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!

Moroccan Chicken Briouat Recipe



 

Total:100 mins
Prep:90 mins
Cook:10 mins
Yield:Serves 4


Savory chicken cooked with saffron, ginger, and cinnamon makes a delicious filling for Moroccan briouats. The filling is wrapped in a paper-thin Moroccan dough called warqa and the pastry is then fried until crispy. Phyllo (fillo) dough or spring roll wrappers can be substituted for the warqa.



Briouats are usually served as a finger food or appetizer, but they can also be served as an entrée. They are quite popular in Ramadan, when they are served to break the fast.



Briouats can be folded into cylinders or triangles. See How to Fold Briouats into Cylinders and How to Fold Briouats into Triangles.


Ingredients
1 whole chicken (cut into pieces and skin removed)
2 large onions, chopped medium
1 tablespoon ground ginger
1 teaspoon white pepper
1/2 teaspoon black pepper
1 or 2 small pieces (2 inchs to 3 inches) of cinnamon stick
1 teaspoon saffron threads (crumbled)
1/2 teaspoon turmeric
1 1/2 to 2 teaspoons salt
1/4 cup vegetable oil
1/4 cup olive oil
1/4 cup chopped fresh cilantro
1/2 kg (about 1 1lb.) warqa, fillo dough (or large spring roll wrappers)
4 tablespoons melted butter (for folding the briouats)
1 egg yolk, lightly beaten (for folding the briouats)
3 to 4 cups vegetable oil (for frying the briouats)


Steps to Make It
Mix the chicken with the spices and oils in a heavy-bottomed pot. Cover the chicken, and cook over medium to medium-high heat, stirring occasionally, for about one hour, or until the chicken is very tender and falls off the bones. Do not add water, and be careful not to burn the chicken.

When the chicken is cooked, transfer it to a plate to cool slightly. Continue cooking the onions and sauce in the pot for another 10 to 15 minutes, or until the onions form a mass and the liquids are reduced to oils. Add the chopped cilantro and remove from the sauce from the heat.

While the chicken is still warm, pick the meat from the bones, breaking it into small one-inch pieces. Add the sauce to the chicken, and stir to coat the meat well. (At this point, the filling can be refrigerated for up to a day until you're ready to fold the briouats.)

Fold the briouats. Briouats can be folded into cylinders or triangles. See How to Fold Briouats into Cylinders and How to Fold Briouats into Triangles.

To fold cylinders as shown from warqa or phyllo dough, cut the dough into long strips about four inches wide. Brush the bottom half of the dough with melted butter. Place a large tablespoon or two of filling towards the bottom of the dough. Fold the two long sides of the dough into the center to partially cover the filling. Fold the bottom edge of the dough up over the filling to fully enclose it. Roll the folded dough up like a rug, sealing the edge of the dough to the roll with a little egg yolk.

To fold large cylinders from square spring roll wrappers, place the wrapper so that it forms a diamond shape in front of you. Add two to three tablespoons of filling towards the bottom of the dough. Fold the bottom of the dough up around the filling, and the fold the right and left sides of the dough into the center so that the edges are straight and parallel. Roll up the dough like a rug, sealing the top edge of the dough to the roll with a little egg yolk.

Cook or freeze the briouats. Deep fry the briouats in hot oil until light to medium golden brown, about five to seven minutes. Drain and serve. Briouatsstay warm for a long time, but if frying them well in advance of serving, you can reheat them in a 350 degree oven for five to 10 minutes.

Uncooked briouats can be refrigerated for one day or frozen for up to two months in a freezer bag or plastic storage container. They can be fried directly from the freezer, or allowed to thaw for 30 minutes to one hour before frying.


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