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!

Cheesy Beef and Rice Enchiladas (only 5 ingredients!)

Cheesy beef and rice enchiladas only need 5 ingredients! So easy for anyone to make. Ground beef, seasonings, enchilada sauce, tortillas, and a packet of Spanish rice is all you need for a delicious, simple, and easy dinner. Top with all your favorite toppings and enjoy.

  • 1 package (5.9 oz) Knorr Spanish Rice mix
  • 1 lb lean ground beef
  • 1 teaspoon garlic powder
  • 1 teaspoon cumin
  • 1/2 teaspoon chili powder
  • 1/2 teaspoon onion powder
  • 1/2 teaspoon salt
  • 1 can (10 oz) mild red enchilada sauce
  • 1/4 cup heavy cream
  • 8 flour tortillas, 8-inch
  • 2 cups shredded cheese

  1. Heat oven to 350 degrees. Prepare a 9x13 baking dish and spray with cooking spray. 
  2. Cook package of Spanish rice according to instructions on package. 
  3. While rice is cooking, cook ground beef and the spices in a skillet pan over medium-high heat, until it's no longer pink. Crumble as you cook the beef. Drain. 
  4. When rice is done, add it to the cooked ground beef mixture in the skillet and stir together. 
  5. Assemble enchiladas:
  6. Pour 1/4 cup of the enchilada sauce into the bottom of the prepared baking dish. Put 1/3 cup of the ground beef mixture into each tortilla, sprinkle some cheese on the beef, and then roll up. Place seam-side down in the baking dish and repeat with the other tortillas. 
  7. Mix the heavy cream with the remaining enchilada sauce and pour over the top of the enchiladas. Sprinkle the remaining cheese on top. Bake for 25 minutes. Let rest for about 10 minutes before serving so the sauce can thicken up slightly. 
  8. Serve with your favorite toppings. 
Recipe Notes
  • So technically, it's more than 5 ingredients because of the spices. But, I don't really count those because most people already have them on hand. So 5 ingredients + seasonings. Don't want anyone to get mad at me 🙂 
  • You can use 1 tablespoon taco seasoning in place of all the seasonings, if wanted. 
  • You don't need the heavy cream but it is so delicious. It gives the enchiladas a rich and creamy flavor. If wanted, just leave it out. 


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