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!

BETTER THAN RESTAURANT BUTTER CHICKEN RECIPE

Butter Chicken is one of my absolute favorite Indian dishes. I know a lot of people love Chicken Tikka, but I love Butter Chicken. Marinated chicken simmered in a rich and creamy buttery tomato sauce with lots of Indian spices. Absolutely perfect with naan and rice. 

Dark meat works best for this butter chicken recipe, although you could absolutely use white meat. I also prefer to use meat with bones, but you could use boneless. The dark orange color often comes from adding either kashmiri red chili powder, or red food coloring. I prefer to use kashmiri chili powder. It adds just a wee bit of heat while giving the dish a beautiful color. You don’t have to use either if you don’t want. The taste will not change, and the color will still be lovely. 

A favorite Indian dish for many people, butter chicken is rich and creamy, and oh so delicious.

INGREDIENTS
  • 1.5 lb chicken thighs
  • Butter, ½ stick
  • cinnamon, one 1 inch stick
  • cloves, 2
  • cardamom, 2 pods
  • onion, 1 large, chopped
  • ginger garlic paste, 2tbsp
  • green chilis, 1 chopped
  • tomatoes, 2 chopped, or ½ large can of tomato puree or diced tomatoes
  • cumin seeds, 1 tsp
  • coriander seeds, 1 tsp
  • cashews/almonds, 5, broken into pieces
  • kasoori methi (dried fenugreek leaves), 1 tbsp
  • coriander powder, 1 heaping tsp+1 tsp
  • cumin powder, 1 tsp
  • kashmiri red chili powder, ¾ tsp+1/4 tsp
  • salt, to taste
  • pepper, to taste
  • sugar, 1 tsp
  • tomato paste, 2 tsp, optional
  • cream, ¼ cup
  • garam masala, ½ tsp
  • oil, 3 tbsp
  • water, 1 cup plus more for thinning

INSTRUCTIONS
For the Marinade
  1. Slice some of the meat away from the bones. Then cut the thighs in the middle of the bones into two pieces.
  2. In a bowl, add the chicken along with ¾ tsp red chili powder, 1 tsp coriander powder, salt, pepper, and 1 tsp ginger garlic paste. Mix together. Set aside for 15 minutes.
To Make
  1. In a pan, add the oil and pan fry chicken till golden, but not completely cooked. Remove chicken from pan leaving oil, and set chicken in another bowl. Add extra oil if needed.
  2. In the same pan, add the cinnamon, cloves, and cardamom. Once they start to pop, add coriander seeds and cumin seeds.
  3. Once those crackle add onions and  ginger garlic paste and stir.
  4. Add tomatoes, cashews and green chilis, cover and simmer on low for 10 minutes.
  5. Add tomato mixture to a blender, and puree until smooth. Return to pan.
  6. Heat the pan back on low, and add the butter. Once melted, add the blended mixture.
  7. Add the coriander powder, cumin powder, red chili powder, salt, sugar, and kasoori methi. Stir and cover. Simmer on low for 15 minutes.
  8. Add the chicken back to the pan. If the sauce is thick, add a little water to thin it out. Bring to a boil, then cover and reduce heat and simmer until chicken is cooked. Around 15-20 minutes.
  9. Stir in the cream and garam masala.

NOTES
When you cook with a tomato sauce, the acidity from the tomatoes will make white meat have a rubbery texture. This is why I advise using dark meat. If you still want to use white meat, try brining the chicken breast in salted water for an hour before cooking.

Recipe Source:whitbitskitchen.com

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