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!
Gluten-Free Chickpea Flatbread
Socca is a popular street food in Nice, France, and is often enjoyed as an appetizer with a glass of crisp rosé. In our own kitchens, this classic dish can be a go-to, any-time-of-day recipe. Learn how to make it by heart and it might just be one of those recipes that comes close to changing your life.
What Is Socca?
Socca is a traditional dish from Nice, France, and as with many traditional dishes, there are a dozen different ways you can make it. You'll most often find socca cooked street-side on fiery grills, where the resulting flatbread is coarsely chopped and served in a cone with a sprinkling of salt and pepper. In the South of France, every home cook has their own technique for cooking the chickpea batter, but the ingredients are almost always the same: chickpea flour, water, and olive oil.
Ingredients
- 1 cup (4 1/2 ounces) chickpea flour
- 1 cup water
- 1 1/2 tablespoons extra-virgin olive oil, plus more for the pan
- 1/2 teaspoon kosher salt
- 1 teaspoon za'tar (optional)
Equipment
- 10-inch cast iron skillet
- Spatula
- Knife
- Measuring cups and spoons
Instructions
- Prepare the chickpea batter. Whisk the chickpea flour, water, olive oil, and salt together in a medium bowl. Let rest for 30 minutes to give the flour time to absorb the water.
- Preheat the oven and then the pan. Set an oven rack 6 inches below your oven's broiler and heat to 450°F. About 5 minutes before your batter's rest is complete, place a 10-inch cast iron skillet under the oven broiler element and turn the oven from 450°F to broil.
- Add the batter to the prepared pan. Remove the skillet from the oven using oven mitts. Add 1 teaspoon or so of olive oil and swirl to coat the bottom of the pan. Pour the batter into the center of the pan. Tilt the pan so the batter coats the entire surface of the pan, if needed.
- Broil the socca for 5 to 8 minutes. Broil until you see the top of the socca begin to blister and brown, 5 to 8 minutes. If you find the top browning before the batter is fully set, move the skillet to a lower oven rack until done. The socca should be fairly flexible in the middle but crispy on the edges.
- Slice and serve. Use a spatula to work your way under the socca and ease it from the pan onto a cutting board. Slice it into wedges or squares, sprinkle with salt and pepper, and drizzle with a little good olive oil and za'tar.
Recipe Notes
Storage: Socca is best if eaten immediately after baking while still warm, but can be refrigerated and re-toasted for up to 1 week.
Chickpea flour: You can find chickpea flour in the bulk bins at Whole Foods and other natural foods-type stores. Bob's Red Mill also sells it in packages. Look for it under the name "garbanzo bean flour" if you're having trouble finding it.
0 Response to "Gluten-Free Chickpea Flatbread"
Post a Comment