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!

SMOKY WHITE CHEDDAR MAC AND CHEESE

SMOKY WHITE CHEDDAR MAC AND CHEESE — Elbow macaroni is baked in a creamy smoked cheddar and Fontina cheese sauce with fresh thyme, then baked until hot and bubbly in this gourmet-style macaroni and cheese.


This decadent pasta dish is loaded with four kinds of cheese and a hint of nutmeg and thyme. I wish I could say it was healthy and low-calorie, but it’s definitely worth the indulgence!

The smoked cheddar might be a bit strong for some tastes, especially kids, so feel free to use more of the regular white cheddar if you prefer.

But don’t skip the fresh thyme! It’s the perfect accompaniment to the slightly smoky flavor of the cheese sauce. The flavors in this mac and cheese are pretty much perfect.

SMOKY WHITE CHEDDAR MAC AND CHEESE
Elbow macaroni is baked in a creamy smoked cheddar and Fontina cheese sauce with fresh thyme, then baked until hot and bubbly in this gourmet-style macaroni and cheese.

INGREDIENTS

  • 16 ounces elbow macaroni
  • 3 tablespoons butter
  • 3 tablespoons all-purpose flour
  • 1 quart (4 cups) half and half
  • 1/2 cup heavy whipping cream
  • 4 ounces cream cheese, cubed and softened
  • 1 tablespoon Dijon mustard
  • 1 tablespoon chopped fresh thyme
  • 1 teaspoon onion powder
  • 1/4 teaspoon nutmeg
  • 1/8 teaspoon cayenne pepper
  • Salt and pepper to taste
  • 6 ounces Fontina cheese, grated and divided
  • 6 ounces white American cheese, grated or cubed
  • 2 ounces smoked cheddar cheese, grated

INSTRUCTIONS

  1. Cook macaroni according to package directions; rinse with cool water and drain.
  2. Meanwhile, melt butter in large saucepan over medium heat. Add flour and stir to mix well. Cook for 2-3 minutes.
  3. Gradually whisk in half and half and simmer for 3-5 minutes, stirring constantly.
  4. Stir in heavy cream, cream cheese, Dijon mustard, fresh thyme, onion powder, nutmeg, and cayenne pepper. Season with salt and pepper, to taste.
  5. Pour pasta into a large bowl. Add half of the Fontina cheese, the white American cheese and the smoked cheddar. Toss to mix well.
  6. Stir the sauce into the pasta and cheese.
  7. Pour the pasta into a greased 9×13 inch baking dish. Top with remaining Fontina cheese.
  8. Bake for 25-30 minutes or until golden brown. Let stand 10 minutes before serving.

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