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!

BUFFALO CHICKEN DIP

A classic Buffalo Chicken Dip – shredded chicken, hot sauce, cream cheese, ranch dressing, and lots of cheese! Great for parties and game days!
One of my oldest, best friends, Beth, definitely qualifies as a genius.

Five or six years ago, a couple of days before Christmas, she invited a bunch of girlfriends over for a “dip party”. It’s absolutely as awesome as it sounds. Everyone brings their favorite dip along with the recipe to share. Seriously brilliant. A small group of us sat around her kitchen island with bowls and plates of dip in front of us, sampling them all and chit chatting. It was such a great idea and a wonderful, low-key way for a bunch of girls to share some favorite recipes, hang out and, of course, eat. Which leads me to this buffalo chicken dip…
An easy buffalo chicken that combines shredded chicken, hot sauce, cream cheese, ranch dressing, and lots of cheese!

INGREDIENTS:
  • 4 boneless, skinless chicken breasts, boiled and shredded (or 4 12.5-oz cans of chicken breast, shredded)
  • 1 (12-ounce) bottle hot sauce
  • 16 ounces cream cheese
  • 1 (16-ounce) bottle ranch dressing
  • 6 ounces Monterey Jack cheese, shredded (about 1½ cups)
  • 6 ounces cheddar cheese, shredded (about 1½ cups)


DIRECTIONS:
  1. Preheat oven to 350 degrees F.
  2. In a medium bowl, stir together the chicken with the bottle of hot sauce and spread in the bottom of a 3-quart baking dish.
  3. In a medium saucepan, combine the cream cheese and the ranch dressing over low heat until the cream cheese is completely melted and smooth. Pour the mixture evenly over the chicken. Sprinkle the shredded cheese over the cream cheese/ranch layer.
  4. Bake uncovered for 30 to 40 minutes, or until bubbling and browned on top. Let stand for 10 minutes before serving. Serve with celery sticks, other vegetables, tortilla chips or crackers.
RECIPE NOTES:
You can substitute four (12.5-ounce) cans of cooked chicken, drained, for the chicken breasts.
Feel free to use whatever hot sauce and ranch dressing you’d like; I used Frank’s Red Hot and Hidden Valley Ranch.
If you’re a buffalo wing purist, feel free to substitute blue cheese dressing for the ranch.
This can be prepared a day in advance, just cover and refrigerate overnight. You may need to add 5 or 10 minutes to the baking time.

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