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!
15-Minute Hot Dog Coney Sauce Recipe
15-Minute Hot Dog Coney Sauce Recipe
There’s not much more satisfying, nor comforting, than taking the first bite of a hot dog topped with a savory, beefy coney sauce. Coney dogs have been an American restaurant staple for generations, but now, it’s time to bring that coney sauce home. Coney sauce is quick and easy to make, and you can do it at home, just as good as any restaurant. Actually, you can do it better...Today, we’ll quickly cover everything you need to know to make an easy, one-pan, 15-minute coney sauce at home.
HOW TO MAKE HOMEMADE CONEY SAUCE
Coney sauce is a chili, savory and slightly tangy, with just a hint of sweet from its ketchup base. Many hot dog sauce recipes call for an extended cook time on the stovetop to develop flavor, but this is really not necessary. With the right blend of spices and ingredients, you can make an incredible coney sauce in under 20 minutes.
HOT DOG CONEY SAUCE RECIPE OVERVIEW
- Brown ground beef.
- Add ketchup and spices.
- Simmer briefly.
- Add cornstarch slurry and simmer 2 minutes more.
5 MORE AMERICAN CLASSICS YOU’LL LOVE
- Easy Homemade Hamburger Helper features savory, seasoned ground beef, a quick Cheddar sauce, diced onions, and peppers.
- Crispy Breaded Baked Pork Chops come equipped with a crispy panko breading. They’re always tender and never dry!
- Homemade Salisbury Steak is a hearty, ground beef steak served with a heaping helping of brown onion gravy.
- Pizza Bagel Bites are made with miniature bagels, sauce, melty Mozzarella cheese, and pepperoni.
- Baked BBQ Chicken features crisp dark meat chicken, brushed with barbecue sauce and baked to perfection!
Ingredients
- 1 pound 80/20 ground beef
- 1/2 cup ketchup
- 1 tablespoon tomato paste
- 2 tablespoons soy sauce
- 2 1/2 teaspoons chili powder
- 1 teaspoon Kosher salt
- 1/2 teaspoon garlic powder
- 1/2 teaspoon ground mustard
- 1/2 teaspoon black pepper
- 1/4 teaspoon onion powder
- 1/4 teaspoon ground cumin
- 3/4 cup + 2 tablespoons water, separated
- 1 teaspoon cornstarch
Instructions
In a large saute pan over medium-high heat, add the ground beef and break it apart using a wooden spoon. Saute the ground beef for 10 minutes, or until completely browned and cooked through.
If desired, spoon out the majority of the grease by first removing the pan from the heat or open flame. Then, using a spatula, push the meat to one side of the pan. Have ready a small bowl to collect the excess grease. Tilt the pan slightly and spoon out the grease. Wipe any drippings away, and return to the heat.
Add the ketchup, tomato paste, soy sauce, chili powder, salt, garlic powder, ground mustard, pepper, onion powder, cumin and 3/4 cup of water, and stir to combine. Allow the mixture to come to a simmer and reduce the heat to medium-low to maintain a proper simmer. Simmer for 4-6 minutes, or until the liquid has reduced by about half.
In a small bowl, add the cornstarch and 2 tablespoons of cold water. Whisk until combined, and pour into the sauce. Stir, and allow to simmer for 2-3 minutes more, until slightly thickened. Serve and enjoy.
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