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!

SOY SAUCE CHICKEN – A CHINATOWN CLASSIC

Soy Sauce Chicken or “See Yao Gai” is a quintessential Cantonese favorite, found hanging under heat lamps in many Chinatown restaurant windows. You’ll find it near the poached chickens, roast ducks, and roast pork. All have their merits, but a Soy Sauce Chicken done right is tough to beat.


Stewed soy sauce, aromatics and spices are the essence of this dish. After you make it once or twice, you can feel free to adjust the amounts of sauces and spices to your own taste. It took me a few tries to get the right ratio of ingredients!

Soy Sauce Chicken - A Chinatown Classic Recipe 
Soy Sauce Chicken is a quintessential Chinese favorite, found hanging under heat lamps in many Chinatown restaurant windows. Check out our authentic recipe.



Ingredients
  • 1 whole chicken, about 4 pounds (preferably free-range, never frozen)
  • 2 teaspoons oil
  • 7 slices ginger
  • 2 scallions, cut into 3-inch pieces and smashed flat
  • 3 whole star anise
  • 1 ½ cups rose-flavored rice wine (mei kwei lu) or shaoxing wine
  • 1 ½ cups soy sauce
  • 1¼ cup dark soy sauce
  • 1 cup sugar, plus 2 tablespoons
  • 2 teaspoons salt
  • 10 cups water
Instructions
  1. Take your chicken out of the refrigerator an hour before you plan to cook. You'll want it at room temperature when it hits the pot. Remove the giblets, and thoroughly rinse the chicken inside and out.
  2. Grab your stock pot. It will ideally be a tall, narrow pot that will just fit the chicken, since it should be totally submerged in the cooking liquid (if you use a larger pot, you'll need to increase all the ingredients proportionally to create more cooking liquid). Put it over medium low heat, and add the oil and ginger.
  3. Let the ginger caramelize for about 30 seconds. Then add the scallions and cook another 30 seconds. Add the star anise and rice wine, and bring to a simmer to let some of the alcohol cook off. Add the soy sauce, dark soy sauce, sugar, salt, and water. Bring to a simmer again and cook on low heat for another 20 minutes.
  4. Increase the heat to bring the liquid to a slow boil (i.e. a little stronger than a simmer, but not a rolling boil). Use a large roasting fork inserted into the chicken cavity to lower the chicken slowly into the pot breast side up. Make sure any air pockets in the cavity fill up completely with liquid. The chicken should be entirely submerged at this point.
  5. Once the chicken goes in, the cooking liquid will cool down. Let it cook for about 5 minutes at medium high heat. Next, use your large fork to carefully lift the chicken out of the water and empty the liquid inside the cavity, which will be cooler than the liquid surrounding the chicken. Lower the chicken back into the pot, making sure once again that there aren't any air pockets in the cavity. If the chicken is not completely submerged, periodically baste the exposed area with cooking liquid.
  6. Bring the liquid back up to a lazy simmer, which should take about 10 minutes. Keep it at this slow simmer (the liquid will be about 210 degrees F) for 25 minutes. Turn off the heat, cover the pot, and let the chicken sit in the pot for another 15 minutes. Transfer the chicken to a cutting board. If you like, you can use a meat thermometer in the thickest part of the thigh to confirm it's reached 165 degrees F.
  7. Use the sauce from the pot to occasionally baste the chicken and keep the skin moist as it cools. Serve over rice with some sauce from the pot!
  8. Note: You can also make this recipe with chicken leg quarters and reduce the cooking time accordingly, since they are easier to handle and faster to cook. Also, once you're done cooking the chicken, you can actually freeze the sauce/cooking liquid for use again later (though you may have to re-season the sauce).

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