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!

STRAWBERRY FRENCH TOAST BAKE

Ripe, juicy strawberries sandwiched between sweet Hawaiian bread and baked French Toast style. Perfect for Sunday brunch or a lazy Saturday breakfast.

I have become a little addicted to baked french toast since making my Pumpkin Pie Baked French Toast last fall. Both of my kids love them too, so it’s not hard to get them to sit down and eat breakfast when I make this. Since it’s strawberry season, I figured what better fruit to add to my favorite Baked Cinnamon French Toast recipe?

INGREDIENTS
FRENCH TOAST:
  • 1-16 oz loaf King's Hawaiian Bread
  • 5 eggs
  • 2 cups nonfat milk
  • 1/4 cup granulated sugar
  • 1 teaspoon ground cinnamon
  • 1 teaspoon vanilla
  • 2 cups sliced strawberries (about 1 pint)

TOPPING:
  • 1/4 cup all-purpose flour
  • 1/4 cup brown sugar
  • 1 teaspoon ground cinnamon
  • 1/4 cup cold butter, cubed

INSTRUCTIONS

  1. Preheat oven to 350 degrees. Use butter (or cooking spray) to lightly grease an 9"x13" baking dish.
  2. In a medium sized bowl, whisk together eggs, milk, sugars, cinnamon and vanilla.
  3. Layer half of the torn bread pieces on the bottom of the baking dish, and layer 1 cup of the strawberries over the bread. Layer the remaining bread, and then the remaining strawberries.
  4. Pour egg mixture evenly over bread and strawberries.
  5. In a small bowl, combine flour, brown sugar and cinnamon. Cut in butter with a pastry cutter or your fingers to combine until it resembles coarse crumbs. Sprinkle over the bread mixture.
  6. Bake at 350 degrees for about 50 minutes. Allow to cool and set for 10 minutes. Serve warm.

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