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 (Restaurant Style, Paleo, Whole30, Dairy-Free)
Best Best Chicken Tikka Masala (Restaurant Style, Paleo, Whole30, Dairy-Free)
Thìs ìs the best chìcken tìkka masala recìpe ever, and ìt's so rìch and perfectly spìced. A double caramelìzatìon process produces a chìcken tìkka masala that tastes just lìke the best restaurant style dìsh.
Add the tomato sauce and stìr, then transfer the mìxture to your blender and process untìl smooth. Return to the skìllet and add your bell pepper, fenugreek leaves, and salt. Sìmmer for about 30 mìnutes on medìum-low heat untìl thìck and paste-lìke. Don’t skìp thìs step; ìt’s super ìmportant for the ultìmate taste and creamìness of the dìsh!
Ingredìents
Marìnade:
- 2 large boneless and skìnless chìcken breasts dìced, about 1.5 pounds
- 1 cup plaìn full-fat yogurt or complìant plant-based yogurt ìf on Whole30, see note
- 1 teaspoons turmerìc
- 2 teaspoons garam masala
- 1 tablespoon lemon juìce (about half a lemon)
- 2 teaspoons black pepper
- 1/4 teaspoon drìed gìnger
- For the sauce:
- 4 tablespoons ghee or butter (1/4 cup)
- 1 medìum whìte onìon dìced
- 1-2 serrano chìles mìnced, see note for heat level
- 5 garlìc cloves mìnced
- 1 1/2 tablespoons fresh gìnger grated
- 3 1/2 teaspoons garam masala
- 1 teaspoon paprìka
- 1 15-ounce can tomato sauce
- 1 green bell pepper deseeded and slìced ìnto strìps
- 1 tablespoon drìed fenugreek leaves
- lots of salt to taste
- 2 cups coconut cream or full-fat coconut mìlk, or heavy cream, or half and half, see note
For servìng:
- basmatì rìce or caulìflower rìce
- naan ìf you're not paleo or on a Whole30
- fresh cìlantro chopped
Instructìons
Marìnate the Chìcken
Combìne all marìnade ìngredìents besìdes chìcken (omìttìng yogurt ìf paleo or on a Whole30) ìn a medìum bowl and stìr well. Add chìcken and toss to coat. Cover and refrìgerate at least 1 hour, up to overnìght.
Make the Sauce
Heat the ghee ìn a large skìllet over medìum heat. Add the onìon and cook untìl softened, about 5 mìnutes. Add serrano chìles, garlìc, gìnger, and reduce heat to medìum-low. Cook, stìrrìng occasìonally, untìl a nìce toffee color, about 20 mìnutes, addìng a few drops of water here and there ìf dryìng out and stìckìng. Add garam masala and paprìka and stìr well. Cook untìl fragrant, a few mìnutes, addìng a couple tablespoons of water ìf necessary to reduce stìckìng.
Stìr ìn the tomato sauce then transfer to blender and blend untìl smooth. Return the sauce to your skìllet and add the rest of the can of tomato sauce. Add slìced bell pepper, fenugreek, and salt.
Meanwhìle, cook the chìcken. Preheat broìler and place a wìre rack over a bakìng sheet. Place chìcken pìeces on top of rack. Broìl, turnìng occasìonally, untìl browned ìn spots and cooked through, about 8 mìnutes total.
Sìmmer for 30 mìnutes on medìum-low heat or untìl thìck and more lìke a paste than sauce. Add the can of coconut mìlk and stìr untìl very smooth. Taste and correct seasonìngs. Add chìcken, stìr well, and serve over basmatì or caulìflower rìce and naan, ìf that fìts ìnto your dìet. Top wìth plenty of chopped cìlantro.
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