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!
SAMOSA RECIPE
Samosa is a triangular Middle Eastern food. This typical food belongs to the type of cake. Samosa is made from the basic ingredients of minced meat that has been pan-fried first and mixed with a very distinctive spice herb.
This typical Saudi food is also cooked with the addition of some vegetables such as, potatoes, peas, onions, and cilantro. In the presentation of this special food is dumped with the skin of spring rolls and then fried until browned.Samosa Recipe :Ingredients
- 4 medium size potatoes (boiled and peeled)
- 1 cup green peas (boiled)
- 1 inch ginger piece
- 10 cloves garlic
- 4 green chillies
- 1/2 teaspoon mustard seeds
- 4-5 curry leaves
- 1/2 teaspoon cumin powder
- 1/2 teaspoon red chilli powder
- 1/2 tsp turmeric powder
- Few coriander leaves, finely chopped
- 2 cups all purpose flour (maida)
- 1/2 teaspoon carom seeds (optional)
- Water to knead dough
- Salt to taste
- Oil for deep frying
Instructions
- Put ginger, garlic and green chillies in a chopper, or you can use mortar and pestle for pounding them. Chop finely and keep aside.
- Boil the green peas and pass through tea sieve.
- Peel the boiled potatoes, mash nicely in a big bowl and keep aside.
- Heat 2 tablespoon of oil in a pan, add curry leaves and mustard seeds. When the seeds starts to pop up, add finely chopped ginger-garlic mixture and stir on a low flame.
- Add mashed potatoes, boiled green peas, salt and spices. Mix with the help of spoon and make a nice mashed potato mixture. So that we should be able to fill it on samosa cone.
- Add chopped coriander and mix thoroughly. Leave to cook for 2-3 minutes on a low flame, and then keep aside, till you make the outer layer of samosa.
- Let's start making the outer layer (cone) of samosa. Take a big bowl and combine the flour, salt, 2 teaspoon of oil and carom seeds. Mix all the ingredients very well and add water bit by bit to knead the stiff dough. Cover the dough with muslin cloth and leave it to rest at least for 20 minutes.
- Divide the dough into small equal size balls. Take one ball or portion and roll in a small round shaped roti.
- Make a thin roti, cut it into half like a semi circle. Place 1 tbsp of potato filling in center of roti. Fold from both sides and then from down and upside.
- Try to make an ice cream cone. Slightly press the overlapping sides and hold from upper side and slightly press the potato filling towards bottom of the cone. Use little bit of water to seal the upper side of the samosa.
- Repeat the same procedure with all other balls.
- Heat sufficient oil in a pan and drop 2 samosa’s at a time in hot oil.
- Fry on a medium high flame for 2-3 minutes, till samosa turns crispy and little browned. Drain on paper napkin.
Notes
Samosa tastes very good, when it is just made. But sometimes, if you are making it in advance and just microwaving it before eating, then too taste will be good.
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