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!
YAKITORI CHICKEN
Yakitori is one of the oldest and most popular traditional Japanese dishes. It’s a casual dish, great for after work with a beer or for a laid back party. Bite-sized pieces of chicken, chicken parts, meat or vegetables are skewered and cooked over a charcoal grill or an open flame, and glazed with a sweet teriyaki sauce.
If you’re looking for a tasty festive recipe – something to throw on the grill and enjoy with family and friends, yakitori chicken is a great choice!
In Japan there are restaurants totally devoted to yakitori. At these ‘Yakitorias’ you’re likely to find a variety of skewered offerings, with yakitori chicken being the main attraction – not just the meat – all the parts of the chicken, from the tongue to the cartilage to the uterus.
Yakitori skewers are flavored with a tangy sauce called a ‘tare’ or salt ‘shio’. Condiments like sansho and 7 spice chili powder are traditional accompaniments for sprinkling on top.
INGREDIENTS
- 8 12-inch or 16 8-inch bamboo skewers, soaked in water for 1/2 hour or more
- Sauce:
- 1 cup saki
- 1/2 cup mirin
- 2 garlic cloves, pressed
- 1 teaspoon minced fresh ginger
- 1/2 teaspoon crushed red pepper flakes
- 3 tablespoons sugar
- 2 tablespoons dark soy sauce
- 1/2 cup (regular) soy sauce
- Chicken and Scallions
- 2 pounds boneless skinless chicken thighs, cut into bite-sized (3/4-inch) pieces
- 1 bunch scallions (the thicker the better) cut crosswise, into 3/4 inch pieces
- Optional garnish:
- Ground sansho pepper
- Japanese 7 spice powder
- * if you can’t find sancho or 7 spice, you may have better luck finding szechuan pepper. In a pinch, a sprinkling of salt and fresh ground black pepper will do.
INSTRUCTIONS
- Heat the grill. Thread chicken and scallion pieces onto the skewers, alternately
- Make the Sauce: In a small pot combine the saki, mirin, garlic, ginger, red pepper, sugar and soy sauces. Simmer for 5-10 minutes, until sauce is reduced by about one quarter.
- Grill the skewers for 2 minutes. Brush with sauce and turn, brush with sauce on the other side. Grill for 5-8 minutes more, brushing with sauce every 2 minutes, until the chicken is cooked through and glazed.
- Serve yakitori with sansho and 7 spice to sprinkle on top.
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