost smoking, add the seasoned steaks. Do not crowd them—if your skillet is not large enough to easily accommodate both, cook them in batches. Sear the steaks for 1 minute on each side, then reduce the heat to low and cook the steak for about 6-8 minutes, turning once, until rare and a thermometer inserted in the center reaches 125 degrees F. Transfer to a plate and cover with foil. Let rest for 10 minutes, then slice into strips.
  4. Spread the melted butter onto the bottom of a 9×13-inch baking dish, using just enough to coat the pan. Lay the bottom of the buns in a single layer in the baking dish, then top with the arugula, steak slices, Brie, and the caramelized onions. Spread the inside of the top buns with about 2 teaspoons jam, then lay the buns on top to complete the sandwiches. Brush the bun tops with the remaining melted butter, then cover the pan with foil. Bake for 15 minutes, just until the cheese has melted. Transfer to a serving plate and enjoy warm.
*Feel free to substitute the strip steaks for another cut of beef you enjoy. Sliced tenderloin would also be fantastic.
Make-ahead tips: The Dijon onion topping can prepared and stored in the refrigerator up to 2 days in advance. Whole sandwiches can be assembled, arranged in the pan, and kept at room temperature for 1-2 hours in advance. Bake just before serving.
All images and text ©Erin Clarke/Well Plated

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