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 Dahl – Spicy Lentil Curry – Delicious Vegan Comfort Food
Indian Dahl is a traditional curry dish from India that’s perfect for vegans, vegetarians or anyone else that enjoys a spicy lentil dish. It is loaded with nutrients and is a healthy source of fibre.
The perfect Indian comfort food for everyone and it's vegetarian. Our Indian Dahl is a delicious spicy curried lentil dish that is sure to please/
Ingredients
2 tbsp coconut oil
- 1 meduim onion finely diced
- 2 cloves garlic crushed
- 1 inch ginger finely grated
- 2 tsp mustard seeds
- 2 tsp garam masala
- 1 tsp cumin ground
- 1 tsp turmeric
- 1/2-1 tsp chilli powder
- 3 cups red lentils
- 3-4 cups vegetable stock
- 2 tomatoes diced
- 1-2 tsp salt
Method
- Place a large saucepan over high heat. Add the coconut oil.
- When the coconut oil had melted add the onion, garlic, ginger and mustard seeds. Cook until the mustard seeds start to pop and the onion is translucent.
- Add the garam masala, cumin, turmeric and chilli powder and saute for 5 minutes until fragrant.
- Add the lentils and stir to coat with the spices. Add the vegetable stock and tomato, bring to the boil, then reduce to a simmer.
- Simmer, stirring occasionally, for 30-40 minutes. until the lentils have softened. Add more liquid if the lentils start to dry out before cooking through.
- When the lentils are cooked through, add the salt, seasoning to your preference.
- Serve immediately. Enjoy with a side of Chapati Bread.
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