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!
Curried Vegetarian Black-Eyed Peas Recipe
Curried Vegetarian Black-Eyed Peas Recipe
This curried vegetarian black-eyed peas recipe is an easy to prepare, lightly-spiced mild coconut curry that’s great for people who want a creamy curry without the hot spice usually found in Indian curries.
Black-eyed peas are a quick cooking bean which means that you can have this dish on the table in less than an hour when cooking the beans from dry, or in about 20 minutes when using canned beans.
My love of hot and spicy foods is certainly no secret. I love, love, love spicy Thai coconut curries like this vegetable green curry and this vegan red curry, and I pretty much can’t eat fries without Tabasco sauce anymore.
CURRIED VEGETARIAN BLACK-EYED PEAS RECIPE
Black-eyed peas are a quick cooking bean which means that you can have this dish on the table in less than an hour when cooking the beans from dry, or in about 20 minutes when using canned beans.
Ingredients :
- 1 cup dried black-eyed peas (2 1/2 cups cooked)
- 1 tablespoon oil
- 1 teaspoon cumin seeds
- 1 medium onion, diced
- 3 cloves of garlic, minced
- 1 tablespoon minced ginger
- 1 teaspoon turmeric
- 1 teaspoon cumin powder
- 2 teaspoons chili powder
- 2 teaspoons garam masala (see note below)
- 1 tablespoon coriander powder
- 3 tomatoes, diced
- 1 cup coconut milk
- Salt, to taste
- A bunch of fresh cilantro, chopped, for garnish
Intrustions :
- Rinse and pick through the black-eyed peas. Put them in a pot and cover with water and add salt to taste. Bring to a boil then reduce to a simmer and cook until the beans are soft, 30-45 minutes. Drain.
- While the beans are cooking, prepare the coconut curry sauce. Heat oil in a large saucepan over medium-high heat. Add the cumin seeds and fry, stirring, for 20 – 30 seconds or until the seeds are fragrant and begin to crackle.
- Reduce the heat to medium and add the onion. Fry until transparent then add the garlic and ginger and fry until soft. Add all the spice powders and fry, stirring, for about a minute or until they release their aroma.
- Add the tomato and raise heat to medium-high. Simmer, stirring occasionally and crushing the tomatoes with the back of your spoon until you get a thick sauce. Add the black-eyed peas, coconut milk and salt to taste. Simmer for a couple of minutes or until the sauce reaches the consistency that you like.
- Serve with fresh chopped cilantro sprinkled on top and basmati rice.
