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!
EASY GRILLED VEGETABLES
EASY GRILLED VEGETABLES
Pretty much anytime we heat up our charcoal grill, I round up whatever veggies we have in the house and pull out my little grill pan to put on a side of grilled veggies. They are the perfect side, or even a good veggie main course, and also make fabulous leftovers!
Literally, you can use just about any fresh vegetables you’d like for this method. Just be sure they are all cut to a similar size, tossed in a bit of oil, and then voila — delicious, slighty-charred, caramelized vegetables can be yours to enjoy with very little effort. I love to them top them with a simple roasted garlic dressing and/or some fresh herbs, but honestly, they are also fabulous with just some olive oil, salt and pepper. Whatever works. :)
A simple method for delicious and super-flavorful delicious grilled vegetables. You will love this Easy Grilled Vegetables recipe.
INGREDIENTS:
- 1 pound tomatoes, cut into large dice (if using cherry or grape tomatoes, leave whole)
- 1 yellow or white onion, peeled and ends removed, cut into eighths
- 1 medium zucchini, ends removed, sliced in half lengthwise, then cut into 1/2″ pieces
- 1 medium yellow squash, ends removed, sliced in half lengthwise, then cut into 1/2″ pieces
- 1 carton (8 oz.) mushrooms, cleaned and halved
- 1 bulb garlic
- 4 Tbsp. plus 1 tsp. olive oil, divided
- 3 Tbsp. balsamic vinegar
- 1 Tbsp. mixed fresh herbs (such as basil, oregano, parsley, rosemary, and/or thyme), minced (optional)
- black pepper and sea salt, freshly ground
DIRECTIONS:
- Prepare/set your grill to medium-high heat.
- Begin by preparing the garlic for roasting. Peel off the outer papery covering of the head of garlic. Using a sharp knife, slice off 1/4-inch of the top of the bulb, so that the inside of each clove is exposed. Place the head on a square of aluminum foil. Drizzle 1 tsp. olive oil over the top of the cloves, and then use your fingers to spread it around well. Then fold up the foil over the top of the clove, so that it is fully enclosed. Set the foil package directly on top of the grill grates and cook, covered, for about 20 minutes (or until garlic cloves are soft and lightly golden).
- Meanwhile, in a large bowl, combine tomatoes, onion, zucchini, squash, and mushrooms with 2 Tbsp. of olive oil and a generous amount of freshly-ground salt and pepper. Then toss until vegetables are evenly coated. Transfer vegetables to a grill pan, and set on the grill grates (next to the foil-wrapped garlic). Grill, stirring every 2-3 minutes, until vegetables are tender and lightly charred. Remove garlic and vegetables from grill when cooked.
- While vegetables are cooking, prepare the dressing. In a small bowl, whisk together the remaining 2 Tbsp. of olive oil, balsamic vinegar, all of the roasted garlic cloves (you can use your fingers to squeeze them out of the clove), and the chopped fresh herbs (optional) until combined. Add extra salt and pepper to taste.
- Transfer vegetables to a serving platter or bowl, and drizzle with the prepared dressing. Serve immediately. (Or these are also delicious served cold or at room temperature!)
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