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!
BLACK PEPPER CHICKEN MARINATED IN YOGHURT-SPICE
O.k, I admit, I get a crazy craving for chicken curry once a week, I love cooking them, I love infusing flavors to them and if you’ve browsed around the recipes on the blog, you might have noticed I have a few dishes with chicken as a main.
It’s easy to get tired of making the same chicken dish weekly and since I seem to be doing a lot of cooking anyway, I’ve got this insane idea to cook, experiment and add every kind of chicken recipe from around the world as much as I can.
What do you think? possible? not possible?
Ingredients
- 1/2 cup plain yoghurt
- 2 teaspoons of Black peppercorns crushed
- salt to season
- 1/2 teaspoon Turmeric powder
- 5-6 cloves garlic crushed into a paste(used for the marinade and cooking)
- 3 tablespoons of ginger paste(used for the marinade and cooking)
- 6 cardamom pods crushed(used for marinade and cooking)
- 3 green chillies
- a piece of Cinnamon(1-2 inch)
- 8 of your favorite chicken parts(this can be a mix of drumsticks, breast, or thighs)
- 1/4 cup oil( you might need less so use as needed)
- 1 teaspoon mustard seed
- 2 medium-sized Onions finely sliced
- 1 sprig of curry leaves
- 1 teaspoon tamarind paste
- 1/2 cup coconut milk
Instructions
- an hour or two hours before cooking the dish, begin with the marinade. have all the ingredients ready before you begin cooking dish, this would help you save time.
- Choose a pan that can hold all the chicken comfortably while fitting into the refrigerator.
- Into this bowl, add Yoghurt, crushed peppercorns, salt, turmeric powder, 1 teaspoon of garlic and ginger, 3 cardamoms. mix all the ingredients with a spoon.
- Season with Salt as needed but use it sparingly as you will be adding Tamarind, later in the cooking process.
- Place chicken parts in the marinade, rub it over the chicken thoroughly, cover with cling film and refrigerate for 1-2 hours, you can also keep it overnight.
- Once the chicken parts have marinated for 1-2 hours, leave it out for 20 minutes or until they reach room temperature.
- While the chicken reaches room temperature, place a large pan over medium heat, pour in oil and leave it to heat for a minute or 2.
- Once the oil heats, add Onions, ginger-garlic, green chillies, cinnamon, the left over cardamom pods and sauté for 2-3 minutes until all the ingredients turn soft. 5-7 minutes.
- Add the mustard seed cook until they splutter and immediately add the chicken parts WITHOUT the marinade and let the chicken sear until they turn light brown on both sides. leave the chicken until they slightly brown over medium heat, 10-15 minutes.
- While the chicken browns, pour tamarind juice over the remaining marinade in the bowl and mix.
- Pour in the tamarind with the remaining marinade, stir constantly and let the gravy reduce by half. This should take 15-20 minutes over medium heat. check for seasoning.
- As the chicken absorbs the tamarind and marinade, pour in the coconut milk and simmer over low-medium heat until gravy is very thick. 10-15 minutes.
- Serve with warm rice or your favorite type of roti.
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