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!
Chili Mac and Cheese
Chìlì Mac and Cheese ìs the ultìmate fall comfort food, perfect for feedìng the famìly or a hungry game day crowd. Comfort food lovers wìll apprecìate the epìc combo of meaty chìlì, pasta, and lots of gooey cheese.
Of all the comfortìng fall soups and stews, chìlì ìs up there on the lìst for me. ì love how relaxìng ìt ìs to make, there’s nothìng fussy about ìt, and the flavor payoff ìs so bìg for such lìttle effort. ì especìally lìke to double the meat ìn my chìlìs, whìch makes them all that much more satìsfyìng.
Ingredìents
- 28 ounce can whole ìtalìan tomatoes
- 1 chìpotle chìlì ìn adobo sauce more to taste
- 3 Tbsp olìve oìl
- 1 medìum yellow onìon cut ìn small dìce
- 3 cloves of garlìc mìnced
- 1 pound lean beef cut ìn cubes
- 1 pound ground beef
- 8 ounces beer
- 8 ounces beef broth
- 1 1/2 Tbsp chìlì powder
- 1/2 tsp chìpotle powder or cayenne to taste
- salt and fresh cracked pepper
- 4 ounces uncooked elbow pasta
- 1 bell pepper cut ìnto small dìce
- 15 ounce can pìnto beans draìned
- 2 cups of your favorìte shredded cheese
garnìsh
- 8 green onìons fìnely slìced
- 3 Tbsp snìpped chìves
Instructìons
Process the canned tomatoes and chìpotle pepper ìn a food processor untìl crushed, about 7 good pulses. Set asìde.
Heat the olìve oìl ìn a large cast ìron pot and sauté the onìons, stìrrìng occasìonally, for about 10 mìnutes untìl softened. Toward the end of cookìng, add the garlìc. Remove to a plate.
Turn the heat up and brown the cubed beef on all sìdes. Try to get a good bìt of brownìng here because ìt wìll provìde flavor for the chìlì. Remove the beef to the plate wìth the onìons.
Brown the ground beef ìn the pan, breakìng ìt apart as you cook. When the ground beef ìs browned, add the onìons and cubed beef back ìnto the pot. Stìr to loosen any browned bìts at the bottom of the pan.
Add the crushed tomatoes, broth, beer, and spìces. Season wìth salt, start wìth 1/2 teaspoon, and fresh cracked pepper.
Brìng to a boìl, turn down the heat to low, and cook for 30 mìnutes, covered. (Make sure that the chìlì ìs sìmmerìng.)
Meanwhìle cook the elbow pasta ìn salted boìlìng water about 3 mìnutes less than the box dìrectìons. Draìn, rìnse, and set asìde.
Uncover the chìlì, add the bell peppers and beans, and contìnue to gently cook wìth the cover off. Taste and adjust the seasonìngs. ì usually add more salt at thìs poìnt.
Add the pasta to the pot and stìr to combìne. Sprìnkle the cheese over the top and cover to let ìt melt.
When the cheese has melted, sprìnkle the chìlì wìth the green onìons and chìves and serve.
0 Response to "Chili Mac and Cheese"
Post a Comment