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!

FRENCH ONION CHICKEN RECIPE

French Onion Chicken: caramelized onions under melted gooey cheese all atop braised tender chicken with a French onion style sauce.  An excellent option for dinner with friends, but your family will want it for a weeknight dinner option!


French Onion Chicken is a twist on French onion Soup….. made with all the things you love about French Onion Soup but made into a main course meal by adding a succulent herb crusted piece of chicken.

This recipe for French onion chicken came about because I was craving soup.  It’s been super hot so the thought of eating soup in this weather was not appealing.

TIPS FOR GETTING THE ONIONS JUST RIGHT FOR FRENCH ONION CHICKEN:

  • Cut the onions, evenly paying special attention to not having them be too thin.  At the smallest cut them 1/8 ” wide.  I cut mine 1/4″ because I don’t want so many of them to dissolve.  If you cut them unevenly or too small they tend to burn in some parts.
  • Cook the onions on low and for a long period of time to let the flavor develop.  If you cook them too fast, they get burnt and don’t soften to the consistency that works best for this recipe.
  • Be Patient.  You’ll want to turn the heat up and cook the onions faster, but to get a deep rich brown color you will need to keep the low temperature and use the whole 45 minutes to cook the onions.  When you taste the deep, rich flavor in the first bite of the  French Onion Chicken you will understand why.

French Onion Chicken Recipe
French Onion Chicken: caramelized onions under melted gooey cheese all atop braised tender chicken with a French onion style sauce.  An excellent option for dinner with friends, but your family will want it for a weeknight dinner option!

Ingredients
  • 8 pieces chicken thighs, with skin
  • 2 + 1 tablespoons olive oil
  • 3 pounds onions, peeled and sliced to 1/4" thick
  • 1 teaspoon thyme
  • 3 tablespoons flour
  • 2 cups chicken or beef broth
  • 1/3 cup white wine
  • 3 cloves garlic minced
  • 1 tablespoon balsamic vinegar
  • 2 tablespoons dijon mustard
  • 1 teaspoon worcestershire sauce
  • 1 1/2 cups gruyere cheese (gouda also works well)
  • salt and pepper to taste
  • sliced and toasted French bread slices to sop up the sauce
Instructions
  1. Place 2 tablespoons olive oil in pan and heat to medium-low.  Add onions and cook until the onions are a deep rich brown color.  About 45 minutes.  DO NOT TURN THE HEAT TO HIGH to cook it faster.  You may need to add a tablespoon of broth occasionally if you see the onions sticking.  The onions will reduce down a lot.  Don't worry.  Its what is supposed to happen.
  2. While the onions are cooking in another pan you can cook the chicken.    Turn  heat up to high.  Add 1 tablespoon of olive oil.  Season the chicken with salt and pepper than brown the each side of the chicken for 5 mins per side.  Don't overcrowd the pan.  Its better to do it in batches and give the chicken room to brown.  Remove all chicken from the pan and wait until onions are completed.  You can deglaze  the pan with wine and then add this mixture into onions when you add the rest of the broth.  (turn heat off pan after deglazing until you are ready for it.) What is deglazing:  (pour in wine, and scrape up all the browned flavorful bits)
  3. Once the onions are nice and browned, add garlic, thyme and flour to onions and stir vigorously to combine.  Continue to cook for 3 minutes.  Then add half of the broth and stir and cook for 5 minutes.  Then scoop out 1/3 of the onions and place on a plate.  Add the rest of the broth, balsamic vinegar, mustard and Worcestershire sauce and bring to a boil.(And the deglazed juices from cooking the chicken)  The sauce should start to thicken in a few minutes.  
  4. Place chicken back into the pan with  thickened onions/broth and then divide the onions you have set aside and place them atop of each piece of chicken. Place into a 350° oven and bake for 20 minutes.  Then remove from the oven and turn the oven to broil.    Sprinkle the grated cheese over each of the chicken topped with onions.  Place pan back in the oven and broil until cheese is melted and golden brown. (about 5 minutes depending on your oven)
  5. Serve Immediately. Serving suggestions: serve over rice, pasta, gnocchi.  Serve along French bread slices to soak up the sauce.  

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