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!

SHANGHAI SOUP DUMPLINGS

SHANGHAI SOUP DUMPLINGS
Shanghai Soup Dumplings (Xiao Long Bao)
Makes 40
Ingredients:
aspic:

  • 2 cups homemade (or all natural, store bought) chicken stock
  • 1/2 teaspoon salt
  • 2 teaspoons unflavored powdered gelatin OR 3 gelatin sheets
filling:

  • 1 lb. ground pork
  • 1 cup cooked and chopped vermicelli rice noodles
  • 3 garlic cloves, minced
  • 1 tablespoon minced ginger
  • 1 1/2 teaspoons minced lemongrass
  • 2 green onions, thinly sliced
  • 2/3 cup diced water chestnuts (optional)
  • 1 1/2 teaspoons low sodium soy sauce
  • 1 teaspoon sesame oil
  • 1 teaspoon sea salt
  • 1/2 teaspoon ground white pepper
  • 1 large egg, lightly beaten
  • 40 round wonton wrappers
  • savoy or napa cabbage
Directions:
1. For stock: Pour stock into a small pot and bring to a boil. Stir in salt and continue to boil until the stock has reduced by half. Remove from heat. Sprinkle gelatin into a bowl of 1/2 cup water and allow gelatin to bloom (you will know the gelatin is ready, when it expands and absorbs all the water).
2. Pour the gelatin mixture into the hot stock, stir until dissolved and pour into a shallow, 8”x11” baking dish. Cover and refrigerate for at least 6 hours, but preferably overnight until an aspic forms (the stock gelatinizes). Once aspic is ready, cut into 1/2 inch squares and continue to refrigerate until ready to use.
3. For filling; In a large mixing bowl, combine all the ingredients and gently mix together until fully combined, making sure not to overwork the meat mixture. Cover and refrigerate for at least an hour or until ready to use.
4. To assemble: Brush some egg wash over the surface of a wonton wrapper and fill with 2 teaspoons of filling. Top filling with 1 or 2 small cubes of aspic and carefully gather the perimeter of the wonton and pull it until the center, to create a pouch. Gently twist the gathered wonton to seal the pouch and pinch off the end.
5.Line a bamboo steamer (or whatever steaming device you have) and line it with a single layer of savoy or napa cabbage. Place steamer over a pot filled up halfway with water (like a double boiler) and boil over medium-high heat. Steam dumplings for about 10 to 12 minutes or until the filling has cooked through and the stock has melted into a liquid.
6. Allow dumplings to cool for 1 to 2 minutes before serving in the steamer.

*Be sure to let your guests know that the dumplings are filled with piping hot soup, so they don’t burn their mouths!

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