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!
Crispy Cheddar Chicken
I have a simple dinner recipe for you today. Simple and easy and tasty and smile provoking…an all around treasure.
I love it when smiles are provoked. Heck. I’ll take a smile from my kids even without provoking it! It’s just so much nicer when people smile instead of whine.
I thought so.
I knew you were great!
We cream of chicken soup lovin’ ladies have to stick together.
This recipe makes a great freezer meal. Assemble the chicken according to recipe instructions, but don't bake it. Cover your pan tightly with foil and freeze. When you are ready to use it let it thaw completely and then bake at 400 degrees for 35 minutes. It's best to make the sauce fresh, when you are ready to eat.
INGREDIENTS :
Chicken:
- 4 large chicken breasts
- 2 sleeves Ritz crackers
- 1/4 t salt
- 1/8 t pepper
- 1/2 C milk
- 3 C cheddar cheese, grated
- 1 t dried parsley
Sauce:
- 1 10 ounce can cream of chicken soup
- 2 T sour cream
- 2 T butter
INTRUCTIONS :
- Cut each chicken breast into 3 large chunks.
- In a small food processor grind up the ritz crackers.
- Pour the milk, cheese and cracker crumbs into 3 separate small pans. Toss the 1/4 t salt and 1/8 t pepper into the cracker crumbs and stir the mixture around to combine.
- Dip each piece of chicken into the milk then the cheese. Press the cheese into the chicken with your fingers. Some of it will fall off when you add it to the cracker crumbs, don't worry about it. Press the cheesy chicken into the cracker crumbs and press it in. By the time you are coating the last piece of chicken, the dish you are using for the crumbs will be full of cheese. Don't let it get you down. Once the cheese melts in the oven it will adhere nicely to the crumbs and the crackers.
- Spray a 9x13 pan with cooking spray and lay the chicken inside the pan.
- Sprinkle the dried parsley over the chicken.
- Cover the pan with tin foil and bake at 400 degrees for 35 minutes. Remove the tin foil, bake for an additional 10 minutes, or until the edges of the chicken are golden brown and crispy.
- Into a medium sized sauce pan combine the cream of chicken soup, sour cream and butter with a whisk. Stir it over medium high heat until the sauce is nice and hot. Serve over the chicken.
Recipe Adapted From
Crispy Cheddar Chicken
0 Response to "Crispy Cheddar Chicken"
Post a Comment