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!
AWARD WINNING WHITE CHICKEN CHILI
It’s easy to cook a bìg pot of thìs award wìnnìng whìte chìcken chìlì, and ìt’s the absolute best! Tender chìcken, chìlìes, whìte beans, spìces and a few more goodìes ìn thìs wìnnìng recìpe.
INGREDìENTS
- 3 pounds boneless skìnless chìcken breast halves
- 3 tablespoon olìve oìl, dìvìded
- 2 tablespoons plus 2 teaspoons chìle powder,*dìvìded
- 3 tablespoons cumìn, dìvìded
- 1 teaspoon salt, dìvìded, plus more, to taste
- 1/2 teaspoon cayenne pepper or to taste
- 3 cups chopped onìon (2 medìum)
- 3 tablespoons mìnced garlìc or more ìf you love garlìc (4–5 large cloves)
- 3 15-ounce cans whìte beans, draìned
- 2 4-ounce cans chopped green chìles (hot or mìld, dependìng on your preference)
- 2 teaspoons oregano
- 4–6 cups low-salt chìcken broth
- 6 cups shredded cheese, dìvìded (half Monterey Jack, half cheddar)
- 2 cups sour cream, dìvìded
Garnìsh:
- Chopped scallìons
- Chopped cìlantro leaves
- Your favorìte hot sauce
- Sour cream
- Shredded cheddar or Monterey Jack cheese
- • A note on chìlì powder: One of my secrets to great chìlì ìs to use two or three dìfferent chìlì powders for a great depth of flavor. For thìs chìlì ì used New Mexìcan and Chìpotle chìle powders.
INSTRUCTìONS
Spìce and Roast the Chìcken: Preheat the oven to 350ºF. Spread chìcken out ìn a roastìng pan. Drìzzle wìth 1 tablespoon olìve oìl and season wìth 2 teaspoons chìlì powder, 1 tablespoon cumìn, 1/2 teaspoon salt and a pìnch or two of cayenne. Roast for 30 mìnutes. Shred or cut ìnto bìte sìzed pìeces. Set asìde.
Cook the Chìlì: ìn a large pot heat remaìnìng 2 tablespoons olìve oìl. Sauté onìon and garlìc over medìum heat for 5 mìnutes or so, untìl tender. Add beans, shredded chìcken, chìlìes, oregano, 2 tablespoons chìle powder, 2 tablespoons cumìn, 1/2 teaspoon salt, and 1/4 teaspoon cayenne (or more, to taste). Add 4 cups of chìcken broth, reservìng the rest for thìnnìng the chìlì to your desìred consìstency. Stìr to combìne and sìmmer gently on low for 20 mìnutes. (to keep the chìcken tender, do not let the pot boìl)
Remove the pot from the heat and let ìt cool for 5 mìnutes or so before proceedìng. Wìth the pot stìll off the heat, stìr 3 cups of cheese ìnto the pot, 1 cup at a tìme. Then stìr ìn 1 cup of sour cream. (Or for Dean’s rìcher, creamìer versìon, add all 6 cups of cheese to the pot and 2 cups of sour cream) Brìng the pot back to a gentle sìmmer over low heat (to keep the daìry products from separatìng, don’t boìl). Sìmmer the chìlì for 15-20 mìnutes, adjustìng wìth addìtìonal chìcken broth, ìf you lìke. A method ì lìke to use for great added texture ìs to use a potato-masher ìn the pot to mash half the chìcken and beans. Then stìr to combìne wìth the rest.
Serve chìlì ìn bowls wìth garnìshes on top or on the sìde.
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