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!

Bill Blass’s Meatloaf

Bill Blass’s Meatloaf
This homespun, bacon-wrapped version of the American classic is attributed to Bill Blass, the world-famous clothing designer of the 60s, 70s and 80s, who is perhaps best known for dressing First Lady Nancy Reagan and the upper echelons of New York society. While he became hugely successful – he reportedly sold his business for $50 million in 1999 – his culinary tastes remained firmly Midwestern. From his 2002 obituary in The Times: “A man of robust but simple tastes who would go out of his way for a hamburger, Mr. Blass would serve guests his own meatloaf recipe, followed perhaps by lemon meringue pie. He always maintained, only partly in jest, ‘My claim to immortality will be my meatloaf.’” This is his recipe.

INGREDIENTS
  • 1 cup chopped celery
  • 1 onion, chopped
  • 3 tablespoons butter
  • 2 pounds ground beef sirloin
  • ½ pound ground veal
  • ½ pound ground pork
  • ½ cup chopped fresh parsley
  • ⅓ cup sour cream
  • ½ cup soft bread crumbs
  • ¼ teaspoon dried thyme
  • ¼ teaspoon dried marjoram
  • Kosher salt and freshly ground black pepper to taste
  • 1 egg
  • 1 tablespoon Worcestershire sauce
  • 1 ½ cups Heinz chili sauce
  • 3 slices bacon
PREPARATION
  1. Preheat the oven to 350 degrees. Oil an 8-by-4-inch loaf pan. In a heavy skillet over medium heat, saute the celery and onion in the butter until soft, about 5 minutes. Scrape into a large mixing bowl and cool.
  2. When the onions are cool enough to handle, add the meats, parsley, sour cream, bread crumbs, thyme, marjoram and salt and pepper to the bowl. Whisk the egg with the Worcestershire sauce and add to the mixture. Using a wooden spoon or your hands, combine the mixture and mold into the shape of a loaf.
  3. Place the meatloaf in the prepared pan. Top with the chili sauce and bacon slices. Bake until firm and nicely browned, about 1 hour.

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