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!

SKILLET CHICKEN IN BALSAMIC CARAMELIZED ONION CREAM SAUCE


Tender skillet chicken in balsamic caramelized onion cream sauce. All you need are a few simple ingredients, and you’ve got a restaurant quality meal at home. And you won’t believe how easy it is to put this together!

YIELD: 4 SERVINGS

INGREDIENTS:
  • 4 small boneless, skinless chicken breasts (or thighs)
  • salt and pepper
  • 1/2 teaspoon garlic powder
  • 1 tablespoon olive oil
  • 1/2 cup finely chopped onions
  • 2 tablespoons butter
  • 1/2 teaspoon fresh thyme
  • pinch of red pepper flakes
  • 1 teaspoon sugar
  • 2 teaspoons balsamic vinegar
  • 1/2 cup chicken broth
  • 1/2 cup heavy cream

DIRECTIONS:
  1. COOK THE CHICKEN: season both sides of the chicken breast with salt, pepper, and garlic powder. Heat the oil in a large skillet over medium-high heat and cook the chicken all the way through. Remove the chicken to a plate.
  2. caramelize the onions: add the butter to the skillet along with the onions. Push the onions around the pan so they pick up all the flavor bits left behind by the chicken, lower the heat to medium-low and allow the onions to cook for 12-15 minutes, stirring them as needed to prevent from sticking. The onions are done when they soften completely and deepen in color. Add the thyme, red pepper flakes, sugar, and balsamic vinegar, let the vinegar cook out for a couple of minutes.
  3. MAKE THE SAUCE: Grab a whisk for this next step. Slowly pour in the chicken broth in a steady stream while you whisk, this will help deglaze the pan. Kick the heat up to high and let the sauce reduce for 2-3 minutes or until it thickens a bit. Once the sauce reduces, lower the heat again, and add in the cream. You don’t want the cream to start boiling immediately as it will cause the sauce to split. Let the sauce come to a gentle simmer, once it does, add in the chicken breasts and spoon the sauce on top. Serve immediately. The sauce will thicken as it sits so you may need additional broth to thin it out.

For the notes kindly visit littlespicejar.com.

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