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!

Rice Pilaf

Rice Pilaf
This recipe for rice pilaf is a simple side dish that is a great alternative to plain white rice. Its mild chicken and garlic flavors make it a versatile and easy side for any supper.
This is my go-to side dish.
It’s quick, easy, full of flavor and adaptable too (you can add vegetables or meat to make it a one-pot meal)! It goes with anything from roast chicken to curry!
I love this rice pilaf with shrimp scampi because it’s mild, but it also adds depth to the dish without clashing with it.
Why this recipe works:
The light flavor of the rice makes this the perfect side dish for almost any main meal.
The ingredients in this recipe are very common and probably already in most people’s pantry.
It’s so easy to make and goes with so much! It’s perfect for those busy days when I pick up a cooked chicken for dinner and then just whip this up with some steamed broccoli. It’s so simple and so much better than getting a full take out.
This is also a great dish for children. I used to give it to my son with some steamed broccoli when he moved onto solid foods. He loved it (and still does).
Here’s How to make it:

Melt the butter in a medium saucepan.
Add the onions and cook until soft (about 5 minutes).
Add a garlic clove and the rice and stir until coated with the butter.
Add the stock (chicken or vegetable stock work best).

Add the parsley and a bay leaf.
Season with salt and pepper, raise the heat and bring to a boil.
As soon as it reaches a boil, lower the heat to a low heat, cover and cook until all the stock has been absorbed by the rice and the rice is tender.
Serve and enjoy!
So next time you go to put the boxed stuff in your grocery cart, think twice. You can make this at home with all your own ingredients.

Cook’s Tips:
  • Once you set the stove to low heat, cover the pot and make sure to keep it covered. The steam helps to cook the rice.
  • Don’t skip the step of letting the rice rest after it’s done cooking. The moisture will continue to seep into the rice.
  • Long grain rice works best for this recipe. I always use Uncle Ben’s – I’m not being paid to say that – it’s really the only rice I use (the long cook variety – I never touch quick cook rices).
Variations:
  • Add cooked chicken and frozen peas to make this into a full meal.
  • Swap out the chicken stock for vegetable stock to make this a vegetarian side dish.
Rice Pilaf
This Rice Pilaf recipe is perfect with anything from chicken to fish and makes a great change from plain white rice.
Course Side Dish
Cuisine American
Keyword easy recipe, rice, side dish
Prep Time 8 minutes
Cook Time 15 minutes
Total Time 28 minutes
Servings servings
Calories 273 kcal
Author Erren @ Erren's Kitchen

Ingredients
  • 2 tablespoons unsalted butter
  • 1 onion chopped
  • 1 garlic clove peeled
  • 1 cup long grain rice
  • 2 cups chicken stock
  • 1 bay leaf
  • a handful of fresh parsley chopped
  • salt and pepper to taste
US Measurements - Metric Measurements
Instructions
  1. Melt the butter with the onion in a medium saucepan over medium heat and cook until the onions are soft, about 5 minutes.
  2. Add the garlic clove and rice and stir until coated with the butter.
  3. Increase the heat to medium-high.
  4. Stir in chicken stock, bay leaf, and parsley. Season with salt and pepper, raise the heat to medium-high heat and bring to a boil. As soon as it reaches a boil, lower the heat to a low heat, cover and cook until all the stock has been absorbed by the rice and the rice is tender, about 15 to 18 minutes.
  5. Remove from the heat and let sit for 5 minutes. Discard the bay leaf and garlic clove. Fluff the rice and serve.
Nutrition Facts
Rice Pilaf

Amount Per Serving
Calories 273Calories from Fat 63
% Daily Value*
Total Fat 7g11%
Saturated Fat 4g20%
Cholesterol 18mg6%
Sodium 1047mg44%
Potassium 219mg6%
Total Carbohydrates 43g14%
Dietary Fiber 1g4%
Sugars 3g
Protein 6g12%
Vitamin A3.9%
Vitamin C3.2%
Calcium2.3%
Iron3.8%
* Percent Daily Values are based on a 2000 calorie diet.



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