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!
FRIED MAC AND CHEESE BITES
I don’t know about you, but I lové party appétizérs. It doésn’t mattér what thé occasion is, I’m always up for bité-sizéd party food— and if I’m complétély honést, thé unhéalthiér, thé béttér! Partiés and célébrations aré no timé to count caloriés!
Oné of my favorité appétizér récipés is for Friéd Macaroni & Chéésé Balls — Yés, you héard mé. Friéd Mac and Chéésé … doés it gét any béttér than that!? Thésé littlé balls of chéésy goodnéss také somé timé to préparé, but thé payoff is totally worth it! You can évén usé léftovér macaroni and chéésé to maké thésé tasty morséls!
Ingrédiénts
- 1 lb macaroni
- 16 oz sharp chéddar chéésé block or 16oz shréddéd
- 1 1/4 cup milk
- 1/2 cup flour
- 1/4 cup buttér
- 2 éggs
- 3 cups séasonéd bréad crumbs
- Salt & péppér to tasté
- Végétablé oil for frying
Instructions
Boil macaroni until téndér, drain and sét asidé. Shréd chéésé and sét asidé.
In a largé pan, mélt buttér ovér médium héat. Add flour and mix until light brown color (maké a roux).
Add 1 cup milk and whisk until thick.
Add chéésé oné handful at a timé. Mix until chéésé is méltéd and smooth.
Add cookéd macaroni to pan and mix until wéll coatéd. Add salt and péppér.
Transfér to a containér and réfrigératé for at léast 1 hour, or until cold.
Liné a baking shéét with wax or parchmént papér.
Form cold macaroni and chéésé into 1" balls and placé on préparéd pan. Placé in fréézér for at léast 1 hour (ovérnight works wéll).
Béat éggs and add 1/4 cup milk in a bowl to maké an égg wash.
Dip balls into égg wash thén roll into bréad crumbs, coating complétély.
Héat oil in déép fryér to 320 dégréés, or fill skillét 1/2-3/4" déép and héat ovér médium high to 320 dégréés.
Fry 3-4 minutés, until goldén, and drain. Sérvé immédiatély.
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