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 Butter Chicken Recipe
Indian Butter Chicken is full of Indian spices like tumeric and garam masala, and one of those foods that you eat so fast you practically inhale because that creamy, buttery, spicy, tomato sauce is seriously delicious and you can’t stop eating it.Delicious and flavorful Indian Butter Chicken. Rich flavor and quick prep.
Ingredients
- 1 1/2 lbs chicken thighs (boneless and skinless) or chicken breast (boneless and skinless) cut into pieces.
- Salt and Pepper
- ½ cup sour cream or plain greek style yogurt
- 1 tbsp lemon juice
- 1 tsp turmeric powder
- 2 tsp Garam Masala
- ½ tsp chili powder
- 1 tsp ground cumin
- 1/2 Tbs ginger paste
- 1 tsp minced garlic
- 1 Tbs vegetable oil
- 1 cup pureed tomatoes
- 1 Tbs white granulated sugar
- 1 tsp salt
- 1 cup heavy cream
Instructions
- Cut chicken into pieces, and season with a little salt and pepper. Set aside.
- In a large bowl, combine the sour cream or plain yogurt with the lemon juice, tumeric, garam masala, chili powder, cumin, ginger paste, minced garlic, and toss with chunked up chicken.
- Cover and refrigerate at least 1 hour. Preferably longer.
- Heat the vegetable oil over high heat in a large fry pan. I used my Anolon Frying Pan which I love. It heats evenly, is metal utensil safe, and can even go into the oven up to 400 degrees.
- Add the chicken coated in the Marinade and cook for 3-4 minutes.
- Add the pureed tomato, sugar and salt.
- Turn down to low and cover with lid. Let simmer for 20 minutes if using chicken thighs, 15 minutes if using chicken breasts.
- Add the cream, and stir well.
- Garnish with cilantro leaves.
- Serve over rice and enjoy!
Notes
- 4 servings, 1 cup each
- This butter chicken recipe was slightly adapted from Recipe Tin Eats
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