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!
INDIAN STUFFED POTATO PARATHA
These Indian Stuffed Potato Parathas are perfect when you want to have delicious classic Indian food, but don’t want to make anything too complicated! Each bite is bursting of delicious flavors that you won’t be able to forget !
We’re back again! This recipe is one of my favorite foods since I was a kid. Parathas, stuffed or not, have ALWAYS been my absolute favorite. No, really! When I was about 2 years old, I couldn’t really pronounce the word paratha and wIndian Stuffed Potato Paratha - These Indian Stuffed Potato Parathas are perfect when you want to have delicious classic Indian food, but don't want to make anything too complicated! Each bite is bursting of delicious flavors that you won't be able to forget! | Scrambled Chefsould call it patata. I actually used to go around chanting that I want patatas I want patatas all day long. And so, quite literally, this is one of my all time favorites!
And what’s better than a stuffed paratha with some delicious spicy mashed potatoes! The ingredients are so simple and easy to find that most of them will already be in your pantry! This will become your new favorite Indian dish!
INGREDIENTS
For Stuffing
- 4 – 5 medium potatoes
- 4 tbsp coriander chopped
- 5 green chillies, chopped finely (optional)
- 1 tsp red chili powder
- 1 tsp salt
- 1 tsp red chili flakes
For Parathas
- 3 cups wheat flour
- 300 ml water
- ½ tsp salt
INSTRUCTIONS
- Start off by cutting the potatoes into quarters and boil them in a pot of hot water for 15-20 minutes or until you can poke it with a knife and it's soft enough to easily go all the way through.
- Mash the potatoes using a potato masher or a fork. Add the spices and chopped coriander in it and set aside.
- Make the paratha dough by combining wheat flour, water and salt. Knead until dough is off a semi-soft consistency but isn't too sticky.
- Divide the dough into 8 pieces and roll them into balls.
- Flatten the dough balls and with a rolling pin. Take two of these flattened dough balls and put 3 tbsp of the stuffing between the dough. Close from the edges - secure properly.
- Start rolling the parathas with a rolling pin. Make sure to slowly do it, so you don't press it too hard in one place or the stuffing will come out.
- Heat a pan with medium-low heat. Sprinkle on some oil and let the pan heat more. Place the paratha on the pan and cook on each side for 1-2 minutes. Add 1 tsp more oil when the parathas are half-way cooked.
- Serve with achaar and chutneys of your choice.
NOTES
1. Make sure that while cooking the paratha in the pan, the heat is set to medium-low heat so the paratha cooks all the way through without being burnt.
2. Don't add too much oil till the time that the paratha is half cooked. This trick will help it cook better!
3. In step 5, do make sure you've properly sealed the edges of the dough which now has the potato stuffing in the middle. Press with your thumb along the edges to make sure it's completely secure.
4. Don't roll the paratha to hard. Use soft fluid motions to make sure the stuffing doesn't come out.
5. You can put other stuffings along with the spicy potato mash in the paratha!
6. Put fresh coriander, finely chopped for a more delicious and fragrant paratha!
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