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!

GRILLED BEER MARINATED CHICKEN

This beer marinated chicken with spices and lime in the marinade keeps the chicken drumsticks so juicy and tender all through the grilling that it’s hard to mess them up. They are not very spicy and have a barely there hint of beer flavor that makes it down to the bone. They are absolutely delicious!


Ingredients

  • 8-10 chicken drumsticks
  • 1/4 cup olive oil
  • 1 tsp onion salt
  • 1 tsp paprika
  • 1/2 tsp ground cumin
  • 1/4 tsp cayenne
  • 1/2 tsp ground black pepper
  • 3-4 cloves of garlic
  • Juice of half a lime
  • 1 cup beer
  • handful of chopped fresh parsley
  • Salt to taste

Instructions

  1. Rinse and pat dry your chicken drumsticks and toss them into a zip lock bag.
  2. Mix together all the remaining ingredients together to make a marinade. Starting with the olive oil, onion salt (or you can use finely diced fresh onion), paprika (I used sweet hungarian paprika), ground cumin, 1/4 of a teaspoon of cayenne powder (or more if you like a little more heat like I do, its fairly mild with just 1/4 tsp) and ground black pepper.
  3. Then grate the fresh garlic cloves and squeeze in the juice of half a lime.
  4. Pour in the beer.
  5. Give the marinade mixture a good stir to mix it all together and taste it. Then add some salt according to your taste but don’t be skimpy. (You want the marinade to be a bit salty, cos you’re adding it to a lot of chicken and you’re taking the chicken out of the marinade before you grill it.)
  6. Lastly toss in a handful of chopped fresh parsley and mix it in.
  7. Pour the marinade into the zip lock bag with the chicken. Seal it and massage the marinade into all the pieces of chicken. Let the chicken marinate for atleast a couple of hours in the fridge, overnight would be best to let the chicken absorb all the flavors. (I tend to flip the bag over every couple hours to make sure the both sides of the chicken get to sit in the juices to marinate more evenly.)
  8. Once the chicken has marinated simply throw them on the grill (make sure to oil the grill so the chicken doesn’t stick) for 25-30 minutes turning over the pieces & basting it with the marinade every 7-8 minutes until the internal temperature is above 170F. Another way to check if the legs are done if you don’t have a meat thermometer, is to pierce a leg with a sharp knife down to the bone and if the juices run clear, it’s done…if it’s pink/ red then you’ll need to cook the chicken more.
  9. Serve them up hot and garnished with some presh parsely and a squeeze of lime. Don’t forget to serve some chilled beer with these finger licking good chicken drumsticks!

Recipe Adapted : GRILLED BEER MARINATED CHICKEN @ eatagreatdeal

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