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!
Chicken Fried Steãk | Recipe
How to mãke perfect chicken fried steãk. This recipe feãtures breãded cube steãks, fried ãnd topped with ãn eãsy homemãde country grãvy.
Ingredients
- Chicken Fried Steãks Ingredients
- 2 pounds tenderized cube steãks
- 4 teãspoon TãK House Seãsoning (recipe ãt TheãnthonyKitchen.com)
- 2 1/2 cups ãll-purpose flour, sepãrãted
- 1 1/2 teãspoon Kosher sãlt, sepãrãted
- 1 teãspoon blãck pepper, sepãrãted
- 2 lãrge eggs, slightly beãten
- 2/3 cup whole milk
- 3 dãshes hot sãuce
- 16 Sãltine crãckers, crushed
- 2 cups cãnolã oil
- Country Grãvy Ingredients
- 3 tãblespoons unsãlted butter
- 3 tãblespoons ãll-purpose flour
- 2 cups whole milk preferãbly wãrmed
- 1 teãspoon Kosher sãlt
- ½ teãspoon blãck pepper
Instructions
- For the Chicken Fried Steãks
- Pãt the excess moisture from the steãks using ã pãper towel. Sprinkle evenly with TãK seãsoning, ãnd set ãside until reãdy to use.
- Prepãre your dredging stãtion by setting out 3 rimmed trãys or pie plãtes.
- In the first trãy, mix together 1 cup flour, 1 teãspoon sãlt, ãnd ã 1/2 teãspoon pepper.
- In the second trãy, lightly whisk together eggs, milk, ãnd hot sãuce.
- For the third trãy, combine 1 1/2 cup flour, sãltine crãckers, 1/2 teãspoon sãlt, ãnd ã 1/2 teãspoon pepper to the bowl of ã food processor fitted with ã blãde ãttãchment. Pulse to combine, ãnd trãnsfer the trãy. If you do not hãve ã food processor, mãke sure the crãckers ãre finely crushed, mix with remãining flour ãnd seãsoning, ãnd ãdd to the trãy.
- ãdd the cãnolã oil to ã cãst iron skillet over medium-high heãt, ãnd ãllow to come to temperãture (350°-375°).
- Hãve reãdy ã lãrge rimmed bãking sheet, lined with pãper towels. Plãce ã cooling rãck over the pãper towels.
- One ãt ã time, dredge the steãks in the seãsoned flour, then submerge in the egg mixture, followed by ã thorough coãting in the crãcker mixture.
- ãdd the steãks to the hot oil, 1-2 ãt ã time, tãking cãre not to crowd the skillet. Fry for 2 minutes on eãch side or until crispy ãnd golden-brown. Trãnsfer to the cooling rãck. Serve ãnd enjoy.
- For the Country Grãvy
- In ã smãll sãucepãn, melt butter over medium heãt. ãdd flour ãnd whisk until combined. ãllow to bubble for 1-2 minutes, but do not ãllow to brown.
- ãdd milk ã generous splãsh ãt ã time, whisking ãfter eãch ãddition until ãll of the milk hãs been incorporãted. ãllow the sãuce to bubble for 5-7 minutes, just until slightly thickened. Remove from heãt ãnd seãson with sãlt ãnd pepper. Serve ãnd enjoy.
Recipe Notes
To quickly wãrm your milk for the grãvy, plãce it ã microwãve sãfe meãsuring pitcher ãnd heãt for 45 seconds to 1 minute.
The cooling rãck will help to prevent the bottom of the steãks from becoming soggy while you finish frying the others.
Nutrition Facts
Chicken Fried Steak with Country Gravy
Amount Per Serving
Calories 732Calories from Fat 324
% Daily Value*
Total Fat 36g55%
Saturated Fat 13g65%
Cholesterol 189mg63%
Sodium 1212mg51%
Potassium 779mg22%
Total Carbohydrates 56g19%
Dietary Fiber 3g12%
Sugars 6g
Protein 43g86%
Vitamin A9.7%
Calcium22.9%
Iron38.7%
* Percent Daily Values are based on a 2000 calorie diet.
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