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!

How To Make Ribs in the Instant Pot



INGREDIENTS


1 tablespoon packed brown sugar
1 tablespoon dry mustard
1 tablespoon paprika
1 teaspoon garlic powder
1 teaspoon onion powder
1 teaspoon smoked salt, such as this one from Spice House
1 teaspoon coarsely ground black pepper
1/2 teaspoon cayenne pepper
2 racks baby back ribs (about 4 pounds total)
1 cup barbecue sauce


EQUIPMENT
6-quart or larger electric pressure cooker
Trivet or steamer basket
Measuring cups and spoons
Baking sheet
Basting brush

INSTRUCTIONS


Make the spice rub. Place the brown sugar, mustard, paprika, garlic powder, onion powder, smoked salt, black pepper, and cayenne in a small bowl and stir to combine; set aside.
Remove the membrane from the ribs. For super-tender ribs, remove the membrane that covers the bone on the underside of the ribs: Flip the ribs over so they're meat-side down, then slide a butter knife in between the ribs and the thin membrane of the first rack — start in the center of the rack, which tends to be easier than the ends. Once you’ve got a few inches pulled up, use your hands to gently pull the membrane up and completely off the bones (if your grip is slippery, grasp the membrane with a paper towel before pulling) off completely. Repeat for the remaining rack.

Season the ribs. Sprinkle the rub evenly over the ribs on both sides and on the ends. Gently rub the spice mixture into the ribs.

Prepare the electric pressure cooker and add the ribs. Set a steamer or trivet inside a 6-quart or larger electric pressure cooker. Add 1 cup of water. Place the ribs on the steamer by standing them up and gently coiling them in the cooker — start with the first rack of ribs on the outside closest to the pot, then make a tighter coil inside the first rack of ribs with the second rack.

Cook the ribs on manual pressure for 20 minutes. Cover the pressure cooker and make sure the pressure valve is sealed. Set to HIGH manual pressure for 20 minutes. The cooker should take about 15 minutes to come to pressure.

Quick release the ribs and transfer immediately to a baking sheet. When the 20 minutes is up, quickly release the pressure using the pressure cooker’s release valve. Using tongs, immediately transfer the ribs to a baking sheet; the ribs should gently bend but not break when lifted, and the meat should be just pulling away from the ribs.

Coat the ribs with sauce and broil or grill (optional). Brush the finished ribs with sauce on all sides. Broil or grill on medium-high heat until some of the sauce is browned and sticky, 3 to 4 minutes.

Slice and serve the ribs. Transfer the ribs to a cutting board and cut between the ribs into desired sections. Serve immediately.

RECIPE NOTES

Make ahead: The ribs can be coated with the dry rub and refrigerated overnight. The cooked ribs can also be cooled and refrigerated for up to 2 days before reheating in a warm oven or grill on medium-high heat and finishing with the sauce.

Storage: Leftovers can be refrigerated in an airtight container for up to 4 days.

BERITA LENGKAP DI HALAMAN BERIKUTNYA

Halaman Berikutnya

Subscribe to receive free email updates: