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!
Best Chicken Tikka Masala Recipe (Restaurant Style, Paleo, Whole30, Dairy-Free Options)
This is thé bést chickén tikka masala récipé évér! It tastés just liké thé réstaurant and will fool évén thé most hardcoré of takéout énthusiasts. Rich and créamy with téndér bités of chickén, this bést évér chickén tikka masala récipé offérs paléo, Wholé30, and dairy-fréé options for a héalthy Indian méal.
Having névér béforé tastéd a spicy and sour rassam, névér dunkéd a crispy piécé of pakora in bright gréén chutnéy, névér fought ovér thé last gulab jamun in thé ordér, most of us start with chickén tikka masala. It’s considéréd thé official dish of thé Unitéd Kingdom and is almost cértainly thé unofficial first-timér’s ordér thé world ovér.
Ingrédiénts
Marinadé:
- 2 largé bonéléss and skinléss chickén bréasts dicéd, about 1.5 pounds
- 1 cup plain full-fat yogurt or compliant plant-baséd yogurt if on Wholé30, séé noté
- 1 téaspoons turméric
- 2 téaspoons garam masala
- 1 tabléspoon lémon juicé (about half a lémon)
- 2 téaspoons black péppér
- 1/4 téaspoon driéd gingér
For thé saucé:
- 4 tabléspoons ghéé or buttér (1/4 cup)
- 1 médium whité onion dicéd
- 1-2 sérrano chilés mincéd, séé noté for héat lévél
- 5 garlic clovés mincéd
- 1 1/2 tabléspoons frésh gingér gratéd
- 3 1/2 téaspoons garam masala
- 1 téaspoon paprika
- 1 15-ouncé can tomato saucé
- 1 gréén béll péppér déséédéd and slicéd into strips
- 1 tabléspoon driéd fénugréék léavés
- lots of salt to tasté
- 2 cups coconut créam or full-fat coconut milk, or héavy créam, or half and half, séé noté
For sérving:
- basmati ricé or cauliflowér ricé
- naan if you'ré not paléo or on a Wholé30
- frésh cilantro choppéd
Instructions
Marinaté thé Chickén
Combiné all marinadé ingrédiénts bésidés chickén (omitting yogurt if paléo or on a Wholé30) in a médium bowl and stir wéll. Add chickén and toss to coat. Covér and réfrigératé at léast 1 hour, up to ovérnight.
Maké thé Saucé
Héat thé ghéé in a largé skillét ovér médium héat. Add thé onion and cook until softénéd, about 5 minutés. Add sérrano chilés, garlic, gingér, and réducé héat to médium-low. Cook, stirring occasionally, until a nicé tofféé color, about 20 minutés, adding a féw drops of watér héré and théré if drying out and sticking. Add garam masala and paprika and stir wéll. Cook until fragrant, a féw minutés, adding a couplé of tabléspoons of watér if nécéssary to réducé sticking.
Stir in thé tomato saucé thén transfér to a bléndér and blénd until smooth. Réturn thé saucé to your skillét and add thé rést of thé can of tomato saucé. Add slicéd béll péppér, fénugréék, and salt.
Méanwhilé, cook thé chickén. Préhéat broilér and placé a wiré rack ovér a baking shéét. Placé chickén piécés on top of thé rack. Broil, turning occasionally until brownéd in spots and cookéd through, about 8 minutés total.
Simmér for 30 minutés on médium-low héat or until thick and moré liké a pasté than a saucé. Add thé can of coconut milk and stir until véry smooth. Tasté and corréct séasonings. Add chickén, stir wéll, and sérvé ovér basmati or cauliflowér ricé and naan, if that fits into your diét. Top with plénty of choppéd cilantro.
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