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 Chicken with South Carolina-Style BBQ Sauce

Grilled Chicken with South Carolina BBQ Sauce pairs zesty, mustard-based South Carolina-style barbecue sauce with grilled chicken. You get a hint of sweetness and spice from the sauce, and every bite is wonderfully smoky from the grill!

Photography Credit: Elizabeth Stark
Barbecue sauce is contentious in a way that few condiments are. Local pride is on the line. Sauce-wise, I’m mostly stateless and am just as happy with North Carolina-style vinegar sauce as I am with a Kansas City sauce made with tomatoes and molasses.
But when it comes to grilled chicken, nothing feels as perfect as the tang of a mustard-based South Carolina-style barbecue sauce.
This recipe pairs zesty, mustard-based barbecue sauce with grilled chicken. The resulting dish has a hint of sweetness and spice, and every bite is wonderfully smoky with an ideal balance of piquant flavors.
Keep in mind that grilling chicken slathered in sauce is a messy business. Be sure to begin with a clean grill grate and then scrub the hot grate with a wire brush after grilling, too.
When preparing your grill, create two zones of heat for hot and indirect heat cooking. First, sear the chicken over hot coals, and then smoke it over indirect heat until cooked through.

Grilled Chicken with South Carolina-Style BBQ Sauce Recipe


  • Prep time: 30 minutes
  • Cook time: 25 minutes
  • Yield: Serves 4 to 6
To save some prep time, the BBQ sauce can be made ahead and kept refrigerated for up to two weeks.

INGREDIENTS

For the BBQ sauce:
  • 1 cup prepared yellow mustard
  • 1/4 cup packed dark brown sugar
  • 2 tablespoons apple cider vinegar
  • 1 tablespoon ketchup
  • 1 teaspoon Worcestershire sauce
  • 1/2 teaspoon garlic powder
  • 1/2 teaspoon bottled hot sauce, plus more to taste
For the chicken:
  • 4 chicken thighs, bone-in with skin
  • 4 drumsticks, bone-in with skin
  • 1 tablespoon sea salt

METHODHIDE PHOTOS

1 Make barbecue sauce at least 30 minutes ahead of grilling: Combine all the ingredients for the sauce in a 2-quart saucepan and set over medium-high heat on a back burner. Cook, stirring constantly for 2 minutes or until mixture is very steamy. (The sauce can bubble and spit, so use caution. To avoid burns, stir the sauce constantly to distribute heat.)
Turn the heat to medium-low, and cook until sauce has thickened, 5 to 7 minutes more. When done, the sauce should be thick enough that a spoon will leave trails through the sauce when you stir. Set aside to cool.
Once cool, measure 3/4 cup into a small bowl for the chicken. Set aside remaining sauce for serving. (Prepared sauce can also be made ahead and kept refrigerated for up to 2 weeks.)
2 Twenty minutes before cooking, rub the chicken pieces on both sides with sea salt. Set in fridge while you prep grill.
Grilled BBQ Chicken
3 Prepare a charcoal grill. When coals are gray and very hot, carefully move them to one side of the grill so that one side has hot, direct heat and the other side has indirect heat. (Alternatively, prepare a gas grill with two temperature zones for cooking.)
4 Brush chicken generously on both sides with 3/4 cups of prepare barbecue sauce.
Grilled BBQ Chicken
5 Grill the chicken over high heat to sear: Place the chicken on the hot side of grill directly over coals, placing thighs skin-side down. After 2 to 3 minutes, flip chicken and grill another 2 to 3 minutes, or until chicken is nicely browned or even slightly blackened on both sides.
6 Finish cooking the chicken over indirect heat: Move the chicken over to side without coals to finish cooking over indirect heat. Brush once more with barbecue sauce. Cover the grill.
After 5 to 7 minutes, flip chicken. Cook another 12 to 15 minutes until chicken is a rich golden brown, cooked through, and reaches an internal temperature of at least 175°F when tested with a meat thermometer.
(I usually cook these thighs and drumsticks to a slightly higher internal temperature to be sure the meat is thoroughly cooked; the sauce and indirect heat keep the chicken from drying out.)
Grilled BBQ Chicken 
7 Serve immediately with extra barbecue sauce.

more recipes @ www.simplyrecipes.com

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