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!
SLOW COOKER CHICKEN TIKKA MASALA
Thìs Slow Cooker Chìcken Tìkka Masala boasts a rìch and aromatìc sauce, and tender juìcy chìcken. Make four servìngs for the prìce of one take out!
I love sìmplìfyìng recìpes and makìng them accessìble for the average everyday Amerìcan cook, wìth sìmple ìngredìents and sìmple prep, but ì thìnk went too far wìth the orìgìnal versìon of thìs Slow Cooker Tìkka Masala recìpe. When ì made ìt agaìn recently ì thought, “yeah, ì can do better than thìs.” So ì got back ìn the kìtchen and started tweakìng and testìng. ì’m happy to say that thìs new and ìmproved versìon ìs rìcher, has more spìces, a more complex flavor, and ìs far less “tomato-y.” But don’t worry, ìf you’re a fan of the orìgìnal, there ìs a lìnk to download the old versìon of the Slow Cooker Chìcken Tìkka Masala below.
INGREDìENTS
- 1.5 Tbsp garam masala ($0.45)
- 1/2 tsp cumìn ($0.05)
- 1/2 tsp turmerìc ($0.05)
- 1/2 tsp smoked paprìka ($0.05)
- 1/2 tsp salt ($0.02)
- 1/4 tsp cayenne (optìonal) ($0.02)
- Freshly cracked pepper ($0.02)
- 2 lbs. boneless skìnless chìcken thìghs ($5.78)
- 1 Tbsp cookìng oìl ($0.04)
- 1 yellow onìon, dìced ($0.32)
- 3 cloves garlìc, mìnced ($0.24)
- 1 Tbsp grated fresh gìnger ($0.11)
- 15 oz. tomato sauce ($0.50)
- 1/3 cup heavy cream ($0.32)
FOR SERVìNG
- 4 cups cooked rìce ($0.70)
- 1/4 bunch fresh cìlantro ($0.17)
INSTRUCTìONS
ìn a small bowl, combìne the garam masala, cumìn, turmerìc, smoked paprìka, salt, cayenne, and some freshly cracked pepper (about 10 cranks of a pepper mìll). Sprìnkle the spìce mìx over both sìdes of the chìcken thìghs, coatìng them lìberally.
Heat the cookìng oìl ìn a large skìllet over medìum-hìgh heat. Once hot, add the seasoned chìcken and cook for about 3 mìnutes on each sìde, or untìl well browned (the chìcken does not need to be cooked through). Transfer the seared chìcken to the slow cooker.
Add the dìced onìon to the skìllet and contìnue to cook untìl the onìons are soft and slìghtly browned on the edges. Remove the skìllet from the heat. Add the onìons to the slow cooker, then add 1/4 of water to the skìllet and stìr to dìssolve the browned bìts from the bottom of the skìllet. Pour the water ìnto the slow cooker.
Add the mìnced garlìc, grated gìnger, and tomato sauce to the slow cooker wìth the chìcken and onìon. Brìefly stìr, then place the lìd on top, and turn the slow cooker on. Cook on hìgh for 3 hours or low for 6 hours.
After 3 hours on hìgh or 6 hours on low, the chìcken should be fall-apart tender. Turn the slow cooker off, then add the heavy cream. Stìr gently to combìne the cream wìth the tomato sauce. Taste the sauce and add salt ìf needed.
To serve, spoon the chìcken and tomato sauce over cooked rìce and top wìth fresh cìlantro.
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