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!
Falafel with humus | Authentic Mediterranean taste
This recipe does not need any introduction.A freshly fried Falafel with the amazing hummus and salad. Falafel ,a very popular middle eastern dish served in very many ways is a vegetarian delight!
It may be the only dish which can be served as an appetizer, a main dish and as a fast food snack too. As an appetizer it is served with salad and hummus dip. When served as a main course serve it is stuffed in a pita pocket along with salad and tahini sauce.
I serve it with mint too.I just love the flavor of mint with pita and falafel!
This is a very easy recipe and can be prepared in advance and you may half fry the balls and freeze them too.When you need to serve,just take them out and straight to the skillet .Fry and serve them hot.
INGREDIENTS
- 2 onionchopped small
- 3 - 5 cloves garlicchopped ( medium thick)
- 2 tbsps flourmaida
- 1 1/2 tsps salt or as per taste
- 2 tsps cumin
- 1 tsp coriander powder
- 1/4 tsp blackpepper
- 1/4 tsp redchilli mirch powdered or degi
- 1 tsp lemon juice
- 1 tablespoon olive oil
- 1/4 tsp soda bicarbonate ( optional)
- xbd cup coriander leaves parsley chopped or chopped
- xbd tsp green chillies . chopped (optional)
- canola oil vegetable oil / Any to fry
INSTRUCTIONS
- Soak the chick peas overnight .
- Drain the water in the morning and put these straight into the food processor.
- Add all the rest of the ingredients and grind them together.
- Remember you need to keep the mixture a little grainy ,donu2019t over grind or itll turn into hummus.
- Transfer the mixture into a bowl with a lid.
- Refrigerate this for atleast 2 hours. I suggest if you have to make these in the evening then prepare the mixture in the afternoon,so there is no rush and it can rest in the refrigerator for 2 hours.
- After 2 hour, Mix soda bicarb into the mixture dissolved in 1tbsp water( this step is optional as this is tho make the balls a bit fluffy) .Now,heat oil in a skillet or pan only upto half the height of the falafel ball.Fry them in hot oil till light brown.
- Serve hot with pita bread and hummus with some salad.
RECIPE NOTES
Notes
The mixture should be little coarse and grainy than a paste like mix.After refrigeration, while frying if the balls don't hold together,then first check if the mixture was nicely processed.Try churning once more on pulse to mix.If it still doesn't hold then add 1 or 2 eggs to hold the mixture together.
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