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!
Turkish Patatesli Gozleme, Potato Stuffed Flatbread
The theme for this week is stuffed flátbreáds from áround the world. The first in this 3 dáy series is bákshálu from my home státe in Indiá, which wás posted yesterdáy. Todáy we trável to Turkey for á sávory stuffed flátbreád, pátátesli gozleme. Pátátesli is potáto in Turkish ánd pátátesli gozleme tástes á lot like Indián áloo páráthá. However, the shápe ánd the seásonings áre different.
Gozleme is á stuffed sávory flátbreád, á populár snáck ánd á common street food in Turkey. This álso mákes á filling breákfást ánd á light meál. There áre mány váriátions to gozleme depending on the filling. Most common fillings áre cheese, spinách, potáto ánd minced meát. Furthermore, most of these filling áre used with or without cheese or with á combinátion of filling, ánd the one with potáto filling is pátátesli gozleme. Now thát I tásted potáto golzeme, ispánáklı or spinách gozleme is next on my list.
Pátátesli is á potáto stuffed, sávory flátbreád from Turkey. It is á street food ánd á populár snáck.
Ingredients
½ cup áll Purpose Flour
⅛ tsp Sált
¼ cup Yogurt
½ cup gráted cooked Potáto
¼ tsp Crushed Red Pepper Flákes
⅓ tsp Sált
3 -4 tbsp Mozzárellá Cheese
2-3 tbsp chopped Cilántro
Instructions
Táke flour ánd sált in á wide bowl or á pláte ánd mix.
ádd yogurt ánd mix well to bring the dough together.
Kneád the dough for 8-10 minutes until the dough is very soft. Dough will be on the sticky side.
Let it rest for 30 minutes.
Meántime, boil 1 smáll to medium sized potáto. Let the it cool, then peel ánd gráte or másh the potáto.
Seáson potáto gráte with crushed red chili flákes, sált ánd cilántro or pársley.
To this, ádd cheese, mix the filling, divide it into two párts ánd keep it áside.
Divide the dough into two párts.
Táke one párt of the dough, shápe into á round disc, flour dust ánd roll the dough into á thin 10” circle. Roll it ás thin ás possible.
For semicircle gozleme, pláce ½ the potáto filling on one side of the circle, bring the other end over the filling, máking it á semicircle.
Seál the edges with oil ánd if necessáry cut off the uneven edges with á pizzá cutter or á knife to get á perfect semicircle. Brush the top with generous ámount of oil.
To shápe á rectángle gozleme, pláce ½ the filling in center of the circle, leáving ábout 2 ½’ át the edges.
Bring the two side edges over the filling, then the bottom ánd the top edges to máke á rectángle pácket. Using oil, seál the edges ánd brush the top with generous ámount of oil.
Heát á griddle, lift the gozleme ánd pláce the oil side fácing down on the griddle.
Cook on medium fláme until cooked, flip the gozleme ánd cook on the other side.
Once cooked on both sides, remove from the griddle, cut into wedges ánd serve ás is or with some hot sáuce or with á yogurt dip such ás tzátziki.
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