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!
Tandoori Chicken… tastes just like what you get at an Indian restaurant
Tandoori Chicken… tastes just like what you get at an Indian restaurant
This recipe was A-MAZ-ING!! I’ve been looking for a tandoori recipe, and have tried a few, but this comes closest to what you get at an Indian restaurant. Now I just wish I had a tandoor oven. But the grill or oven is totally suffice for this recipe. I am in love with this recipe, and cannot wait for leftovers tomorrow. Yum.
INGREDIENTS :
- 2 Tbsp vegetable oil
- 1 teaspoon ground coriander
- 1 teaspoon ground cumin
- 1 teaspoon ground turmeric
- 1 teaspoon cayenne
- 1 tablespoon garam masala
- 1 tablespoon sweet (not hot) paprika
- 1 cup non-fat, plain Greek yogurt
- 2.5 tablespoons lemon juice
- 4 minced garlic cloves
- 1 tablespoon fresh ginger, minced
- 1 teaspoon salt
- 4 whole chicken legs (drumsticks and thighs), or its equivalent, skinless, bone-in
INTRUCTIONS:
- Heat the oil in a small pan over medium heat, then cook the coriander, cumin, turmeric, cayenne, garam masala and paprika, stirring often, until fragrant (approximately 2-3 minutes). Let cool completely.
- Whisk in the cooled spice-oil mixture into the yogurt, then mix in the lemon juice, garlic, salt and ginger.
- Cut deep slashes (to the bone) in 3-4 places on the leg/thigh pieces. Just make 2-3 cuts if you are using separate drumsticks and thighs. Coat the chicken in the marinade, cover and chill for at least six hours.
- Prepare your grill so that one side is quite hot over direct heat, the other side cooler, not over direct heat. If using charcoal, leave one side of the grill without coals, so you have a hot side and a cooler side. If you are using a gas grill, just turn on one-half of the burners. Use tongs to wipe the grill grates with a paper towel soaked in vegetable oil. Take the chicken out of the marinade and shake off the excess. You want the chicken coated, but not gloppy. Put the chicken pieces on the hot side of the grill and cover. Cook 2-3 minutes before checking.
- Turn the chicken so it is brown (even a little bit charred) on all sides, then move it to the cool side of the grill. Cover and cook for at least 20 minutes, up to 40 minutes (or longer) depending on the size of the chicken and the temperature of the grill. The chicken is done when its juices run clear.
- Conversely, you can also cook this in your oven. Preheat the oven to 550 degrees F. Line a baking sheet with foil. Place chicken onto baking sheet, and put into the oven. Bake for about 15 minutes. Turn on the broiler, and cook for an additional 2 to 3 minutes to char the chicken a little bit more.
- Let it rest for at least 5 minutes before serving. Serve with lemon wedges, and grilled sliced onions.
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