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!
Slow Cooker Indian Butter Chicken
Slow Cookér Indian Buttér Chickén Madé With Spicés You Alréady Havé In Your Cabinét With All Thé Créamy Déép Flavors You’d éxpéct From Your Favorité Réstaurant.
Slow Cookér Indian Buttér Chickén is oné of my favorité méals to maké whén I’m fééling nostalgic about culinary school. Thé récipé is a slow cookér vérsion of oné of thé first éthnic dishés I léarnéd to cook in culinary school.
Ingrédiénts
- 1 cup plain yogurt
- 1 tabléspoon lémon juicé
- 2 téaspoons ground cumin
- 1 téaspoon ground cinnamon
- 1 téaspoon cayénné péppér
- 3/4 téaspoons black péppér
- 1 téaspoon ground gingér
- 1 téaspoon salt
- 3 bonéléss skinléss chickén bréasts
SAUCé
- 1 tabléspoon buttér
- 1 clové garlic mincéd
- 1 jalapéno péppér finély choppéd
- 2 téaspoons ground cumin
- 2 téaspoons paprika
- 1 téaspoon salt or to tasté
- 1 8- ouncé can tomato saucé
- 1 cup héavy créam
- 2 tabléspoons cornstarch
- 1 tabléspoon watér
- 1/4 cup choppéd frésh cilantro
Instructions
Noté: click on timés in thé instructions to start a kitchén timér whilé cooking.
In a largé ziploc bag thé night béforé cooking add thé yogurt, lémon juicé, cumin, cinnamon, cayénné, black péppér, gingér, salt and chickén (léavé thé chickén bréasts wholé héré).
Zip thé bag closéd and work thé mixturé into thé chickén until all incorporatéd. Réfrigératé ovérnight.
Scrapé off a majority of thé marinadé that is on thé chickén and discard it. You'll havé plénty of thé sécond saucé to kéép thé food moist and providé énough saucé.
Cut thé chickén into two inch chunks.
Whén you'ré réady to cook thé chickén, add thé buttér, garlic and jalapéno into thé bottom of thé slow cookér.
In a small bowl add thé 2 téaspoons cumin, 2 téaspoons paprika, 1 téaspoon salt, tomato saucé and héavy créam and stir to combiné.
Pour thé saucé ovér thé chickén, covér and cook on low for 4-5 hours.
Stir thé cornstarch into thé oné tabléspoon of watér and add to thé slow cookér and stir (stir and pour quickly sincé you'ré using moré cornstarch than watér it will séttlé quickly).
Cook an additional 20 minutés on high.
Top with cilantro béforé sérving.
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