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!

Moroccan Mojitos

I often notice bartenders tasting cocktails before serving them to customers. They stick a straw in the glass, stop up the straw with a finger, and lift the liquid-filled straw to their lips, usually pronouncing the beverage in question adequately quaffable before sliding it across the bar to a waiting customer.

But I’m realizing that tasting is just as important for bartenders as it is for cooks, as bar ingredients can vary in flavor just like those in the kitchen. Case in point, when developing this recipe, I mixed up a pitcher using 6 tablespoons of lime juice to get the drink just tart enough. The limes in question were on the yellow side, yellow actually being a sign of a ripe lime. They were also generous with their juice, and the finished drinks tasted perfectly balanced to my palate. The next time I made a batch, I invited a friend over. She (very tactfully) suggested that the drinks were quite tart. I realized that she was spot on, and that this time the strength of the lime overpowered the other, more subtle flavors of black tea, cardamom and rose.

It’s a drink based on a Moroccan Mojito recipe from Aziza that I found in an issue of Bon Appetit about 8 years ago. (Here’s the original.) Made with cardamom, orange liqueur, lemon juice, and dark rum in addition to the usual mojito suspects, it became by favorite drink for several summers.

How to Make Moroccan Mojitos

This cocktail fuses two of my favorite drinks: Moroccan mint tea and Cuban mojitos, all kissed with cardamom and rosewater. Since citrus fruits vary in tartness, start with the smaller amount of lime and lemon juice and add more to taste. I use Matusalem white rum and The Kraken dark rum here. If you wish to forgo the caffeine, use a decaffeinated black tea (green and oolong teas are too subtle in flavor). All ounce measurements are by volume.

Makes 4 drinks

Ingredients : 
  • 2 tablespoons black tea, such as English Breakfast
  • 20 cardamom pods, crushed
  • boiling water (see instructions)
  • 3 tablespoons (organic cane) sugar
  • 3/4 cup packed spearmint leaves, plus extra for garnish
  • 2-3 tablespoons fresh lime juice
  • 2-3 tablespoons fresh lemon juice
  • 5 ounces (1/2 cup plus 2 tablespoons) white rum
  • 1 ounce (2 tablespoons) dark rum
  • 1 1/2 teaspoons rosewater
  • ice
  • sparkling water
Instrctions : 

1. Make the cardamom tea concentrate:
  • Place the tea and crushed cardamom pods in a heatproof measuring cup, and add boiling water to bring the mixture to the 3/4 cup mark. Let steep 10-20 minutes. (If finishing the drinks later, strain the tea mixture into a jar, squeezing the liquid out of the tea, and chill. The mixture may become cloudy; this is fine.
2. Finish the mojitos:
  • Meanwhile, muddle the mint leaves and sugar together in another measuring cup to bruise the mint. Add the lime and lemon juices, starting with the smaller amounts; stir to dissolve the sugar.
  • When the tea has steeped, strain it into the mint mixture, squeezing the tea and cardamom pods to extract all the liquid.
  • Strain the mint/tea mixture into a pitcher, squeezing the leaves to extract all the liquid. Stir in the white and dark rums and the rosewater. Taste, adding additional lime and lemon juice if you like.
  • Fill four large tumblers with ice and several mint leaves. Divide the cocktail mixture among the glasses, leaving room for sparkling water. Top each with a bit of sparkling water, stir, and serve.


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