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!
indian butter chicken
If you want a healthier version of this recipe — made in a slow cooker — check out my recipe for Healthy Slow Cooker Indian Butter Chicken.
You guys, I am not joking one tiny bit — not even exaggerating — when I say this recipe is a total game-changer. Literally, it has CHANGED MY LIFE! I know I sound dramatic. Get on board! Remember on Tuesday when I said I never thought making Indian food at home was possible? Well… it is. AND OMG IT’S AWESOME. I’m gushing through and through because when I made this last week, Derek and I pretty much ate the entire pan in one sitting because we were so wrapped up in the sauce! And then we were waaaay too full because this is definitely not a 2-person recipe.
This easy Indian butter chicken recipe makes Indian food a synch! This creamy tomato sauce is similar to chicken tikka masala, but maybe even better!
ingredients
- 6 tablespoons butter, divided
- 2 lbs chicken breasts, cut into 1″ chunks
- 1 yellow onion, diced
- 3 garlic cloves, minced
- 1 Tbsp garam masala
- 1 Tbsp fresh grated ginger
- 1 tsp chili powder
- 1 tsp ground cumin
- 1/2 tsp cayenne pepper
- 1 1/2 cups tomato sauce**** (or one 14 oz can would work)
- 2 cups cream*
- salt & pepper
- lime & cilantro, for garnish
- naan & rice for serving
instructions
- Using 2 Tbsp of butter in a large skillet over medium-high heat, brown the pieces of the chicken so each side is browned. They do not need to be fully cooked all the way through. Work in batches, and set aside when you’re done.
- Melt another 2 Tbsp of butter in the pan over medium heat. Add the onion, and cook until beginning to soften — about three minutes. Add the garlic, garam masala, ginger, chili powder, cumin, and cayenne. Stir to combine, and cook for about 45 seconds before adding the tomato sauce.
- Bring the mixture to a simmer and let cook for five minutes before adding the cream. Bring the mixture back to a simmer, add the browned chicken, and let simmer for 10-15 minutes. Keep the heat low here — not a rolling boil.
- Stir in the remaining 2 Tbsp of butter, and season with salt and pepper, to taste.
- Serve garnished with lime and cilantro, alongside rice and naan.
notes
*I used 1 cup HEAVY cream, and 1 cup water. You could use table cream, or sub 1 cup for milk (but be careful for curdling if you lessen the fat content!).
**** There have been MANY questions about tomato sauce. If you aren’t in the USA, you probably call it something else (maybe passata?). This is not ketchup. I used something very very similar to this product.
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