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!
BUTTER CHICKEN – MURGH MAKHANI
Creamy, tangy and rich tomato sauce gravy coats the marinated and fried chicken pieces to become this indulgence of Butter Chicken or Murgh Makhani, that is a favorite among any who loves a good Chicken curry.
INGREDIENTS
To Marinate and Fry the Chicken:
- about 1 1/2 lbs chicken breast , boneless and skinless
- 1/2 teaspoon crushed garlic , about 3 pods
- 1/2 tsp grated ginger
- 1/2 tsp cayenne
- juice from 1/2 lime
- salt to taste
- 2 oz or 1 /2 stick of unsalted butter
- 1/4 cup sunflower oil
- For the Makhani Sauce Base:
- 2 tbsp unsalted butter
- 1/2 red onion , chopped
- 1/2 tsp turmeric powder
- 1/2 tsp kashmiri chilli powder ( this has less heat but has a prominent red color)
- 2 roma tomatoes , chopped
- 3 tbsp cashew nuts , soaked in water
- 1 tsp garam masala powder
- 1 Thai green chilli / serrano pepper , roughly chopped ( you can skip this if it might get too hot)
- salt to taste
- 1/2 tsp sugar
- 1/3 cup heavy cream ( or use half cream and half whole milk)
- 2 tbsp kasuri methi / dried fenugreek leaves
INSTRUCTIONS
- Cut the chicken breast into 1 inch pieces and marinate in garlic, ginger, cayenne, lime and salt for about 30 mins or so.
- Heat the butter and oil together and add the chicken pieces to it. Fry on each side for about 2 mins each, till the chicken appears to be mostly cooked. Drain and keep aside.
- To make the Makhani sauce, heat the 2 tbsp butter in the same pan that we fried the chicken, along with any leftover fat in it and add the onion, turmeric powder and kashmiri chilli powder to it. Saute till the onions are soft. Add the tomatoes, cashew nuts, garam amsala powder, green chilli and salt and saute till the tomatoes are soft and mushy.
- Switch off heat and let it cool down for a few minutes. Grind to a smooth puree in a blender.
- Bring this back to the pan and let it almost come to a boil. Add maybe a 1/4 cup of water, if it it too thick. Add sugar and the chicken pieces to it. Cover and cook for a few minutes. Switch off the heat and add the heavy cream and sprinkle the kasuri methi over on top and mix well before serving.
RECIPE NOTES
If you don’t get or have Kashmiri Chilli Powder, you can substitute with Cayenne Powder but reduce the quantity to half.
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