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!

KIAM PUNG (CHINESE FLAVORED RICE)


Kiam pung are Hokkien words for salty rice. It is very popular among Filipino Chinese and is commonly served during holidays and special occasions. Each family has its own way of making kiam pung and the recipe is usually passed on from grandmas, aunties or mother-in-laws. My late mother-in-law’s kiam pung was the best. She always made kiam pung on her birthdays and would serve them to friends and relatives when they came to greet her. I regret that I was not able to learn her recipe for kiam pung. A good thing is that this dish is so popular; there is always someone, a friend or a family member who knows how to make it. I got this recipe from my sister and she got hers from her mother-in-law. I modified the recipe a bit to include accessible ingredients and easy to follow instructions. My sister uses pork belly but I opted for the healthier part; pork shoulder. Her recipe includes dried shrimps (he be) and peeled, roasted chestnuts which I omitted in this recipe. In addition to long grain rice, my sister also uses a cup of glutinous rice to bind the dish together. My kiam pung turned out okay even without the glutinous rice. A cup of soy sauce may be too much but it is necessary because we are flavoring 4 cups of rice and the soy sauce gives the kiam pung its nice, dark color. I used rice cooker to make this dish because I find it the effective way of cooking kiam pung. I just push the start button and completely forget about it. You may cook this dish on stove top or even bake in the oven, whichever works for you. This is the second time I have made this dish and I am always happy with the result. You don’t have to wait for a special occasion to have this tasty and delightful dish. My family and I enjoyed this flavored rice dish for dinner on Sunday. It was delicious with steamed mustard greens on the side. Enjoy!


KIAM PUNG (CHINESE FLAVORED RICE)


PREP TIME
25 mins
COOK TIME
1 hour 10 mins
TOTAL TIME
1 hour 35 mins
Serves: 6-8 servings

INGREDIENTS8 dried shitake mushrooms
4 tsp olive oil, divided
2 cloves garlic, chopped
1 lb pork shoulder butt, cut into strips
1 lb chicken drummettes (or wingettes), cut in half
1 cup soy sauce, divided
2 shallots, chopped
4 cups uncooked long grain rice, rinsed and drained
Water

Toppings:
Chopped green onions
Roasted Peanuts
Egg strips

INSTRUCTIONSSoak shitake mushrooms in hot water for 20 minutes. Squeeze out excess water, discard the stems and thinly slice the caps. Set aside.
In a skillet, heat 2 tsp oil over medium high heat. Add garlic; sauté until fragrant and lightly brown. Add pork, chicken and sliced mushrooms; sauté until meats are browned and no longer pink. Add ½ cup soy sauce, stir and then add enough water (2-3 cups) to cover meats and mushrooms. Bring to a boil, reduce heat, cover and let simmer for 30 minutes or until meats are tender. Drain meats and mushrooms; reserve the sauce.
In a separate skillet, heat the remaining 2 tsp oil. Add shallots and sauté until soft and brown. Add rice and stir to coat. Stir in ½ cup soy sauce.
Transfer mixture to a rice cooker. Add water and reserved sauce; the rice to liquid ratio is 1:2. In other words, use 2 cups of liquid (water and sauce) for every cup of rice. So for 4 cups of rice, I added 8 cups of liquid (2 cups of reserved sauce plus 6 cups of water). Turn on rice cooker.
Serve topped with chopped green onions, roasted peanuts and egg strips.


BERITA LENGKAP DI HALAMAN BERIKUTNYA

Halaman Berikutnya

Subscribe to receive free email updates: