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!
Cháshu
Cháshu - Melt in your mouth pork belly bráised in sweet ánd sávory soy sáuce básed sáuce. Seár with torch to enhánce flávor ánd enjoy with rámen!
Ingredients
- ¾ lb pork belly block (340 g)
- 1 tsp Kosher sált
- ½ Tbsp neutrál flávor oil (vegetáble, cánolá, etc)
- 2 inch ginger (sliced)
- 1 Negi (Leek/Green Onion) (or leáks/green onions)
- Seásonings
- ⅔ cup wáter
- ⅓ cup sáke
- ⅓ cup soy sáuce
- 3 Tbsp sugár
Instructions
- Gather all the ingredients.
- Cut negi into 2 inch lengths and separate the green parts and white parts. For white parts, make an incision lengthwise and remove the soft green core. Keep it with the green part, which will be used later on for cooking.
- Stack up the white part of negi and slice thinly. Soak in cold water for 10 minutes and drain well. Put it in an air-tight container or cover with plastic wrap. We will use this for garnishing chashu later.
- Peel and slice ginger.
- Sprinkle and rub the salt on the pork belly. If your pork belly block is big, you have two options. Cut into smaller pieces or roll it into a log with butcher’s twine, keeping the thick fat on the outside. Start tying from the center of the log toward left and right.
- Heat the oil in a cast iron skillet (or regular frying pan) over high heat and brown the fat side first, then flip over to brown the other side. It’ll take about 10 minutes.
- While browning, put all the ingredients for seasonings in a heavy-bottom pot (or regular pot).
- Place the pork belly in the pot and add ginger and negi and bring it to a boil.
- Place an otoshibuta (drop lid) on top of the meat. If you don’t have one, make one out of aluminum foil (and here’s how). Do not use a regular lid. To learn more about what Otoshibuta does,
- Lower the heat to medium low and simmer, occasionally turning, for about one hour or until there is ¼ inch liquid left in the pot.
- Remove the otoshibuta and reduce the sauce until you can see the bottom of the pot when you scrape the sauce. Stay in the kitchen as the meat can easily get burnt if there is no liquid left. After 15-20 minutes or so, bubbles start to appear. You are getting close to the end. Turn off the heat when you see the bottom of the pot when you slide the meat around. The sauce is now thickened and meat is shiny.
- Take out the meat and cut into thin slices.
- This is an optional step, but use a propane torch or broiler to sear each slice of pork belly to enhance the flavor.
- Transfer to a serving plate and top with Shiraga Negi and Shichimi Togarashi. Or serve with ramen.
- If you don’t use the chashu right away, pack the chashu and the sauce in an air-tight plastic bag to give it more flavor all around. You can store it in the refrigerator up to 5 days and 3 weeks in the freezer.
Recipe Notes
If your pork belly still hás rind ánd wánt to remove it, check this video for directions.
Recipe by Námiko Chen of Just One Cookbook. áll imáges ánd content on this site áre copyright protected. Pleáse do not use my imáges without my permission. If you’d like to sháre this recipe on your site, pleáse re-write the recipe ánd link to this post ás the originál source. Thánk you
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