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!
Nigerian Meat Pie: Savory Beef Hand Pies
I know π (pi) day is well behind us, March 14th (3.14), but today, I will be sharing one of my favorite savory pie recipes (pun only slightly intended): Nigerian meat pie. These Nigerian meat pies are beef hand pies that are delicious snacks and make for a quick yet hearty lunch . They are better made in bulk because they vanish quickly! This recipe may take a little bit of time, but it is quite delicious and totally worth it. Whenever I bring this snack to an office party it’s always a hit. I may substitute the beef with different types of meat, depending on what I have available, and it always turns out just as great.These Nigerian meat pies are best eaten warm as a snack, and make a perfect potluck dish.
I made the pastry from scratch, but feel free to buy store bought pastry. I prefer homemade dough personally and discovered a way to make the perfect, flakiest pie crust ever. Feel free to check that out if you need to elevate your meat pies even further.
Nigerian meat pie, one of my favorite hand pie recipes somewhat similar to empanadas can be made with different types of meat. Perfect for sharing.
Ingredients
- 1 pound ground beef
- 3 peeled and diced potatoes
- 1 onion sliced
- 1 medium sized carrot diced
- 1 poblano/ green pepper diced
- 1 habanero pepper diced
- 3 garlic cloves diced
- 1 tsp salt
- 1 tsp chicken bullion
- 1 tsp turmeric
- 1 tsp thyme
- 3 tbsp oil
- For dough:
- 3 cups flour
- 1 stick 1/2 cup cubed cold butter
- 1/2 tsp salt
- 1 tsp baking powder
- 1/4 cup icy cold water
- 1/4 cup milk to glaze the pies.
Instructions
- In a hot skillet on medium heat, pour in oil, and saute onions until translucent.
- Add chopped vegetables: potatoes, carrots, and peppers, and saute for about 5 minutes.
- Toss in seasoning: garlic, salt, bullion cube, turmeric, and thyme.
- Turn up the heat up to high, and add ground meat, stir continuously until the meat is fully cooked (approximately 10 minutes)
- Once the meat is cooked, set the filling aside and allow to cool completely before assembling the pies.
- Whisk together flour salt and baking powder.
- Rub the butter into the flour, with your finger tips until the mixture resembles coarse breadcrumbs with no large lumps of butter remaining.
- Add cold water 1 table spoon at a time and mix with a spatula until pastry is combined and rest in the fridge.
- Preheat oven to 375F
- Once filling is completely cooled roll out pastry on a clean floured surface to about 1/4th of an inch thickness.
- Cut out 6 inch circles with a pastry cutter, and place about 2 heaping tablespoons of filling close to one edge of the pastry circle.
- Cover and seal pie. edges with a fork.
- Using a pastry brush, brush hand pies with milk and bake in a preheated oven for 30 minutes.
- Allow pies to cool for 10 minutes before serving.
0 Response to "Nigerian Meat Pie: Savory Beef Hand Pies"
Posting Komentar