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 Chicken with Peppered Milk Gravy
You know you’re in the South when Chicken Fried Chicken with Peppered Milk Gravy shows up on the menu. Made with boneless chicken pieces it the provides the perfect foundation for a generous drizzle of rich peppered milk pan gravy. Pair with creamy mashed potatoes, a skillet of colorful Southern succotash and basket filled with fresh from the oven buttermilk biscuits and it’s a mighty fine taste of the South in your mouth. Don’t forget the sweet tea to wash it all down and for dessert? Why pound cake, of course.
Ingredients
- 6 8-oz boneless skinless chicken breasts
- 2½ cup all-purpose flour
- ½ cup crushed saltine crackers crumbs or panko breadcrumbs
- 1½ tsp seasoned salt
- 1½ tsp onion powder
- 1½ tsp garlic powder
- 1 tsp smoked paprika
- 1 cup buttermilk
- 2 large eggs
- Peanut or vegetable oil for frying
- Gravy:
- ⅓ cup all-purpose flour
- 4 Tbsp pan drippings
- 1 tsp ground black pepper divided (Adjust to your taste)
- 1/2 tsp salt
- 1 14-oz can evaporated milk
- 1 cup whole milk plus additional as needed to thin
Instructions
- Using a meat mallet, pound the chicken breasts to about 1/2-inch in uniform thickness. Season on both sides with seasoned salt and black pepper.
- Sift together the flour, cracker crumbs, 1½ tsp seasoned salt, 1½ tsp onion powder, 1½ tsp garlic powder and smoked paprika. Set aside.
- Whisk together the buttermilk and eggs.
- Dip the chicken pieces into the seasoned flour, then into the egg wash, then back into the seasoned flour. Shake off any excess.
- Place onto a baking pan in a single layer. Refrigerate uncovered for 15 minutes or up to 1 hour to allow the breading to set.
- To prepare: Preheat the oven to 350°F and fit a baking rack into a rimmed baking pan.
- Heat 1/4 cup peanut or vegetable oil in a large 12-inch cast iron skillet or similar.
- Brown the chicken about 2 minutes per side. Repeat frying in batches with all 6 pieces.
- Place browned chicken onto the rack and into the oven for 15-20 minutes or until the juices run clear.
- Meanwhile to make the gravy: Discard all but 4 Tbsp of the drippings.
- Add the flour to the drippings stirring constantly over medium high heat scraping any brown bits from the bottom of the skillet. .Add the salt and 1/2 tsp black pepper.
- Gradually add the evaporated and regular milk whisking constantly. Increase the heat to medium-high and bring to a boil.
- Lower the heat and allow the gravy to gently simmer for 3-5 minutes. Taste and adjust the salt to your taste. Thin further with additional milk, if needed.
- Serve the milk gravy drizzled over the chicken fried chicken and garnish with remaining black pepper.(Adjust the amount to your taste)
0 Response to "Chicken Fried Chicken with Peppered Milk Gravy"
Post a Comment