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!

THE BEST STEAK RECIPE

I am going to teach you how to make the best steak ever. And no, you won’t need a grill. The best steak is made on the stove top then finished in the oven.

The key to making the best steak starts with the key to making the best anything: great ingredients. You can not make a truly good dish without good ingredients. It just isn’t possible.


The second most important key to making the best steak recipe is using a cast iron skillet. A super hot skillet is the secret to making a nice crust on the steak. Hopefully, you already own one. If not, you can buy one for around $25 and it will last a lifetime. Everyone should have a cast iron skillet in their kitchen!

The final key to making the best steak? Blue cheese butter. This can be whipped up in a jiffy and is melted on top of the steak at the end of cooking. Yum!

Okay Lets take a look the recipe below ...

THE BEST STEAK RECIPE


INGREDIENTS
Steak Ingredients:
  • 1 Tablespoon Butter (or Vegetable Oil)
  • 1 1.5-2lb Ribeye or NY Strip
  • 1/4 teaspoon dried parsley
  • 3/4 teaspoon black pepper
  • 1/2 teaspoon garlic powder
  • 1-2 teaspoons Coarse Salt
Blue Cheese Steak Butter:
  • 2 tablespoons crumbled blue cheese
  • 1 Scallion (sliced very thin)
  • 4 Tablespoons Butter (room temperature)
INSTRUCTIONS
  1. Take your steak out from the fridge about 30 minutes before you want to cook it. Preheat oven to 400 degrees.
  2. Combine the parsley, garlic powder, and black pepper in a small bowl. This mixture is enough for 3-4 steaks, so apply accordingly to the amount of meat you are making.
  3. Pat your steak dry with a paper towel (very important!!). Sprinkle one side of your steak with the parsley/garlic/pepper mixture. Then apply a liberal coating of coarse salt. The salt is what is going to give our steak that delicious crust, so make sure the entire piece is covered.
  4. Heat your oil or butter in a cast iron skillet over medium-high heat for a few minutes. Once it is thoroughly heated, place the seasoned side of the steak face down in the pan. It is important not to move the steak after you place it, so it can form the crust. Quickly season the other side of the stake. Cook 5-7 minutes per side. Use a tong to brown all edges.
  5. After cooking each side, transfer the skillet to your preheated oven. Cook for about 6-12 minutes, until the desired doneness. Test with a meat thermometer to see how done it is. Medium-rare (135°) is the ideal temperature to bring out the flavor of the meat. If you like yours a little less pink, you could cook until it is Medium (145°). Of course, you could cook in even longer to medium-well or well, but why would you want to ruin a great piece of meat?
  6. While the steak is finishing in the oven, you should be making the steak butter. Mix together the butter, crumbled blue cheese, and scallions. Add salt to taste.
  7. When steak is at the desired temperature, move to a plate. Cover steak with 1 tablespoon of the blue cheese butter, then cover with aluminum foil for 10 minutes (temperature will rise 5-10°, so keep that in mind). This is important because it allows the meat to “rest” and soak in all of its own juices. When finished, slice against the grain and serve! Feel free to use the remaining steak butter.


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