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!

Bourbon Slush Punch

bourbon slush punch
Nothing to see here, guys.
strong tea
Really, you wouldn’t like this. Who’d want to drink a half-frozen blend of strong tea, lemonade, orange juice and bourbon garnished with fresh mint on a sticky, hot summer day? It might give you a little brain freeze. It would probably feel like liquid air conditioning. It could improve your outlook to the point that you might forget to dread the next heat wave. Nothing good could come of this.
orange juice-ing
Trust me, I know from experience. My friends brought bags of this slush up to their roof last month and I had but a few crunchy sips before I turned to my husband and said, “I think I’m starting to like summer in the city.” He said, “Whoa. Slow down there!” And we both agreed that this was a very dangerous drink to have on hand and that we should only finish our glass and at most one more to be safe.
lemon juicing
bourbon, tea, lemon and orange juice
all mixed and ready
concentrate + ice to blend

My friends got the recipe from a magazine, but it’s crazy sweet as printed. I ended up tweaking it, using freshly squeezed orange juice and lemonade instead of frozen concentrate and half the recommended sugar (less, even, given that I didn’t sweeten the equivalent homemade lemonade). The original recipe has you divide the mixture between two gallon-size freezer bags and freeze it until slushy, but my friends complained that this took forever, at least 12 hours in their freezer (your freezer may be colder), and that’s just way too much forethought about a cocktail for me. Plus, I had little doubt that I’d miss the “perfectly slushy” window and end up with a giant ice cube. So, when I make it, I use a base concentrate which is all of the ingredients except the water and you should keep this chilled until needed. And instead of adding water, we used the equivalent weight in ice, which you can blend in a large batch or individual size, as needed. Which might be often this weekend. Don’t say I didn’t warn you.
bourbon slush punch


Bourbon Slush Punch
Adapted from Garden & Gun

After significantly reducing the sugar and replacing frozen concentrate with fresh juice, I halved this recipe so that it serves 8 people (in 1-cup servings; your punch glasses may be smaller) from 4 cups concentrate and about 5 cups ice. The resulting punch is lightly sweet and very refreshing. And it crunches. You can definitely double it for a crowd. If you would rather make the slush the way originally recommended, after you make the punch base mixture, add 2 cups cold water to it. Pour mixture into a gallon-sized freezer bag. Freeze mixture until slushy (this might take several to many hours), and serve. If it freezes solid, place it in a punch bowl and let it thaw, breaking it up every 15 minutes or so. Blending ice cubes as directed below is definitely less work.
1 cup water
2 tea bags (whatever you like for iced tea)
1 cup bourbon
1/4 cup granulated sugar
1 1/2 cups orange juice (about 3 well-squeezed oranges)
6 tablespoons lemon juice (about 2 lemons)
16 to 17 ounces (about 5 cups of small pieces of ice) ice cubes
Mint sprigs or lemon slices, for garnish

Boil 1 cup water for tea. Add the tea bags and let steep until cool. Discard the tea bags and set aside. Pour tea into a pitcher. Add bourbon, sugar, orange juice and lemon juice and refrigerate until needed. Don’t worry about stirring the sugar so that it dissolves; after 30 minutes in the fridge, it will have.
To serve: Shake or stir punch base to ensure ingredients are evenly distributed. To make two liters of punch, add base and full amount of ice cubes to your blender, blending until the ice is crushed and slushy. For each individual glass of punch, place 1/2 cup punch base and slightly heaped 1/2 cup small pieces of ice (mine were chipped off an ice block; don’t ask) and blend until slushy. Add an extra whole ice cube or two to glasses if desired. Garnish glass with a sprig of mint or slice of lemon.

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