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!
Kadai Paneer
Kadai Paneer – paneer and bell peppers are cooked in a spicy masala which gets is flavor from freshly ground coriander and chilies! Enjoy it with naan or roti.
Paneer is my husband’s favorite vegetable (if you consider it as a vegetable that is, Indians definitely do!) and green pepper or capsicum as we call it in India is my favorite veggie so it’s rather surprising that I am so late in posting this Kadai Paneer recipe which is basically paneer and bell pepper cooked in a spicy masala.
Kadai paneer is one of the most popular paneer recipes. It’s there on the menu in almost all Indian restaurants and best enjoyed with butter naan. It also tastes great with plain paratha. This paneer sabzi gets its unique flavors from fresh ground coriander seeds and dried red chilies. The spices are dry roasted till fragrant and then ground to a fine powder. The addition of fresh spices makes this super flavorful. It’s amazing how much difference the addition of fresh spices can make to a dish. They really make the flavors pop!
Paneer and bell peppers are cooked in a spicy masala! Kadai Paneer is one of the most popular Indian paneer recipes and is best enjoyed with naan or roti.
Ingredients
- 200 grams paneer cubes
- 3 small peppers, cubed, I used red and yellow peppers
- 1 medium red onion, cubed
- 4 large tomatoes, chopped
- 4-5 garlic cloves, grated
- 1 inch ginger, grated
- 1.5 tablespoons butter
- 2.5 teaspoons vegetable oil
- 1/2 teaspoon kashmiri red chili powder
- 1 teaspoon kasuri methi, crushed
- 3 tablespoons chopped cilantro
- 1.5 tablespoons heavy cream
- 1/4 cup water
- pinch of sugar
- salt, to taste
Kadai Masala
- 1.5 tablespoons coriander seeds
- 4 dried red chilies
- 2 green cardamom
- 2 cloves
Instructions
- Dry roast coriander seeds, dried red chili, cloves and green cardamom for 5-6 minutes till fragrant.
- Transfer to a spice grinder and grind the spices to a fine powder. The kadai masala is now ready, set aside.
- In a pan heat 1.5 teaspoon oil on high heat. Toss cubed onion and bell pepper and cook for 2 minutes , the veggies should remain crunchy. Remove from pan and set aside.
- Lower heat to medium and in the same pan add butter and oil. Once hot, add grated ginger and garlic and cook for 1-2 minutes till raw smell goes.
- Add tomatoes, little salt, cover the pan and cook the tomatoes for 10-12 minutes on medium heat.
- Once tomatoes are cooked, add salt, kashmiri red chili powder and the prepared kadai masala. Mix till combined.
- Cook the masala for 2-3 minutes then add 1/4 cup water, sugar, heavy cream and mix.
- Add the sauteed onion and bell peppers and mix.
- Then add crushed kasuri methi and paneer pieces.
- Stir, cover the pan and cook for another 2 minutes.
- Add chopped cilantro and mix. Serve Kadai Paneer with naan or rice.
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