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!

Pan-Seared Scallops with Lemon Butter Recipe

Scallops seared in a cast iron skillet with a lemon and herb butter sauce !!


The secret to getting the golden brown seared edge is to cook the scallops in olive oil on high heat for 1-2 minutes per side. If you cook scallops directly in the lemon butter sauce, it won’t get hot enough to sear the edge.

Once scallops are golden brown, remove from the skillet and set aside. Add the lemon butter ingredients to the skillets and stir until fully melted. Return the scallops for an additional minute per side and plate with a drizzle of lemon butter.

You don’t need to use a lot of butter to get a lot of great flavor, so this is a delicious high protein and relatively light dish or appetizer. The lemon butter sauce consists of fresh minced parsley, garlic, butter and lemon juice. You can add the garlic to taste or leave it out all together. I typically use parsley but I sometimes will use a little basil as well.Scallops seared in a cast iron skillet with a lemon and herb butter sauce.

Pan Seared Scallops with Lemon Butter Recipe



Ingredients : 

  • 8 large sea scallops, side muscle removed
  • 1 tablespoon olive oil
  • salt and pepper to taste
  • lemon butter sauce
  • 2 tablespoons unsalted butter
  • 2 tablespoons fresh parsley, minced
  • 1-2 cloves garlic, minced
  • juice of half a lemon, squeezed

How To Make ; 

  1. Pat scallops dry and season with salt and pepper. Mince the parsley and garlic and set aside. Add the olive oil to a 12 inch cast iron skillet and bring to high heat.
  2. Once skillet is hot, add the scallops to the pan and sear for 2 minutes per side or until golden brown on the top and bottom.
  3. Remove scallops from the skillet and set aside. Add the butter, garlic, lemon and fresh parsley to the skillet, stirring occasionally until fully melted.
  4. Return the scallops to the skillet and cook for an additional minute per side. Place on a serving dish and drizzle with extra lemon butter sauce as desired. Sprinkle with a pinch of leftover fresh herbs and serve immediately.


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