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!
browned butter honey garlic salmon
Browned Butter Honey Garlic Salmon is a Cafe Delites original recipe! Salmon steaks pan fried in browned butter infused with garlic and honey, then grilled/broiled for an extra 6 minutes for extra golden, crispy and caramelised finish. The browned butter cooks right into this salmon and the honey and garlic give it such a beautiful flavour and charred finish in the oven.
Browned Butter Honey Garlic Salmon is a great way to change up any salmon dinner! Only 3 main ingredients in under 15 minutes!
Ingredients
- 1/4 cup (4 tablespoons) butter
- 1/4 cup (4 tablespoons) honey
- 2-3 cloves garlic, minced*
- 1-2 tablespoons fresh squeezed lemon juice (or juice of half a lemon)
- 4 wild caught salmon fillets (about 1/2 pound or 250 grams each), skin off or on
- Lemon wedges (to serve)
- Salt, to taste
Instructions
- Arrange oven shelf about 8-inches away from heat element in your oven. Preheat your oven to broil (or grill in Australia).
- Place butter in a cast iron skillet (or an oven-proof frying pan if you don't have a skillet). Cook over medium heat, stirring and swirling pan occasionally for about 3 minutes, or until the foam settles; the butter begins to change in colour to golden brown and has a nutty fragrance.
- Pour in the honey and let it dissolve into the butter. Then add in the garlic and sauté for about 1 minute until fragrant. Add in the lemon juice; stir well to combine all of the flavours together.
- Add the salmon steaks to the butter in the pan; cook each fillet (skin-side down if there's any skin) for 3-4 minutes or until golden, while basting the tops with the pan juices. Season with salt and pepper, to taste.
- Add the lemon wedges around the salmon. Transfer the pan to your oven to broil / grill for a further 5-6 minutes, or until the tops of the salmon are nicely charred.
- To serve, drizzle with the reserved brown butter sauce. Serve with steamed vegetables; over rice or with a salad.
Recipe Notes
*For a mild garlic taste, use 2 cloves. For more flavour in your sauce, use 3 cloves!
Oven Baked Method:
Pre-heat oven to 410°F (210°C).
Follow Steps 2-3 as above.
At Step 4 when adding the fillets into the skillet, transfer to oven to bake for 4 minutes (depending on the size and thickness of your fillets).
Broil (or grill) for 2 minutes to get nice charred edges.
0 Response to "browned butter honey garlic salmon"
Post a Comment