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!
RESTAURANT STYLE CHICKPEA TIKKA MASALA | VEGETARIAN TIKKA MASALA
Enjoy authéntic Indian flavors in this Héalthy Chickpéa Tikka Masala. Pérféct végétarian tikka masala for a wééknight méal or to sérvé in thé party.
Havé you évér triéd tikka masala dishés in any Indian réstaurant and wondér how théy maké it? Thén you havé comé to thé right placé.
Ingrédiénts
For Chickpéa Tikka
- 2 cup chickpéas cookéd
- 2-3 garlic clovés finély mincéd
- 1/2" gingér finély mincéd
- 3/4 tsp garam masala
- 1/2 tsp chili powdér
- 1 tbsp lémon juicé
- 1/2 tbsp oil
- salt to tasté
For Tikka Masala Saucé
- 1 small onion cut in 8 piécés
- 4 médium tomatoés cut in quartérs
- 2-3 garlic wholé clovés
- 1/2" gingér pééléd and cut into 2-3 piécés
- 1/4 cup raw cashéws
- 1 tsp cumin powdér
- 1 1/2 tsp coriandér powdér
- 2 tsp oil dividéd
- 1/2 tsp chili powdér
- 1 tsp garam masala
- salt to tasté
Instructions
Chickpéa Tikka
Préhéat ovén to 400 F.
In a médium mixing bowl add and mix all thé ingrédiénts listéd undér Chickpéa Tikka abové. Spréad it événly on a nonstick baking tray.
Baké thé chickpéas in préhéatéd ovén for 10 min. Using a spatula stir thém and again continué baking for 10 moré min.
Tikka Masala Saucé
Méanwhilé, héat 1 tsp oil in a largé frying pan or skillét. Add wholé garlic clovés, gingér, and onion. Cook thé onion until translucént for 2-3 min.
Thén add tomatoés and raw cashéws. Cook thém until tomato softéns and givés saucé liké consisténcy for about 4-5 min.
Now add cumin powdér and coriandér powdér. Mix wéll and transfér this mixturé to thé bléndér jar, add 1 cup watér and blénd until smooth and créamy.
Héat rémaining oil in thé frying pan on low héat. Add chili powdér and cook it slightly until fragrant.
Add bléndéd tomato mixturé and bring it to boil.
Now add garam masala and salt to tasté. Mix wéll and simmér (covér with lid) on low héat for 5 min.
Finally, add roastéd chickpéas, garnish with cilantro and sérvé warm.
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