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!

Chicken Fried Steak

To get a nice coating on the cubed steak, I first coat it in flour, then dip it in an egg and milk mixture, and then coat it a mixture of flour and crushed saltine crackers with a little seasoned salt and cayenne pepper mixed in.

I like to cook Chicken Fried Steak in my cast iron pan. It retains heat so well and makes cooking this classic southern meal a breeze. I put almost an inch of oil in the pan, heat it over medium heat, and add the cubed steak in 2 batches. It only takes 3 to 4 minutes per side to cook.

When it comes to comfort food, Chicken Fried Steak is the real deal. Tenderized cubed steak is breaded and pan-fried and then topped with a creamy milk gravy made from the pan drippings.



Ingredients
  • 6 pieces cube steak, about 2 pounds
  • salt and pepper
  • 1 cup all purpose flour, divided
  • 25 Saltine crackers, crushed
  • 1 teaspoon seasoned salt
  • 1/4 teaspoon cayenne pepper
Helvetica, sans-serif;">2 eggs
  • 1/3 cup milk
  • Vegetable oil
  • Gravy
  • 1/4 cup all-purpose flour
  • 1 1/2 to 2 cups whole milk


  • Instructions

    1. Season cubed steak lightly with salt and pepper.
    2. Place 1/2 cup flour on a plate.
    3. Mix remaining 1/2 cup flour, Saltine crumbs, seasoned salt, and cayenne pepper in a shallow bowl.
    4. Whisk together eggs and 1/3 cup milk in another shallow bowl.
    5. Dredge cubed steak in flour, dip in egg mixture, and then coat with Saltine mixture.
    6. Heat about 1/2-inch oil in a large pan (preferably cast iron) over medium heat.
    7. Cook steak in 2 batches for about 3 minutes per side. Remove steak to a paper towel-lined plate.
    8. Pour oil that is left in pan through a fine-meshed sieve into a heat-proof bowl. Measure out 1/4 cup and return it to pan.
    9. Add flour to pan and cook over medium heat for 1 minute. Gradually whisk in milk and cook until thick. Season to taste with salt and pepper.


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