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 Vindaloo Recipe
Today I am sharing Chicken Vindaloo Recipe,the sweet,sour and mild hot Indian curry dish, very popular in Goa.This pickle like mustard flavorful curry is my all time favorite.
Christmas is around the corner and I am fully in the holiday spirit.Aadi is enjoying with his friend.The entire home filled with happiness,So friends “We wish you all a very very happy and joyful Christmas“.
Chicken vindaloo,the sweet,sour and mild hot Indian curry dish, very popular in Goa.Goes well with steamed rice,appam or nan
INGREDIENTS
- 850 gram chicken
- 1 onion
- 4 cloves garlic
- 1 tomato small size
- salt as needed
For the vindaloo paste
- 7 Kashmiri red chilies whole
- 5 red chili normal whole
- 1 onion medium size
- 4 cloves garlic
- 1 ginger small piece
- 1/4 teaspoon cumin
- 1/4 teaspoon fenugreek
- 2 - 3 cloves
- 1 cinnamon stick a small piece
- 1/4-1/2 Teaspon mustard seeds
- 4 - 5 tablespoons vinegar
- 1/4 - 1/2 teaspoon brown sugar
- 1/2 tablespoon black pepper
- 1/2 teaspoon turmeric
- oil as needed
INSTRUCTIONS
- soak red chilies(both Kashmiri chili and normal chili )and mustard seeds in vinegar for overnight or 3-4 hours.
- Clean,wash and chop,garlic,ginger and onion.keep aside
- heat a non stick pan and dry roast fenugreek seeds ,cumin seeds,cloves and cinnamon.transfer this to a processor and grind in to a smooth powder.
- Then add the soaked red chilies and mustard seeds in to it including the vinegar.
- Now add chopped garlic and chopped ginger in to it
- Then add chopped chopped onion
- Now grind everything in to a smooth paste
- clean and cut the chicken in to medium pieces,wash well and drain the water completely
- Marinate the cleaned chicken pieces with vindaloo paste,turmeric,pepper powder,brown sugar and salt.cover and refrigerate over night, other wise keep minimum 3-4 hours.
- clean,wash and finely chop Onion and garlic.slice tomatoes
- Heat oil in a thick bottom vessel,add the chopped garlic in to it.
- saute well until garlic become light brown
- Now add the chopped onion and saute well until onion become light brown
- now add the marinated chicken pieces in to the oil and toss well till raw smell goes.approximately 5 minutes.
- then add the tomatoes and again saute for 2-3 minutes.then add sufficient amount water(approximately 3/4 cup)
- cover with a lid and cook cook in a medium-low flame until chicken cooked well and the gravy become thick.
- serve with your favorite side dish or with steamed rice
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