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!
Steak Fingers with Country Gravy
Steak Fingers with Country Gravy
Crispy Steak Fingers with Country Gravy, a fabulous down-home dinner and party snack!
Steak Fingers with Country Gravy remind me of childhood. Growing up in Oklahoma, they were a staple on diner and drive-in menus.
Steak Fingers with Country Gravy
prep time 15 mins
cook time 15 mins
total time 30 mins
Servings: 8 Servings
US Customary - Metric
Ingredients
- 2 pounds tenderized cube steak
- 1 1/2 cups all purpose flour
- 3 tablspoons cajun seasoning
- 2 teaspoons baking powder
- 3 1/4 cups milk, divided
- 3 large eggs
- 2 tablespoons worcestershire sauce
- 5 tablespoons butter
- Salt and pepper
- Oil for frying
Instructions
- Preheat the oven to 200 degrees F. Pat the cube steak thoroughly dry with paper towels. Then cut the steaks into strips approximately 1 to 1 1/2 inches wide and 3 to 4 inches long.
- In a small bowl mix the flour, cajun seasoning, and baking powder together. In another bowl, whisk together 3/4 cup milk, 3 eggs, and worcestershire sauce. Place a large skillet over medium-high heat. Add enough oil to fill the skillet 1/4 inch deep.
- Once the oil is between 350-375 degrees F, dip 6-8 steak strips in the flour mixture. Shake them off, then dunk the strips in the egg mixture. Shake off the drippings, then dunk back in the flour mixture. Shake off all excess flour. (Flour that falls off into the oil will burn and turn the oil dark.)
- Gently place the strips in the hot oil and fry for 1-2 minutes per side. Use tongs to move the steak fingers to a paper towel lined plate. Add additional oil to the skillet if needed, and repeat with the remaining steak strips. Place the finish strips in the oven to keep warm.
- Once all the steak fingers are fried, carefully wipe the skillet out with a paper towel. Place it back over medium heat and add the butter. Once melted, whisk in 1/4 cup of the remaining seasoned flour. Whisk until bubbling, then whisk in 2 cups of milk. Continue to whisk the gravy until it is thick. Taste, then season with salt and pepper as needed. Remove the gravy from heat. If the gravy starts to thicken too much, whisk in an additional 1/2 cup of milk.
- Serve the steak fingers and warm country gravy together for dipping.
calories: 449 kcal
author: Sommer Collier
course: Main Course
cuisine: American
keyword: country gravy, steak and gravy, steak fingers
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