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!
Bite-Sized Blooming Onions
These bite-sized blooming onions turned out being one of those lucky recipes where I kept thinking a step would go wrong, but they all worked! It’s amazing when that happens. It means these were a huge success on the first try!
These are the perfect smaller version of the larger popular appetizer! Easy to eat and perfect for a party!
INGREDIENTS
- 2 pounds cipollini onions, peeled and sectioned
- 2 large eggs
- 1 cup buttermilk
- 2 cups all-purpose flour
- 1 tablespoon paprika
- 1 tablespoon kosher salt
- 1 tablespoon pepper
- 1 teaspoon garlic powder
- 1 teaspoon cayenne pepper
- Vegetable oil, for frying
Onion Dip:
- 1/4 cup mayo
- 1/4 cup sour cream
- 1 tablespoon ketchup
- 1/2 teaspoon paprika
- Pinch of salt and pepper
INTRUCTIONS:
The first part of this is making sure you buy the right onions! You can’t use frozen onions or pearl onions. They are a bit too small. You need these cipollini onions. You can usually find them by the pound in most supermarkets near the onions!
Normally, when you make a large blooming onion you want to leave the root on to keep the whole thing together. I was torn here because I wanted the onions to stay together but also wanted to be able to eat it in one bite and not have to worry about the root. I decided to try cutting off the root and see how it goes.
It turns out you can do this! Trim off just enough to get rid of the dirty root, but keep as much as possible intact. Instead, leave the tip end intact! Then just peel the onion with a sharp paring knife or you fingers.
Next, slice into the onion to make sections (like in the full sized version). If you slice into what used to be the root section, the tip section will keep the onion together. This wouldn’t work with a full-sized onion, but works fine with the little ones. Just be careful not to cut all the way through. A sharp knife helps!
Real talk: This is a pretty annoying prep. I put on some tunes though and worked through two pounds of onions in about 15 minutes. They go fast once you get the hang of it.
Once each onion is cut into sections, press on them a bit to separate the sections.
Flour and Fry
Make sure you spice up your flour mix!
Also you can make the dipping sauce in advance. It’s a simple version and feel free to make it your own! Taste and adjust. You know the deal.
When your onions are prepped, add them to a mixture of egg and buttermilk. This will take some of the bite out of the onions and also make sure lots of flour can stick to them. You could prep these in advance and let them sit in this mixture overnight if that’s easier.
I did a test onion just to make sure this whole process would work. It turned out better than expected. Perfectly fried with tiny sections even!
Now it’s time to scale up! You can dip the drained onions in the flour, but take time to work flour into each onion so there is some in the cracks. That’s what will help the onions “bloom” while it fries. If you just coat the outside of the onion you’ll have something edible, but not as cool.
Once you have all your onions prepped and floured, heat your frying oil to 350 degrees F. and drop them in! About 4 minutes should do the trick.
How cool are these?!
A little bit of work, for sure, but who doesn’t love the idea of bite-sized blooming onions?!
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