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!
Aloo Gobi – Potatoes & Cauliflower
Spiced Potatoes with Cauliflower. This Aloo Gobi is packed with flavors, super comforting, vegan and simply the best aloo gobi you will ever have!
Aloo gobi (potatoes & cauliflower) is a popular Indian dish in which potatoes and cauliflower are cooked with onions, tomatoes and spices. This dish can be made in several ways, you can make it with only onions or only tomatoes or use no onion-tomato at all. I also make it in different ways depending on what ingredients I have on hand, the aloo gobi recipe that I am sharing today is one of my favorite versions. It has onions, tomatoes, ginger, garlic and yes spices!
One common problem with aloo gobi is that when you cook it, the cauliflower becomes really soggy and you don’t want that. You want the veggies to be cooked and tender but not soggy, that kind of spoils the taste and texture of this dish.
Ingredients
- 2 potatoes, medium, sliced or cubed
- 1 cauliflower, medium, cut into small florets
- 1 onion, medium, chopped
- 2 to matoes, medium, chopped
- 1/2 teaspoon cumin seeds
- 1.5 teaspoons ginger-garlic paste
- 1/2 teaspoon turmeric powder
- 1/2 teaspoon dry mango powder, amchur
- 1/4 teaspoon red chili powder or to taste
- 1/4 teaspoon garam masala powder
- 1 teaspoon coriander powder
- 3-4 teaspoons oil
- 2 tablespoons chopped cilantro
- salt, to taste
Instructions
- Heat 2 teaspoon of oil in a pan on medium heat. Add cauliflower florets and fry for 2-3 minutes and then add the sliced potatoes.
- Fry on medium-low flame for 7-8 minutes till potatoes and cauliflower have some brown spots on them.
- Drain on a tissue paper and set aside.
- In the same pan heat 1.5 teaspoon of oil on medium heat and add cumin seeds and let them crackle.
- Add the onions and cook for 2 minutes till translucent.
- Add the ginger-garlic paste and cook for another 2 minutes or till the raw smell goes away.
- Add the chopped tomatoes and cook for 2 minutes till they are little soft.
- Add turmeric powder, red chilli powder, coriander powder and amchur (mango powder).
- Cover the pan and let the masala cook for 2-3 minutes and then add the potatoes and cauliflower to it and mix.
- Add chopped coriander leaves and give a good mix.
- Add garam masala and cook the potato and cauliflower on medium-low heat for 5-6 minutes.
- Add salt and cover the pan and cook more additional 6-7 minutes on low flame or till the potato and cauliflower are tender but not soggy.
- Garnish with some more coriander leaves and serve hot with any Indian bread.
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