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!
Butter Chicken 'Murg Makhani' Recipe
You must be try taste of spicy Chicken Butter Masala to devour along with Naan or Rumali Roti. The distinct flavor of fenugreek leaves or kasuri methi and the chicken cooked in butter till tender is the Holy Grail for any non-vegetarian. The gravy is prepared with fresh cream and the infusion of spices, especially the Kashmiri red chili powder which imparts a tantalizing color to the dish. One serving of this delectable dish is never enough to satisfy tingling taste buds and leaves you craving for more.Butter chicken is of North Indian origin, Punjabi to be precise. It gets its lovely, distinctive flavors from the tangy tomatoes, yogurt and smokey Kasuri Methi added to its gravy. This can be made as hot or mild as you like so it suits most palates. Also commonly known as Murg Makhani, Butter chicken tastes great with Kaali Daal (black lentils), naans, and a green salad.This recipe for butter chicken is the real deal. If it feels like the list of ingredients is exhaustive, please don't allow that to deter you--they are all just commonly used ingredients in Indian cooking. We suggest making the spice powder from scratch (as in the recipe) since this will give you the best results. This recipe has been tried and tested numerous times and is loved by everybody that has eaten it.
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Ingredients :- 2 1/4 lbs. /1 kg. boneless chicken, skin removed
- Juice of 1 lime or lemon
- Salt to taste
- 1 tsp. red chili powder (adjust to suit your taste)
- 6 cloves
- 8 to 10 peppercorns
- 1-inch stick of cinnamon
- 2 bay leaves
- 8 to 10 almonds
- Seeds from 3 to 4 pods of cardamom
- 1 cup fresh, unsweetened yogurt (must not be sour)
- 2 tsp. coriander powder
- 1 tsp. cumin powder
- 1/4 tsp. turmeric powder
- 3 tbsp. vegetable, canola or sunflower cooking oil
- 2 onions, chopped finely
- 2 tsp. garlic paste
- 1 tsp. ginger paste
- One 14 oz. can /400 g. chopped tomatoes, ground into a smooth paste in a food processor
- 2 cups /1/2 liter chicken stock
- 2 tbsp. kasuri methi (dried fenugreek leaves)
- 3 tbsp. butter
- Garnish: coriander (cilantro) leaves
How To Make : - Mix the chicken, lime juice, salt and red chili powder in a large, non-metallic bowl. Cover and allow to marinate for 1 hour.
- Heat a flat pan or griddle over medium heat and gently roast (stirring frequently) the cloves, peppercorns, cinnamon, bay leaves, and almonds until they darken slightly. Cool and add the cardamom seeds. Now grind into a coarse powder in a clean, dry coffee grinder.
- Mix the yogurt, spice powder (from the previous step), coriander powder, cumin and turmeric powder together and add them to the chicken. Allow it to marinate for another hour.
- Heat the oil in a deep pan over medium heat. When hot, add the onions. Fry until pale golden brown in color and then add the ginger and garlic pastes. Fry for another minute.
- Add the chicken (reserving the marinade) and fry until chicken turns opaque and the flesh goes from pink to whitish in color.
- Now add the tomato paste, chicken stock, kasuri methi, and the yogurt-spice marinade to the chicken.
- Cook until the chicken is tender and the gravy is reduced to half its original volume.
- Melt the butter in another small pan and then pour it over the chicken.
- Garnish with coriander leaves and serve with naan and Kaali Daal.
For an Authentic and Traditional Cooked-Over-The-Coals Flavor:
When the butter chicken is cooked, make a small bowl shape with aluminum foil and place it on top of the curry (so it is "floating" on it). Heat a briquette of charcoal on an open flame until red hot and gently put the charcoal into the aluminum foil bowl. Cover the dish immediately. Remove the cover just before serving, discard the foil bowl and charcoal and serve. The curry will be infused with a smokey flavor. | Nutritional Guidelines (per serving) |
|---|
| Calories | 1315 |
| Total Fat | 97 g |
| Saturated Fat | 16 g |
| Unsaturated Fat | 53 g |
| Cholesterol | 163 mg |
| Sodium | 401 mg |
| Carbohydrates | 46 g |
| Dietary Fiber | 18 g |
| Protein | 78 g |
(The nutrition information on our recipes is calculated using an ingredient database and should be considered an estimate. Individual results may vary.)
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