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!
Trinidad Chicken Roti
Trinidad Chicken Roti- An incredible chicken meal that would excite your taste buds. Rich in spices, chickpeas and potato-So easy to make and comes together quickly.
Out of all the Caribbean meals I have tried and cooked this roti chicken is by far my favorite to date.
If you truly love Caribbean food then, this is a must make! And if you don’t you, still need to make it. Think healthy butter chicken, spiced up, without the copious amount of butter. Got you excited?
Trinidad Chicken Roti- An incredible chicken meal that would excite your taste buds. Rich in spices, chickpeas and potato-So easy to make and comes together quickly.
Ingredients
Chicken Marinate
- 2 1/2 -3 pounds chicken skinned thighs cut in bite-sized pieces
- ½ teaspoon white pepper
- 1 teaspoon minced garlic
- ½ teaspoon dried thyme
- ½ teaspoon salt
- ½ teaspoon curry powder
- ½ teaspoon chicken bouillon powder
Chicken Roti
- ½ cup canola oil
- 2-3 tablespoon curry powder
- 1 large onion diced
- 1 teaspoon ground allspice
- 1- teaspoon ground nutmeg spice
- 1 1/2 teaspoon smoked paprika
- 1 1/2 fresh or dried thyme
- 1 1/2 teaspoon smoked paprika
- 1- teaspoon cumin spice
- 1- teaspoon white pepper.
- 1 can of chickpeas drained
- 2 cups of cubed potatoes
- 1- tablespoon bouillon chicken powder
- 3-4 cups chicken broth/water
- ½-1 teaspoon cayenne pepper optional
- Salt to taste
Instructions
- Place chicken in a large bowl or sauce pan
- then add salt, garlic, thyme, white pepper and curry powder
- Mix chicken with a spoon or with hands until they are well coated, set aside in the fridge and marinate for 30 minutes or overnight.
- When ready to cook, heat up large sauce-pan with oil, and add onions, garlic, thyme, cumin spice, all spice, smoked paprika, nutmeg and curry powder, stir occasionally for about 2-3 minutes until onions is translucent.
- Then add chicken, stir and sauté for about 2-3 more minutes. Add chicken stock if necessary to prevent any burns
- Next add chickpeas, chicken bouillon, potatoes and chicken broth. Bring to a boil and let it simmer until sauce thickens, it might take about 20-30 minutes.
- Adjust for salt, pepper and stew consistency.
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