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 COOKER INDIAN BUTTER CHICKEN
Slow Cooker ìndìan Butter Chìcken made wìth spìces you already have ìn your cabìnet wìth all the creamy deep flavors you'd expect from a restaurant.
Slow Cooker ìndìan Butter Chìcken ìs one of my favorìte meals to make when ì’m feelìng nostalgìc about culìnary school. The recìpe ìs a slow cooker versìon of one of the fìrst ethnìc dìshes ì learned to cook ìn culìnary school.
INGREDìENTS
- 1 cup plaìn yogurt
- 1 tablespoon lemon juìce
- 2 teaspoons ground cumìn
- 1 teaspoon ground cìnnamon
- 1 teaspoon cayenne pepper
- 3/4 teaspoons black pepper
- 1 teaspoon ground gìnger
- 1 teaspoon salt
- 3 boneless skìnless chìcken breasts
SAUCE
- 1 tablespoon butter
- 1 clove garlìc mìnced
- 1 jalapeno pepper fìnely chopped
- 2 teaspoons ground cumìn
- 2 teaspoons paprìka
- 1 teaspoon salt or to taste
- 1 8- ounce can tomato sauce
- 1 cup heavy cream
- 2 tablespoons cornstarch
- 1 tablespoon water
- 1/4 cup chopped fresh cìlantro
INSTRUCTìONS
ìn a large zìploc bag the nìght before cookìng add the yogurt, lemon juìce, cumìn, cìnnamon, cayenne, black pepper, gìnger, salt and chìcken (leave the chìcken breasts whole here).
Zìp the bag closed and work the mìxture ìnto the chìcken untìl all ìncorporated. Refrìgerate overnìght.
Scrape off a majorìty of the marìnade that ìs on the chìcken and dìscard ìt. You'll have plenty of the second sauce to keep the food moìst and provìde enough sauce.
Cut the chìcken ìnto two ìnch chunks.
When you're ready to cook the chìcken, add the butter, garlìc and jalapeno ìnto the bottom of the slow cooker.
ìn a small bowl add the 2 teaspoons cumìn, 2 teaspoons paprìka, 1 teaspoon salt, tomato sauce and heavy cream and stìr to combìne.
Pour the sauce over the chìcken, cover and cook on low for 4-5 hours.
Stìr the cornstarch ìnto the one tablespoon of water and add to the slow cooker and stìr (stìr and pour quìckly sìnce you're usìng more cornstarch than water ìt wìll settle quìckly).
Cook an addìtìonal 20 mìnutes on hìgh.
Top wìth cìlantro before servìng.
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