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!

Bubble & Squeak Cakes with Smoky Bacon, Poached Eggs and Hollandaise Sauce

Bubble & Squeak Cakes with Smoky Bacon, Poached Eggs and Hollandaise Sauce

A delicious brunch and a fantastic alternative to the “classic” Eggs Benedict!
Serves 4
Preparation time: 20 minutes
Cooking time: 30 minutes

Ingredients
Bubble & Squeak Cakes
500g floury potatoes, peeled & chopped
125g green cabbage, shredded
1 tbsp olive oil, plus extra to fry the potato cakes
3 rashers of smoked bacon, chopped
1 shallot, peeled & chopped
2 cloves of garlic, peeled & crushed
3 tbsp fresh parsley, chopped
3 tbsp plain flour
Salt & freshly ground pepper

Hollandaise Sauce
3 large free-range eggs, yolks only
½ lemon, juice only
250g/9oz butter, melted
pinch white pepper and salt

For the poached eggs
2 tbsp white wine vinegar
4 large free-range eggs

To Serve
4 rashers of smoked bacon, grilled



Preparation method

1.  In a pan of lightly salted water boil the potatoes for 15 minutes, drain well and mash in the pan.  In another pan of boiling water blanch the cabbage for 2 minutes, drain and rinse under cold water and pat dry with kitchen paper.

2.  Heat the oil in a frying pan, add the bacon and fry until crisp, remove from the pan and set aside. Now add the shallot and garlic and fry gently until softened.

3.  Mix through the shallot and garlic to the potato, cabbage, bacon, chopped parsley and season to taste.  Set aside to cool.

4.  Divide the mixture into four and shape into cakes then toss in seasoned flour.  In a large frying pan heat 1cm of oil and fry the cakes for 3 minutes on each side. Remove and drain on kitchen paper and set aside in a warm oven.

5.  To make the hollandaise, place the egg yolks, lemon juice and one tablespoon of water in the bowl of a food processor. Turn on and mix for one minute. With the motor still running very slowly, trickle the warm melted butter through the funnel on the lid of the processor. The sauce will slowly start to thicken. When all the butter has been incorporated, scrape the side of the bowl and give one final pulse. Season with salt and a little white pepper. You should have a rich buttery sauce.

6.  To poach the eggs bring two litres of water to the boil with the vinegar. Lower the heat so the water is not bubbling.  Break the eggs into separate ramekins or cups. Slide the eggs into the water and leave to poach 2-3 minutes.

7.  To serve, place a bubble & squeak cake on a plate and top with bacon and a poached egg, spoon over some sauce.  Enjoy!

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