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!
Chicken Keema-Ghuguni, How to Make Yellow Peas with Minced Chicken
Chicken Keema-Ghuguni or Mangsho-Ghuguni, is a traditional east Indian dish. Mangsho-Ghuguni is usually made with chunks of goat meat cooked with yellow peas. Anyone from the eastern part of India is familiar with the taste of this dish. Consider this as the Indian version of chili that you find here in the USA.
I switched the chunky meat with minced chicken. I have used minced turkey too and it tastes really good. It’s a hearty, filling dish and honestly you don’t need rice to naan to go with it. This Chicken Keema-Ghuguni is a wholesome dish in itself.
INGREDIENTS
- 2 cups yellow peas (soaked for couple of hours and boiled)
- 1 and 1/2 cup Minced Chicken
- 1 big Onion finely chopped
- 1 TBSP Ginger Paste
- 2 TBSP Garlic Paste
- 2 big tomatoes chopped
- 1 TSP Turmeric Powder
- 2 TBSP Red Chili powder
- 1 TBSP Coriander Powder
- 1 TBSP Cumin Powder
- 1 TBSP Garam-masala powder
- 1/2 cup Oil
- Salt as per taste
- Chopped Onion- chopped green chilies- chopped cilantro, wedges of lemon for garnishing
METHOD
- Wash the yellow peas and soak it for at least 3 to 4 hours.
- Then pressure cook the peas with salt and turmeric powder for 1 whistles.
- Turn off the gas and let the steam release automatically on its own.
- Open the lid. The peas should be well cooked but not mushy.
- Alternatively, you can boil the peas in a heavy bottomed pan for 2 to 3 hours.
- In a big pan heat 2 tbsp oil,
- When oil is hot add the chopped onions. Stir it and add little salt. In few minutes, onion changes its color to golden brown. Add the garlic and ginger paste.
- Mix it and stir it nicely, until the raw smell goes off. In a small bowl, take turmeric powder, coriander powder, cumin powder, red chili powder and add 2 -3 tbsp water into it and make a paste.
- Add the mixture into the pan to the onion mixture.
- Keep stirring until the oil starts to come out from the side of the pan. Add the tomato pieces and little salt. Stir it till the tomato gets soft.
- Add the minced chicken and boiled yellow peas and let it cook for sometimes.
- Let it come to a boil, cover it with lid. Once everything is well cooked adjust the seasoning, check consistency, add the garam masla powder and mix it well.
- The consistency should not be too dry or too runny.
- Pour it on a serving bowl, sprinkle some chopped onions, chopped green chilies, chopped cilantro and few drops of lemon juice.
Source:myyellowapron.com
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