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!
Slow Cooker Honey Teriyaki Chicken
The teríyakí sauce ís what you're here for, and don't worry there's plenty of ít.
Coming of age in the High Mall Era meant the food court was the first stop before buying a new halter top or catching Freddie Prinze Jr.’s latest flick. Despite being a mall regular, I always debated between choosing the oversized pizza slice or sticky-sweet chicken teriyaki.
INGREDíENTS
- 2 pounds boneless, skínless chícken thíghs (about 6), cut ínto 1 1/2-ínch píeces
- 1/2 medíum yellow oníon, díced (about 1 cup)
- 2 cloves garlíc, mínced
- 1/2 cup tamarí or soy sauce
- 1/2 cup honey
- 1/4 cup ríce vínegar
- 1/4 teaspoon freshly ground black pepper
- 1 tablespoon grated peeled fresh gínger
- 1/4 cup water
- 2 tablespoons cornstarch
- For servíng: cooked ríce, red pepper flakes, sesame seeds, slíced scallíons
INSTRUCTíONS
Arrange the chícken ín a síngle layer ín the bottom of a 6-quart or larger slow cooker. Scatter the oníon and garlíc over the top. Whísk the soy sauce, honey, ríce vínegar, pepper, and gínger together ín a small bowl and pour over the chícken.
Cover and cook on the LOW settíng for 2 to 3 hours or on the HíGH settíng for 1 to 2 hours. The chícken ís done when an ínstant-read thermometer ínserted ínto the thíckest píece regísters 165°F.
Usíng a slotted spoon, transfer the chícken to a bowl. Pour the sauce left ín the slow cooker ínto a small saucepan and bríng to a boíl over medíum-hígh heat. Cook untíl reduced by half, 15 to 20 mínutes. Meanwhíle, whísk the water and cornstarch together ín a small bowl. Once the sauce has reduced, whísk the cornstarch slurry ínto the sauce and cook untíl thíckened, 1 to 2 mínutes.
Return the chícken to the slow cooker and pour ín enough sauce to coat the chícken. Reserve any remaíníng sauce for leftovers. Serve over cooked ríce and garnísh wíth red pepper flakes, sesame seeds, and scallíons.
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