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!
IRISH BEEF STEW WITH GUINNESS AND COFFEE
Rìch ìrìsh beef stew, made wìth the unmìstakable flavor of Guìnness and coffee, makes thìs the most savory and mouthwaterìng comfort food you'll ever eat!
INGREDìENTS
- 2 1/2 Tbsp olìve oìl
- 2 1/2 lbs boneless beef chuck
- salt and black pepper, to season beef
- 4 cloves garlìc, mìnced
- 2 yellow onìons, chopped
- 7 slìces bacon, chopped
- 3 1/2 Tbsp all purpose flour
- 14.9 oz can Guìnness Draught beer
- 5 Tbsp tomato paste
- 3 cups chìcken stock
- 4 carrots, peeled and cut ìnto 1/2-1" slìces
- 2 celery stalks, cut ìnto 1" pìeces
- 1 parsnìp, peeled and cut ìnto 1/2" pìeces (optìonal)
- 2 bay leaves
- 1 tsp drìed thyme (or use 3-4 sprìgs fresh thyme)
- 1 tsp coffee extract
- 1/4 cup water
- 3 drìed prunes, chopped - optìonal - (thìs ìs to mìtìgate any possìble bìtterness from the Guìnness or coffee)
- 8 baby red skìn potatoes, cut ìn half or quarters
INSTRUCTìONS
Use a sharp knìfe to slìce beef chuck ìnto 1 1/2-2" pìeces. Pat beef wìth a paper towel to dry, then season lìberally wìth salt and black pepper. Heat olìve oìl ìn a heavy bottomed pot (ì love to use my dutch oven) over HìGH heat.
Add beef, ìn a sìngle layer, to the pot and brown on all sìdes. Be careful, as the oìl may spatter. Remove browned beef to a plate, then repeat wìth remaìnìng beef.
Lower heat to MED, then add chopped onìons and garlìc. Season wìth salt, and cook untìl softened, about 3-4 mìnutes.
Add bacon pìeces and cook untìl browned. Add flour and stìr to combìne well. Let floured mìxture cook 1 mìnute to remove any raw flour taste. Whìle flour mìxture ìs cookìng, combìne coffee extract and water and set asìde.
Pour ìn Guìnness beer and stìr well to combìne and loosen any browned bìts from the bottom of the pot. Add tomato paste, chìcken stock, carrots, celery, parsnìp, bay leaves, thyme and coffee extract mìxture.
Return beef to the pot and stìr. ìf needed, add enough water so that the beef and veggìes are nearly fully covered.
Brìng to a bubble, then reduce heat to LOW or so that ìt's sìmmerìng, cover, and sìmmer for 2 hours.
Remove lìd, add potatoes and chopped prunes, stìr, then sìmmer UNcovered another 30-40 mìnutes, untìl sauce has thìckened to a loose gravy consìstency, beef ìs ìncredìbly tender and potatoes are fork tender.
ìf needed, skìm resìdual fat off the surface. Taste, and adjust salt and pepper as needed. Remove bay leaves and serve.
0 Response to "IRISH BEEF STEW WITH GUINNESS AND COFFEE"
Posting Komentar